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2024-12-31-accounts

Charity registration number 235256

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK

1944 CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST CONTENTS

Page
Legal and administrative information 1 - 2
Trustee's report 3 - 6
Statement of Trustee's responsibilities 7
Independent examiner's report 8
Statement of financial activities 9 - 10
Statement of financial position 11
Statement of cash flows 12
Notes to the financial statements 13 - 27

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION

Trustee

The Company of Merchant Adventurers of the City of York

Board of the Trustee Mr A J Barron
Mr T P Marks
Mr P M Shepherd (Resigned 12 April 2024)
Dr P A Thake
Dr D J Tomlin
Mr J D Barstow
Mr J B Horsley
Dr A Green
Mr R Menage (Resigned 12 April 2024)
Mrs J Bartram (Resigned 12 April 2024)
Mr M Vander Weyer
Mrs J Murray
Mr R A Shaw
Mr N A Sampson (Resigned 1 November 2024)
Mr W J P Derby
Prof S Brown
Mr C Fordy
Miss S Palmer
Mr D Terry
Mr M W Bainbridge (Appointed 12 April 2024)
Mr N D Peet (Appointed 12 April 2024)
Mrs H K Reid (Appointed 12 April 2024)
Charity number 235256
Governor Mr M Vander Weyer (Appointed 12 April 2024)
Mr J Horsley (Resigned 12 April 2024)
Honorary Chamberlain Mr D Sowden FCA (Appointed 12 April 2024)
Mr J W Machin FCA (Resigned 12 April 2024)
Clerk to the Company Brigadier J E Richardson
Key Management Personnel Miss L E Marshall
Brigadier J E Richardson
Major (Rtd) R Haigh
Principal address Merchant Adventurers' Hall
Fossgate
York
YO1 9 XD
Independent examiner Frances Howard FCA
Fortus Limited
Business Advisors and Accountants
Equinox House
Clifton Park
Shipton Road
York
YO30 5PA

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 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 & Partner LLP 100 St Paul's Churchyard London EC4M 8BU

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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 235256, Trust Property Administered in Connection with The Company of the Merchant Adventurers of the City of York. The Company owns the Merchants’ Hall which is not part of the Charitable Trust. The working name of the registered charity numbered 235256 is The York Merchant Adventurers’ 1944 Trust. The Company as Trustee, through its Court of Assistants, presents its report along with the financial statements of the charity for the year ended 31 December 2024. The Trustee has adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

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 pages form part of this report.

Objectives and activities

The 1944 Trust has as its objects: (i) the maintenance of the Hall and Chapel so as to be available for the education of the visiting public who wish to study its history and architecture and (ii) the relief of poverty among persons within certain defined categories.

The Trust maintains the Hall, Chapel, archive and collections to the highest standard regardless of cost. The Hall and Chapel are open seven days per week for visitors, except for the Christmas and New Year period.

The Trust has a small group of pensioners who were involved in trade in the area of benefit, and who have fallen on hard times through whatever cause, maintaining the centuries-old tradition of the Company. The Trust pays small pensions to these inviting them to attend the Hall with friends up to 12 times per year. The practise of visiting pensioners in their homes has ceased for all but the most infirm. In addition, an annual tea party is also held for these and other pensioners from within the area of benefit.

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

Maintenance of the Hall and Chapel

The Hall is in year 4 of its Quinquennial inspection programme. All urgent work was completed in year 1 (2021) with routine work completed in year 2 and 3 (2022/3). Routine repair and improvement was conducted throughout 2024. There are no recommended works or repairs outstanding. The Hall remained closed for a 10-day period at the outset of the year to enable periodic maintenance that is not possible when the Hall opens every day. All wooden floors were treated and protected. Furniture and Treen was inspected, cleaned and polished. Undercroft walls were inspected and, where needed, repainted with lime wash. Two contractor provided deep cleaning programmes of the kitchen were completed. A council inspection of food safety awarded a 5 star rating to the kitchen and café service.

A small infestation of woodworm was identified and treated in a piece of furniture. This will be monitored to ensure the effective treatment. The treatment was overseen by the Honorary Curator of Wood and Treen.

Gardens

The Hall’s gardens are maintained to a high standard as a peaceful public refuge at the heart of the busy city. Throughout the summer the garden was presented in pristine condition with specific priority given to the North bed adjacent to the path down the side of the Hall. This created a pleasant and relaxing environment for the outside café to thrive and attract custom. The North Piccadilly bed was remodelled bringing colour and plant variety in what is a very shaded flower bed.

