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2025-12-31-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 2025

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 - 5
Statement of Trustee's responsibilities 6
Independent examiner's report 7
Statement of financial activities 8 - 9
Statement of financial position 10
Statement of cash flows 11
Notes to the financial statements 12 - 26

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
Dr P A Thake (Resigned 11 April 2025)
Dr D J Tomlin
Mr J D Barstow
Mr J B Horsley
Dr A Green
Mr M Vander Weyer
Mrs J Murray (Resigned 11 April 2025)
Mr R A Shaw
Mr W J P Derby (Resigned 11 April 2025)
Prof S Brown
Mr C Fordy
Miss S Palmer
Mr D Terry
Mr M W Bainbridge
Mr N D Peet
Mrs H K Reid
Ms O Morrell (Appointed 11 April 2025)
Cllr C Cullwick (Appointed 11 April 2025)
Mr M Lawrence (Appointed 11 April 2025)
Mr J Crawford (Appointed 11 April 2025)
Charity number 235256
Governor Mr R A Shaw (Appointed 11 April 2025)
Mr M Vander Weyer (Resigned 11 April 2025)
Honorary Chamberlain Mr D Sowden FCA
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 Jacquliene Helen Senior 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 2025

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 2025. 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 has completed year 5 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 2025. There are no recommended works or repairs outstanding with the next cycle of quinquennial inspection underway in early 2026. The Hall remained closed for an extended 20-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 deep cleaning periods were completed by a trusted contractor. A council inspection of food safety awarded a 5 star rating to the kitchen and café service.

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 celebrating the centenary of the opening of the Rest Garden in 1925.

A plan to develop the garden closer to the River Foss has continued with the selection of a new garden design. The Company is in the process of tendering and a letting contract for the laying out of the new garden by end 2026 with the selected contractor.

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 a better than 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 2025

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 was reviewed in 2025 with agreement of the insurer that it was an appropriate allocation for any uninsured loss. 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 2025 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 £79,441, and the Hall Development fund at £14,661. 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 2025 and agreed fit.

All routine expenditure is met from normal income.

The level of the free reserves at 31 December 2025 was £1,052,621 (2024: £990,936). See note 24.

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, more stable, members of staff. We employ 2.5 Full Time Equivalent (FTE) Hall Keepers. They are engaged on a more flexible contract performing core duties but also assisting other operational areas when the Hall is busy. We underspent for salaries in the year over providing for the rises in NIC and through careful staff management in the Café.

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 Improvement 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 satisfactory growth during 2025. There is no immediate foreseen requirements for reserve funds as they underwrite the future security of the Hall and Chapel. Excess reserves will be spent to deliver the garden and office move projects as allocated by the Court of Assistants.

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 2026.

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 operates financial controls through a pragmatic policy with the Clerk authorising payments below £500 albeit with oversight by the Chamberlain. The Chamberlain authorises all payments in excess of £500.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1944 CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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 and 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’ celebrated its centenary in 2025 through a display of colour and a curated external exhibition. A static display celebrating Maud Sellers, who laid out the Rest Garden, is being developed for the enjoyments of Hall visitors.

The aspiration to move the office out of the ancient Hall is still being pursued with opportunity of using the vacated No. 36 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 on the visible collections of the Hall. Delay is being suffered as we seek planning permission for this enhancement. Historic England support the plan, but it is a matter of local planning.

Relief of Poverty

The Alms Committee was able to recruit a full complement of 13 pensioners by January 2025. The value of the pension has been maintained at £500 per annum paid in 2 instalments. A grant of £1000 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 19 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. The Court of Assistants decided that the Company would join the Good Business Charter membership organisation and raise all salaries to the ‘Living Wage’ model. 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 16 March 2026 and signed on behalf of the Trustee.

Mr R A Shaw 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 2025

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 2025.

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

Independent examiner's statement

Since the Charitable Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. 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 financial statements in accordance with Accounting and Reporting by Charities preparing their accounts 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 financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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.

