**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|| - 1 - **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 - 2 - ## **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. - 3 - ## **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. - 4 - **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: - The relative vulnerability and fragility of the ancient fabric of the Hall in the Trustee’s care; mitigated by the vigilance of the staff, comprehensive insurance and quinquennial inspections by the Trustee’s appointed structural engineer. - The safety of the public using the Hall and gardens; mitigated by good management of risks on site and good signage. - Exposure of the invested reserves to the risks of the financial markets: mitigated by a diversified portfolio, a low-risk investment policy and pro-active selection of a reputable fund manager well-versed in the management of charity portfolios. 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 - 5 - **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 - 6 - ## **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: - 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; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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. - 7 - ## **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: - 1 accounting records were not kept in respect of the Charitable Trust as required by section 130 of the Charities Act 2011. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. 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 - 8 - ## **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. - 9 - ## **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. - 10 - ## **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 - 11 - ## **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| |---|---|---|---|---| - 12 - **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. - 13 - **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. - 14 - ## **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. - **1.12 Taxation** 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| - 15 - **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**_ - **4 Income from other trading activities** ||**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| - 16 - **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**_ - **7 Charitable activities** |**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| - 17 - **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**_ - **7 Charitable activities (continued)** ||**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| - **8 Grants payable** - - 18 - ## **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. - 19 - ## **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| - 20 - ## **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. - 21 - ## **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| - 22 - **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. - 23 - ## **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| - 24 - **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| |---|---| - 25 - **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. - 26 - ## **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)| |---|---| - 27 -