A plan to develop the garden closer to the River Foss continued with the invitation to two designers to prepare new designs for the garden. A consultancy to consider any engineering and ground-work necessary for development was engaged. This work will continue through 2025.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Fossgate Properties

These 19th Century, and earlier, properties are all listed either Grade II* or II and are owned primarily to protect the curtilage of the Hall and listed as heritage assets rather than investment properties. Routine repairs and servicing took place throughout the year. Routine and statutory work and inspection has kept the remaining properties in a fit standard and fully let with No40 having a new bathroom and carpet upgrade to the property. The Bookshop at No. 36 remains empty and has undergone investigative work to enable modernisation and use as a Company office. Our Heritage Architects and Engineers have developed plans to allow us to use this building as an office and rest space, linking the building to the new, 1949, extension of the Hall. All other properties are in lease and received a rent increase in April 2024.

The Company’s Pensioners

The reduction, through the sad death, of one of our remaining five pensioners prompted action to recruit new Company pensioners. A further six were recruited using the Vulnerable Older Citizens Team of York Council to propose, vet and introduce new pensioners. These were brought into the Company on the same basis as the four remaining pensioners. A further three pensioners will be recruited in early 2025 to bring the number up to a full complement of 13. A pension of £500 per annum is paid in two instalments in summer and winter in addition to a standing invitation for free tea and cakes up to 12 times per year accompanied by up to three family and friends.

The Museum

Accreditation. The museum enjoys the status of an Accredited Museum under the scheme administered by Arts Council England.

Exhibits. The museum replaced its analogue visitor assistance wands with a smart phone Application based tool provided by Bloomberg Connects. This smart tool allows for deeper investigation of the history of the Hall and the collections. It is compatible with a growing list of similar attractions throughout UK. It will allow, in time, the use of video in addition to voice, text, and picture content. The Hall exhibition has been curated with easy access QR coding for use with the application.

A full season of providing children’s period costumes continues to be used by visitors and will be maintained through 2025 during school holiday periods.

Archive. The Company moved its archive to the Borthwick Institute in 2023. It formed the basis of a University course module and is being exploited through a number of projects to further explore and make the archive available.

Visitor Numbers and Income. The Hall welcomed a record number of visitors in 2024 attracting over 25,000 visitors. A strong Viking Festival in partnership with the Jorvik Centre was repeated.

Hall Hire Income. Hall Hire activity reduced in 2024 as an economic led contraction affected all of York and the wedding market in particular. This was on the back of year on year steady growth. Order books for 2025 are better, but the downturn effect is still evident. Budgeted income targets have been adjusted accordingly.

Coffee Shop. The café performed marginally better than budget, a target now 33% higher than the pre-covid budget aspiration. Early poor weather slowed business in the first part of the year which recovered with a longer fine spell of weather deep in to October. The café attracts regular York residents and tourist visitors with a varied and frequently changing menu. The café provides an outstanding facility for members.

Gifts and Grants. The Trust received an unrestricted donation of £60,000 from the Company which was part of a legacy from the estate of former Governor Darrell Buttery notified in 2023. No further legacies were received in the year.

Non-charitable activities. A full Company programme of activity has been enjoyed by the members. A decision of the court to provide the Charter Day event and dinner at no additional cost to members was successful. This was funded by an increased contribution to the Non -charitable Entertainment Fund (NCEF) by members. A full Michaelmas Feast event and a full Venison Feast were held. Most of our formally invited guests were able to attend, hosted by the Company and the membership. Of note, the Company participated in the centenary celebrations of the twinning of York and New York. The Immediate Past Governor, Governor and Clerk attended events in New York as part of the York delegation of City, Church, Business and Education leaders.

Financial review

The financial results for the year are set out in the accounts. Income from members’ donations continue to be a central pillar of the financial stability of the Company. This, along with the rental stream from lettings, strong visitor numbers and Hall hire, backed up by a busy and vibrant café, has produced an on-budget operational result for the Company.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Reserves policy

The Trustee has considered the level of reserves the charity will require to sustain its operations in the future, excluding those funds represented by fixed assets. A policy has been established that the 1944 Trust should maintain a Designated Building Fund of £565,000. This figure will be reviewed in 2025. A designated fund for Fossgate Property Maintenance has been built up to provide funding for major repairs and upgrading of the Trust’s heritage properties, this was part drawn down during 2024 to fund the No36 refurbishment enabling works. The Hall Development Designated Fund has provided funding for the development of the Museum and will be used to fund future projects. The Designated Building Fund stands at £565,000, the Fossgate Maintenance Fund stands at £79,962, and the Hall Development fund at £16,843. An Unrestricted and Undesignated free reserve of a minimum of £250,000 is maintained to meet at least 6 months’ routine expenditure in the event of an uninsured loss of income. This level and the reserves policy was reviewed in 2024 and agreed fit for purpose.