Jacqueline Helen Senior FCA

Fortus Limited Business Advisors and Accountants

Equinox House Clifton Park Shipton Road YO30 5PA

York 16 March 2026

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 2025

CURRENT FINANCIAL YEAR

Unrestricted
Unrestricted
funds
funds
general
designated
2025
2025
Notes
£
£
Income
Donations and legacies
2
149,824
677
Charitable activities
3
402,063
-
Other trading activities
4
250,672
-
Investments
5
44,047
-
Total income
846,606
677
Expenditure
Raising funds
6
194,311
-
Charitable activities
7
594,565
36,431
Total expenditure
788,876
36,431
Net gains on investments
12
37,067
-
Net income / (expenditure) before transfers
94,797
(35,754)
Gross transfers between funds
(35,013)
35,013
Net movement in funds
59,784
(741)
Fund balances at 1 January 2025
997,114
1,924,077
Fund balances at 31 December 2025
1,056,898
1,923,336		 Total
2025
£
150,501
402,063
250,672
44,047
847,283
194,311
630,996
825,307
37,067
59,043
-
59,043
2,921,191
2,980,234		 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

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 2025

PRIOR 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

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 2025

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
22
Unrestricted funds - general		 2025
£
13,496
78,384
327,851
419,731
(82,590)		 £
26,324
1,166,032
1,455,382
2,647,738
337,141
2,984,879
(4,645)
2,980,234
1,923,336
1,056,898
2,980,234		 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

The financial statements were approved by the Trustee on 16 March 2026 and signed on behalf of the Trustee.

Mr R A Shaw Governor

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

FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
29
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of heritage assets
Movement in cash held within investment portfolio
Purchase of other investments
Proceeds on disposal of other investments
Investment income received
Net cash generated from 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		 2025
£
(1,680)
-
(28,162)
(9,000)
2,732
44,047		 £
(17,633)
7,937
-
(9,696)
337,547
327,851		 2024
£
(9,265)
1,700
51,002
(88,500)
-
45,775		 £
(14,849)
712
-
(14,137)
351,684
337,547

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

FOR THE YEAR ENDED 31 DECEMBER 2025

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 2025

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 £6,035,716.

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 2025

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
funds
funds
general
designated
2025
2025
£
£
Donations and gifts
7,656
677
Members' annual donations
103,087
-
Donated goods and services
3,000
-
Gift aid receivable
36,081
-
149,824
677		 Total
Unrestricted
funds
general
2025
2024
£
£
8,333
64,553
103,087
102,743
3,000
800
36,081
32,579
150,501
200,675		 Total
Unrestricted
funds
general
2025
2024
£
£
8,333
64,553
103,087
102,743
3,000
800
36,081
32,579
150,501
200,675
200,675

3 Charitable activities

Unrestricted Unrestricted
funds general funds general
2025 2024
£ £
Hall visitors 124,083 118,001
Hall hire 165,330 152,301
Rent receivable on heritage property 110,616 117,946
Other income 2,034 2,696
402,063 390,944

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 2025

4 Other trading activities

Unrestricted Unrestricted
funds funds
general general
2025 2024
£ £
Shop income 29,165 27,836
Coffee shop income 221,507 194,298
Other trading activities 250,672 222,134
5 Investments
Unrestricted Unrestricted
funds funds
general general
2025 2024
£ £
Equity investment income 37,163 37,860
Interest receivable 6,884 7,915
44,047 45,775

6 Raising funds

Unrestricted Unrestricted Unrestricted
funds funds funds
general general designated
2025 2024 2024
£ £ £
Hall hire and visitors' publicity 9,232 9,571 22
Fundraising and publicity 9,232 9,571 22
Shop purchases with stock movement 16,549 15,562 -
Coffee shop expenditure 162,140 183,920 -
Bad debts 3,658 15,430 -
Trading costs 182,347 214,912 -
Investment management 2,732 362 -
194,311 224,845 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 2025