All routine expenditure is met from normal income.

The level of the free reserves at 31 December 2024 was £956,603 (2023: £731,153). See note 25.

Staff

The largest single element of the Trust’s expenditure remains staff costs. Stability of Café staff has been much better as we seek to achieve a mix of young students seeking hospitality type employment as well as more senior employees as part of a good mix of staff. We have fully recruited the Hall Keeper positions to Full Time Equivalent (FTE) of 2.5 employees. They are engaged on a more flexible contract performing core duties but also assisting other operational areas when the Hall is busy. We overspent for salaries due to sickness absence in the café staff where remaining staff were not able to cover for the loss of capability and replacement staff were employed.

Designated Funds

The Designated Funds are shown separately. The Building Fund has been designated primarily for substantial maintenance, improvements or repairs which may arise and cannot be funded from normal income or through insurance claims. The Collection Fund is used to enhance the museum collection and conduct project work to better curate and display our collections. The Fossgate Property Maintenance Fund is designated as a provision against future work required in the Trust’s heritage properties, in particular No. 36 Fossgate, mentioned earlier in this report. Residual funds have been carried forward to help fund the planned Museum Interpretation Project and continuing Fossgate project.

Investment policy

The policy is to maintain the real value of the Designated Building Fund to provide security for the future of the Hall and the Charity’s activities; the investment risk is commensurate with this. The Trust’s investments have been managed by Sarasin & Partners LLP since 2014. Performance has continued to improve with losses in 2022 being subsequently recovered. The Investment Committee noting performance, as compared to other benchmarks, are now examining other options as it feels the inflexibility of the Sarasin CAIF platform is limiting performance. There is no immediate foreseen requirements for these funds and they underwrite the future security of the Hall and Chapel.

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. The principal risks facing the Trust are:

A comprehensive risk register is maintained by the Clerk and the Company’s Officers and was reviewed and found fit for purpose in December 2024, and approved by the Court of Assistants in February 2025.

Financial Management

Quarterly management accounts and cash flow forecasts are produced by the Clerk using Xero accounts software. Management accounts and cash flow forecasts are scrutinised by the Honorary Chamberlain and the Company’s Officers and quarterly by the Court of Assistants

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Plans for future periods

The Company published its 5-7 year strategy on 23 May 2021. The Company seeks to promote its relevance across all stakeholder communities whilst becoming increasingly more prominent in both the figurative and physical sense. Activity in supporting the York business community, supporting the Council through hosting of business positive events and hosting York tourist initiatives, has added to the increased footfall and use of the Hall as a venue and facility. The Company will continue to support local business an d enterprise as opportunities arise.

The Riverside Garden will be developed to provide more hospitality space in the Garden close to the river. This will also support Company events and Hall bookings as well as broaden the appeal of the garden, especially during summer. The current garden layout, the ‘Rest Garden’ celebrates its centenary in 2025. The garden will be enhanced with a display of colour and a curated external exhibition will educate the public on the Rest Garden and the role of Maud Sellers, a prominent early 20th Century female Member of the Company. We will also develop an internal exhibition of the life and works of Maud for the enjoyment of Hall visitors.

The aspiration to move the Office out of the ancient Hall is still being pursued with the opportunity of using the vacated No. 36 Fossgate as explained earlier. This will free up space for temporary exhibitions, create rest facilities for staff and produce a meeting room which does not impinge of the visible collections of the Hall. A variation on the plans will consider enlarging the Governor’s Parlour as additional function space.

Relief of Poverty

The Alms Committee recruited six pensioners bringing the total to 10 with a further three pensioners to join the Company in January 2025. The value of the pension has been maintained at £500 per annum paid in two instalments. A grant of £2,000 was made to a local charity for the relief of poverty.

Structure, governance and management

The charity was formed by a Deed of Trust dated 5 April 1944. The scheme was amended on 29 March 2011 and 6 July 2015. 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. There is a sub-committee of the Court of Assistants advising on investments and a separate audit subcommittee. The Clerk is appointed by the Trustee to manage the day-to-day operations of the charity. The control and management of the Company is vested in the Governor and Court of Assistants who are elected annually by the members of the Company.

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 Merchant Adventurers of the City of York as defined in the Charities Act 2011.

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.

Remuneration of Company Staff is first considered by the Officers’ group who make a recommendation to the Court of Assistants. In the last 3 of the most recent years, notification of a rise in the statutory Minimum Wage has set the base level from where all remaining hourly paid staff are calculated. In addition, the Clerk produces a paper for consideration examining the current salaries and pay awards in the private hospitality and tourism sectors. This recommendation is presented as a percentage increase for salaried staff. The resultant budget effects are considered at the same time by the Officers, then the Court, before approving both the overall Company budget and staff remuneration. The Clerk is appraised by the Governor and Immediate Past Governor against his responsibilities and objectives. After satisfactory performance, the Clerk is awarded the same percentage increase received by salaried staff.

The Trustee's report was approved by the Trustee on 11 April 2025 and signed on behalf of the Trustee.

Mr M Vander Weyer Governor

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST

STATEMENT OF TRUSTEE'S RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

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 1944 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 2024.

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 Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the Charitable Trust’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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.

Frances Howard FCA

Fortus Limited Business Advisors and Accountants Equinox House Clifton Park Shipton Road YO30 5PA York 11 April 2025

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

CURRENT FINANCIAL YEAR

Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
Notes
£
£
Income
Donations and legacies
2
200,675
-
Charitable activities
3
390,944
-
Other trading activities
4
222,134
-
Investments
5
45,775
-
Total income
859,528
-
Expenditure
Raising funds
6
224,845
22
Charitable activities
7
522,264
50,845
Total expenditure
747,109
50,867
Net gains on investments
12
104,606
-
Net income / (expenditure) before transfers
217,025
(50,867)
Gross transfers between funds
(8,365)
8,365
Net movement in funds
208,660
(42,502)
Fund balances at 1 January 2024
788,454
1,966,579
Fund balances at 31 December 2024
997,114
1,924,077		 Total
2024
£
200,675
390,944
222,134
45,775
859,528
224,867
573,109
797,976
104,606
166,158
-
166,158
2,755,033
2,921,191		 Total
2023
£
139,386
376,484
211,793
41,042
768,705
208,901
547,666
756,567
64,038
76,176
-
76,176
2,678,857
2,755,033

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

All income and expenditure derives from continuing activities.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

PRIOR FINANCIAL YEAR

Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2023
2023
2023
Notes
£
£
£
Income
Donations and legacies
2
139,375
-
11
Charitable activities
3
376,484
-
-
Other trading activities
4
211,793
-
-
Investments
5
41,042
-
-
Total income
768,694
-
11
Expenditure
Raising funds
6
208,901
-
-
Charitable activities
7
496,198
41,918
9,550
Total expenditure
705,099
41,918
9,550
Net gains on investments
12
64,038
-
-
Net income / (expenditure) before transfers
127,633
(41,918)
(9,539)
Gross transfers between funds
(32,364)
26,703
5,661
Net movement in funds
95,269
(15,215)
(3,878)
Fund balances at 1 January 2023
693,185
1,981,794
3,878
Fund balances at 31 December 2023
788,454
1,966,579
-		 Total
2023
£
139,386
376,484
211,793
41,042
768,705
208,901
547,666
756,567
64,038
76,176
-
76,176
2,678,857
2,755,033

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

All income and expenditure derives from continuing activities.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

Notes
Fixed assets
Tangible assets
14
Heritage assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one year
19
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
20
Net assets
Income funds
Unrestricted funds - designated
23
Unrestricted funds - general		 2024
£
16,970
91,359
337,547
445,876
(99,364)		 £
34,188
1,161,352
1,383,884
2,579,424
346,512
2,925,936
(4,745)
2,921,191
1,924,077
997,114
2,921,191		 2023
£
19,972
63,329
351,684
434,985
(109,968)		 £
34,904
1,162,252
1,241,780
2,438,936
325,017
2,763,953
(8,920)
2,755,033
1,966,579
788,454
2,755,033

The financial statements were approved by the Trustee on 11 April 2025 and signed on behalf of the Trustee.

Mr M Vander Weyer Governor

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash absorbed by operations
30
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of heritage assets
Movement in cash held within investment portfolio
Purchase of other investments
Investment income received
Net cash generated from/(used in) investing
activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(9,265)
1,700
51,002
(88,500)
45,775		 £
(14,849)
712
-
(14,137)
351,684
337,547		 2023
£
(9,383)
-
(34,253)
-
41,042		 £
(17,255)
(2,594)
-
(19,849)
371,533
351,684

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 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, modified to include the revaluation of freehold properties and certain financial instruments 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 its charitable objectives.

Designated funds are unrestricted funds set aside by the Trustee for specific future purposes or projects.