7 Charitable activities

Maintenance
of Hall &
Chapel
Maintenance
of heritage
assets
Relief of
Poverty
CURRENT FINANCIAL YEAR
2025
2025
2025
£
£
£
Depreciation
7,863
-
-
Pensioners' visits and events
-
-
7,533
Establishment expenses
47,833
-
-
Hall maintenance and improvements
21,862
-
-
Staff costs
393,060
-
-
Maintenance of heritage assets
-
9,762
-
Museum
21,375
-
-
Garden costs
30,468
-
-
Insurance
33,510
-
-
Irrecoverable VAT
13,858
-
-
Recharges
2,092
-
-
571,921
9,762
7,533
Grants payable (see note 8)
-
-
1,000
Share of support costs (see note 9)
27,781
-
-
Share of governance costs (see note 9)
12,999
-
-
612,701
9,762
8,533
Analysis by fund
Unrestricted funds - general
576,791
9,241
8,533
Unrestricted funds - designated
35,910
521
-
612,701
9,762
8,533		 Total
2025
£
7,863
7,533
47,833
21,862
393,060
9,762
21,375
30,468
33,510
13,858
2,092
589,216
1,000
27,781
12,999
630,996
594,565
36,431
630,996

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 2025

7 Charitable activities

(Continued)

Maintenance Maintenance Relief of Total
of Hall & of heritage Poverty
PRIOR FINANCIAL YEAR Chapel assets
2024 2024 2024 2024
£ £ £ £
Depreciation and impairment 9,981 - - 9,981
Pensioners' visits and events 8,016 - 5,819 13,835
Establishment expenses 71,194 - - 71,194
Hall maintenance and improvements 12,030 - - 12,030
Staff costs 364,085 - - 364,085
Maintenance of heritage assets - 6,331 - 6,331
Museum 9,329 - - 9,329
Garden costs 8,516 - - 8,516
Insurance 31,845 - - 31,845
Irrecoverable VAT 11,566 - - 11,566
Recharges 425 - - 425
526,987 6,331 5,819 539,137
Grants payable (see note 8) - - 2,150 2,150
Share of support costs (see note 9) 20,629 - - 20,629
Share of governance costs (see note 9) 11,193 - - 11,193
558,809 6,331 7,969 573,109
Analysis by fund
Unrestricted funds - general 507,964 6,331 7,969 522,264
Unrestricted funds - designated 50,845 - - 50,845
558,809 6,331 7,969 573,109
Grants payable
Relief of Relief of
Poverty Poverty
2025 2024
£ £
Grants to institutions:
Yorkshire Association of Voluntary Guides - 150
The Cyrenians Limited - 2,000
York Neighbours 1,000 -
1,000 2,150

8 Grants payable

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 2025

9 Support costs

2025
Support costs
Governance
costs
£
£
Office costs
11,534
-
Bank charges
920
-
IT costs
15,327
-
Independent examiner's fee
-
3,930
Legal and professional fees
-
8,484
Accountancy fees
-
585
27,781
12,999
Analysed between
Charitable activities
27,781
12,999		 2024
2025
Support costs
Governance
costs
£
£
£
11,534
7,095
-
920
3,631
-
15,327
9,903
-
3,930
-
2,565
8,484
-
7,773
585
-
855
40,780
20,629
11,193
40,780
20,629
11,193		 2024
£
7,095
3,631
9,903
2,565
7,773
855
31,822
31,822

Accountancy fees includes payments to the independent examiner for tax advisory services of £585 (2024: £570).

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 £174,200 (2024: £171,344).
The number of employees whose annual remuneration was £60,000 or more were:
£70,000 - £80,000		 2025
Number
20
2025
£
437,643
35,719
11,201
1,677
486,240
2025
Number
1		 2024
Number
20
2024
£
435,974
32,302
11,127
1,659
481,062
2024
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 2025

12 Net gains on investments

Unrestricted Unrestricted
funds funds
general general
2025 2024
£ £
Gain on investment assets 36,269 104,606
Gain on sale of investments 798 -
37,067 104,606

13 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

14 Tangible fixed assets

Hall
improvements
Equipment
£
£
Cost
At 1 January 2025
441,793
95,310
At 31 December 2025
441,793
95,310
Depreciation
At 1 January 2025
409,045
93,871
Depreciation charged in the year
6,825
1,038
At 31 December 2025
415,870
94,909
Carrying amount
At 31 December 2025
25,923
401
At 31 December 2024
32,748
1,440		 Total
£
537,103
537,103
502,916
7,863
510,779
26,324
34,188

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 2025

15 Heritage assets

Heritage assets
Properties
Collection
£
£
At 1 January 2025
435,606
725,746
Purchases
-
1,680
Donated assets
-
3,000
At 31 December 2025
435,606
730,426		 Total
£
1,161,352
1,680
3,000
1,166,032

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.