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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charitable Trust.

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.

Gifts in kind are included at the trustee's estimate of their value at the time of donation.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs, which contribute to more than one activity, and support costs which are not attributable to a single activity, are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies (continued)

Expenditure (continued)

All expenditure is accounted for on an accruals basis and is classified under headings that aggregate all costs related to the category. Expenditure includes any VAT which cannot be fully recovered as part of the expenditure to which it relates.

Raising funds comprise the costs associated with attracting donations and legacies.

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. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis as set out in note 9.

1.6 Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Hall improvements 15 years straight line Equipment 10% to 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Heritage assets

The original cost of the Museum Collection cannot be established. The Collection was first included in the accounts in the year ended 31 December 2002 at replacement cost for insurance purposes.

Acquisitions are made by purchase or donation. Purchases since 2002 have been recorded at cost and donations are recorded at current value as determined by the Trustee.

Depreciation is not charged on heritage assets which have an indefinite useful life.

All properties are included at purchase cost. Any further preservation costs are released through the statement of financial activities when they are carried out.

Heritage properties comprise several properties in Fossgate, York which protect and enhance the environs at one of the entrances to the historic Merchant Adventurers' Hall. These properties are listed buildings in their own right and let to provide a rental yield which supports their maintenance and contributes to the preservation of the Hall and its grounds. These properties are not held as investments, but play an important role in enhancing the visitor experience by preserving the historical context and setting of the Hall.

The total insured value of the properties during the period was £5,634,491.

The Clerk maintains a ledger of Heritage Assets and the Museum Director maintains an electronic record of assets and accessions. The ledger is maintained with restricted access controlled by the Museum Director. The items on the ledger are briefed to the Court for any discussion on accession or de-accession of property.

1.8 Fixed asset investments

Listed investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the period.

1.9 Stocks

Stock is valued at the lower of cost and net realisable value after making due allowance for any obsolete or slow-moving items.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies (continued)

1.11 Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic instruments. Basic financial instruments are recognised at transaction value.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price. 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.

The charity is VAT registered and subject to partial exemption rules. VAT which is irrecoverable is shown as an expense.

1.13 Employee benefits

The Charity makes contributions to a group personal pension plan. Contributions are charged as expenditure in the year in which they are incurred.

Redundancy costs are recognised as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Donations and legacies

Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
general
2024
2023
2023
£
£
£
Donations and gifts
64,553
12,423
11
Members' annual donations
102,743
102,296
-
Donated goods and services
800
2,000
-
Gift aid receivable
32,579
22,656
-
200,675
139,375
11		 Total
2023
£
12,434
102,296
2,000
22,656
139,386

3 Charitable activities

Unrestricted Unrestricted
funds general funds general
2024 2023
£ £
Hall visitors 118,001 108,558
Hall hire 152,301 150,821
Rent receivable on heritage property 117,946 113,718
Other income 2,696 3,387
390,944 376,484

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Shop income 27,836 23,807
Coffee shop income 194,298 187,986
Other trading activities 222,134 211,793

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Equity investment income 37,860 34,472
Interest receivable 7,915 6,570
45,775 41,042

6 Raising funds

Unrestricted
Unrestricted
funds
funds
general
2024
2024
£
£
Hall hire and visitors' publicity
9,571
22
Fundraising and publicity
9,571
22
Shop purchases with stock movement
15,562
-
Coffee shop expenditure
183,920
-
Bad debts
15,430
-
Trading costs
214,912
-
Investment management
362
-
224,845
22		 Total
Unrestricted
funds
general
2024
2023
£
£
9,593
11,631
9,593
11,631
15,562
14,293
183,920
182,758
15,430
-
214,912
197,051
362
219
224,867
208,901		 Total
2023
£
11,631
11,631
14,293
182,758
-
197,051
219
208,901

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Maintenance
of Hall &
Chapel
Maintenance
of heritage
assets
Relief of
Poverty
CURRENT FINANCIAL YEAR
2024
2024
2024
£
£
£
Depreciation
9,981
-
-
Pensioners' visits and events
8,016
-
5,819
Establishment expenses
71,194
-
-
Hall maintenance and improvements
12,030
-
-
Staff costs
364,085
-
-
Maintenance of heritage assets
-
6,331
-
Museum
9,329
-
-
Garden costs
8,516
-
-
Insurance
31,845
-
-
Irrecoverable VAT
11,566
-
-
Recharges
425
-
-
526,987
6,331
5,819
Grants payable (see note 8)
-
-
2,150
Share of support costs (see note 9)
20,629
-
-
Share of governance costs (see note 9)
11,193
-
-
558,809
6,331
7,969
Analysis by fund
Unrestricted funds - general
507,964
6,331
7,969
Unrestricted funds - designated
50,845
-
-
558,809
6,331
7,969		 Total
2024
£
9,981
13,835
71,194
12,030
364,085
6,331
9,329
8,516
31,845
11,566
425
539,137
2,150
20,629
11,193
573,109
522,264
50,845
573,109

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Maintenance Maintenance Relief of Total
of Hall & of heritage Poverty
PRIOR FINANCIAL YEAR Chapel assets
2023 2023 2023 2023
£ £ £ £
Depreciation and impairment 19,696 - - 19,696
Pensioners' visits and events 12,022 - 2,384 14,406
Establishment expenses 63,080 - - 63,080
Hall maintenance and improvements 15,301 - - 15,301
Staff costs 331,268 - - 331,268
Maintenance of heritage assets - 12,011 - 12,011
Museum 6,994 - - 6,994
Garden costs 3,699 - - 3,699
Insurance 30,566 - - 30,566
Irrecoverable VAT 14,011 - - 14,011
Recharges 2,550 - - 2,550
499,187 12,011 2,384 513,582
Grants payable (see note 8) - - 10,200 10,200
Share of support costs (see note 9) 18,122 - - 18,122
Share of governance costs (see note 9) 5,762 - - 5,762
523,071 12,011 12,584 547,666
Analysis by fund
Unrestricted funds - general 481,803 12,011 2,384 496,198
Unrestricted funds - designated 31,718 - 10,200 41,918
Restricted funds 9,550 - - 9,550
523,071 12,011 12,584 547,666
Grants payable
Relief of Relief of
poverty poverty
2024 2023
£ £
Grants to institutions:
Yorkshire Association of Voluntary Guides 150 200
Refugee Action York - 5,000
York Neighbours - 5,000
The Cyrenians Limited 2,000 -
2,150 10,200

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

9 Support costs

2024
Support costs
Governance
costs
£
£
Office costs
7,095
-
Bank charges
3,631
-
IT costs
9,903
-
Independent examiner's fee
-
2,565
Legal and professional fees
-
7,773
Accountancy fees
-
855
20,629
11,193
Analysed between
Charitable activities
20,629
11,193		 2023
2024
Support costs
Governance
costs
£
£
£
7,095
7,066
-
3,631
7,149
-
9,903
3,907
-
2,565
-
3,265
7,773
-
1,464
855
-
1,033
31,822
18,122
5,762
31,822
18,122
5,762		 2023
£
7,066
7,149
3,907
3,265
1,464
1,033
23,884
23,884

Accountancy fees includes payments to the independent examiner for tax advisory services of £570 (2023: £1,033).

10 Employees

Average number of employees
Employment costs
Wages and salaries
Social security costs
Pension costs
Insurance premiums
The total paid to key management personnel during the year was £171,344 (2023: £164,498).
The number of employees whose annual remuneration was £60,000 or more were:
£70,000 - £80,000		 2024
Number
20
2024
£
435,974
32,302
11,127
1,659
481,062
2024
Number
1		 2023
Number
19
2023
£
405,786
29,526
9,898
1,628
446,838
2023
Number
1

11 Trustee

No member of the Court of Assistants or any person connected with it received any remuneration or reimbursement of expenses during the current and prior year.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

12 Net gains on investments

Unrestricted Unrestricted
funds funds
general general
2024 2023
£ £
Gain on investment assets 104,606 64,038

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Tangible fixed assets

Hall
improvements
Equipment
£
£
Cost
At 1 January 2024
432,528
95,310
Additions
9,265
-
At 31 December 2024
441,793
95,310
Depreciation
At 1 January 2024
400,102
92,832
Depreciation charged in the year
8,943
1,038
At 31 December 2024
409,045
93,870
Carrying amount
At 31 December 2024
32,748
1,440
At 31 December 2023
32,426
2,478		 Total
£
527,838
9,265
537,103
492,934
9,981
502,915
34,188
34,904

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

15 Heritage assets

Properties
Collection
£
£
At 1 January 2024
435,606
726,646
Donated assets
-
800
Disposals
-
(1,700)
At 31 December 2024
435,606
725,746		 Total
£
1,162,252
800
(1,700)
1,161,352

Heritage assets acquired prior to 31 December 2002 have been included at replacement value of £607,425 for insurance purposes at that date. Subsequent additions have been capitalised at cost or valuation.

Two paintings were disposed of during the year.

Five Year Financial Summary of heritage asset transactions

Purchased Donations Disposals
£ £ £
2024 - 800 (1,700)
2023 5,120 2,000 -
2022 - 3,350 -
2021 - - -
2020 - 2,000 -

16 Fixed asset investments

Investments
£
Valuation
At 1 January 2024 1,241,780
Additions 88,500
Movement in cash held within fund (51,002)
Gain on investment assets 104,606
At 31 December 2024 1,383,884
Carrying amount
At 31 December 2024 1,383,884
At 31 December 2023 1,241,780

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 2024 was £1,017,898 (2023: £980,400). Cash held within the investment portfolio at 31 December 2024 was £106 (2023: £51,108). The balance is held within listed investments.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

16 Fixed asset investments (continued)

Investments at fair value comprise:
Fixed Income
UK Equities
Global Equities
Property
Alternative Investments
Liquid Assets
17
Stocks
Coffee shop
Shop and company regalia
18
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments
19
Creditors: amounts falling due within one year
Notes
Trade creditors
Other creditors
Accruals
Deferred income
21
20
Creditors: amounts falling due after more than one year
Notes
Deferred income
21		 2024
£
148,634
46,548
993,909
47,599
120,275
26,919
1,383,884
2024
£
1,598
15,372
16,970
2024
£
12,194
40,982
38,183
91,359
2024
£
16,887
29,403
7,410
45,664
99,364
2024
£
4,745		 2023
£
166,296
246,963
587,372
45,215
113,148
82,786
1,241,780
2023
£
1,245
18,727
19,972
2023
£
18,861
9,845
34,623
63,329
2023
£
11,349
28,902
17,195
52,522
109,968
2023
£
8,920

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

21 Deferred income

Deferred income
2024 2023
£ £
Other deferred income 50,409 61,442
Deferred income is included in the financial statements as follows:
2024 2023
£ £
Deferred income is included within:
Current liabilities 45,664 52,522
Non-current liabilities 4,745 8,920
50,409 61,442
Movements in the year:
Deferred income at 1 January 2024 61,442 49,168
Released from previous periods (52,522) (39,980)
Resources deferred in the year 41,489 52,254
Deferred income at 31 December 2024 50,409 61,442

Deferred income relates to Hall hire bookings and event income received in advance.

22 Restricted funds

Archive

Movement in funds Movement in funds
Balance at Income Expenditure Transfers Balance at
1 January 2023 31 December
2023
£ £ £ £ £
3,878 11 (9,550) 5,661 -

The archive fund holds grants made by the Ian Addison Trust which were given specifically for the upkeep and digital cataloguing of the Company’s archive.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

23 Unrestricted funds - designated

These are unrestricted funds which are material to the Charitable Trust's activities.

Balance at
1 January 2024
£
Building
565,000
Heritage assets
1,162,252
Fossgate property maintenance
87,978
Hall development
17,258
Fixed assets
34,904
Richard Wheway Legacy
19,187
Strategic projects
80,000
1,966,579		 Movement in funds
Income
Expenditure
£
£
-
-
-
-
-
(8,016)
-
(415)
-
(9,981)
-
-
-
(32,455)
-
(50,867)		 Transfers
Balance at
31 December
2024
£
£
-
565,000
(900)
1,161,352
-
79,962
-
16,843
9,265
34,188
-
19,187
-
47,545
8,365
1,924,077		 Transfers
Balance at
31 December
2024
£
£
-
565,000
(900)
1,161,352
-
79,962
-
16,843
9,265
34,188
-
19,187
-
47,545
8,365
1,924,077
1,924,077
Balance at
1 January 2023
£
Building
565,000
Heritage assets
1,155,132
Fossgate property maintenance
100,000
Hall development
17,258
Fixed assets
45,217
Richard Wheway Legacy
19,187
Alms Committee fund
-
Strategic projects
80,000
1,981,794		 Movement in funds
Income
Expenditure
£
£
-
-
-
-
-
(12,022)
-
-
-
(19,696)
-
-
-
(10,200)
-
-
-
(41,918)		 Transfers
Balance at
1 January 2024
£
£
-
565,000
7,120
1,162,252
-
87,978
-
17,258
9,383
34,904
-
19,187
10,200
-
-
80,000
26,703
1,966,579		 Transfers
Balance at
1 January 2024
£
£
-
565,000
7,120
1,162,252
-
87,978
-
17,258
9,383
34,904
-
19,187
10,200
-
-
80,000
26,703
1,966,579
1,966,579

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

23 Unrestricted funds – designated (continued)

Past experience shows that on an historic building, such as the Hall, large sums have to be expended from time to time, often as a matter of urgency, the amount and timing of which is unpredictable. The Building fund has been created to meet this type of contingency.

The heritage assets fund (formally Collection fund) represents the heritage assets held by the charity. The items in the collection were included at valuation for insurance purposes at 31 December 2002, with acquisitions and donations made since then being included at cost or valuation. During the year 2 assets from the fund were sold.

Hall improvements includes items funded under the Heritage Lottery Fund project. The transfer represents the movement of fixed assets to the designated fixed asset fund.

The Fossgate property maintenance fund relates to designations made for the future upkeep and maintenance needs of the Fossgate heritage properties. The transfer represents additional funds designated.

The Hall development fund has been set up in order to facilitate future developments within the Hall.

The fixed asset fund represents fixed assets held by the Company.

The Richard Wheway legacy represents monies received from past Governor Richard Wheway’s estate.

An Alms Committee (2023 only) has been established to give oversight to care for the Company Pensioners and to distribute grants and alms payments to the needy of York.

The strategic projects fund represents reserves allocated to the Riverside Project (£40,000), Archive Protection and Access

(£20,000) and Office move (£20,000).

24 Analysis of net assets between funds

Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
£
£
At 31 December 2024:
Tangible assets
-
34,188
Heritage assets
-
1,161,352
Investments
818,884
565,000
Current assets/(liabilities)
182,975
163,537
Long term liabilities
(4,745)
-
997,114
1,924,077
Unrestricted
Unrestricted
funds
funds
general
designated
2023
2023
£
£
At 31 December 2023:
Tangible assets
-
34,904
Heritage assets
-
1,162,252
Investments
676,780
565,000
Current assets/(liabilities)
120,594
204,423
Long term liabilities
(8,920)
-
788,454
1,966,579		 Total
2024
£
34,188
1,161,352
1,383,884
346,512
(4,745)
2,921,191
Total
2023
£
34,904
1,162,252
1,241,780
325,017
(8,920)
2,755,033

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

25 Free reserves

Unrestricted funds
Operating lease commitments
Free reserves		 2024
£
997,114
(40,511)
956,603		 2023
£
788,454
(57,301)
731,153

26 Operating lease commitments

Lessee

At the reporting end date, the Charitable Trust had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2024
£
5,901
20,277
14,333
40,511		 2023
£
16,790
22,178
18,333
57,301

27 Pensions

Staff are eligible (if they meet the minimum level of contribution) to participate in a group personal pension scheme managed by AEGON Scottish Equitable. The assets are held separately from the charity. The Trust contributes 5% of pensionable pay.

New joiners (whose total pension contributions do not meet AEGON’s threshold) are auto-enrolled in the NEST Scheme.

Minimum levels of contribution are the same in both schemes and death in service insurance cover is given to all employees in a pension scheme.

There was £2,325 due at the year end (2023: £1,920).

28 Related party transactions

The Charitable Trust is under the control of The Company of Merchant Adventurers of the City of York, as detailed on page 3.

During the year the Charitable Trust received a £60,000 donation from The Company of Merchant Adventurers of the City of York.

During the year an administration charge of £2,000 (2023: £1,200) and a wages charge of £23,249 (2023:£22,216) was received from the 1988 Charitable Trust. The 1988 Charitable Trust is also under control of The Company of Merchant Adventurers of the City of York. At the year end £5,318 (2023: £6,062) was due from the 1988 Charitable Trust.

In the year, the Hall was hired to a member at full commercial rate. (2023: One past Governor hired the hall at a commercial rate).

Members of the Court of Assistants give an annual donation but no additional donations (2023: £nil) to the 1944 Charitable Trust in the year.

29 Funds held on behalf of others

Cash held at 31 December 2024 of £12,587 (2023: £6,813) represents deposits held on behalf of tenants.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

30
Cash generated from operations
2024
£
Surplus for the year
166,158
Adjustments for:
Investment income recognised in statement of financial activities
(45,775)
Fair value gains and losses on investments
(104,606)
Depreciation of tangible fixed assets
9,981
Donations in kind of heritage assets
(800)
Movements in working capital:
Decrease/(increase) in stocks
3,002
Increase in debtors
(28,030)
(Decrease)/increase in creditors
(3,746)
(Decrease)/increase in deferred income
(11,033)
Cash absorbed by operations
(14,849)		 2023
£
76,176
(41,042)
(64,038)
19,696
(7,120)
(6,996)
(16,820)
10,615
12,274
(17,255)