There were no disposals during the year.

Five Year Financial Summary of heritage asset transactions

Purchased Donations Disposals
£ £ £
2025 1,680 3,000 -
2024 - 800 (1,700)
2023 5,120 2,000 -
2022 - 3,350 -
2021 - - -

16 Fixed asset investments

Investments
£
Valuation
At 1 January 2025 1,383,884
Additions 9,000
Movement in cash held within fund 28,163
Gain on investment assets 37,067
Disposals (2,732)
At 31 December 2025 1,455,382
Carrying amount
At 31 December 2025 1,455,382
At 31 December 2024 1,383,884

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 2025 was £1,055,061 (2024: £1,017,898). Cash held within the investment portfolio at 31 December 2025 was £28,269 (2024: £106). The balance is held in 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 2025

1944 CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
16
Fixed asset investments
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		 (Continued)
2025
2024
£
£
109,951
148,634
76,370
46,548
974,435
993,909
52,893
47,599
170,820
120,275
70,913
26,919
1,455,382
1,383,884
2025
2024
£
£
1,529
1,598
11,967
15,372
13,496
16,970
2025
2024
£
£
19,220
12,194
17,848
40,982
41,316
38,183
78,384
91,359
2025
2024
£
£
10,532
16,887
29,848
29,403
9,142
7,410
33,068
45,664
82,590
99,364
2025
2024
£
£
4,645
4,745
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

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 2025

21 Deferred income

2025 2024
£ £
Other deferred income 37,713 50,409
Deferred income is included in the financial statements as follows:
2025 2024
£ £
Deferred income is included within:
Current liabilities 33,068 45,664
Non-current liabilities 4,645 4,745
37,713 50,409
Movements in the year:
Deferred income at 1 January 2025 50,409 61,442
Released from previous periods (45,664) (52,522)
Resources deferred in the year 32,968 41,489
Deferred income at 31 December 2025 37,713 50,409

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

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 2025

22 Unrestricted funds - designated

These are unrestricted funds which are material to the Charitable Trust's activities made up as follows:

Balance at
1 January 2025
£
Building
565,000
Heritage assets
1,161,352
Fossgate property maintenance
79,962
Hall development
16,843
Fixed assets
34,188
Richard Wheway Legacy
19,187
Alms Committee fund
-
Strategic projects
47,545
Archive management service
-
1,924,077
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
£
£
-
-
-
-
-
(521)
-
(2,182)
-
(7,863)
-
-
677
-
-
(25,865)
-
-
677
(36,431)
Movement in funds
Income
Expenditure
£
£
-
-
-
-
-
(8,016)
-
(415)
-
(9,981)
-
-
-
(32,455)
-
(50,867)		 Transfers
Balance at
31 December
2025
£
£
-
565,000
4,680
1,166,032
-
79,441
-
14,661
-
26,325
-
19,187
-
677
-
21,680
30,333
30,333
35,013
1,923,336
Transfers
Balance at
1 January 2025
£
£
-
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
2025
£
£
-
565,000
4,680
1,166,032
-
79,441
-
14,661
-
26,325
-
19,187
-
677
-
21,680
30,333
30,333
35,013
1,923,336
Transfers
Balance at
1 January 2025
£
£
-
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

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 2025

22 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.

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 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).

The archive management service fund represents an agreement with the University of York for the management of an archive. The transfer represents outstanding payments at the year end.

23 Analysis of net assets between funds

Unrestricted
funds
Designated
funds
2025
2025
£
£
Fund balances at 31 December 2025 are represented by:
Tangible assets
-
26,324
Heritage assets
-
1,166,032
Investments
890,382
565,000
Current assets/(liabilities)
171,161
165,980
Long term liabilities
(4,645)
-
1,056,898
1,923,336
Unrestricted
funds
Designated
funds
2024
2024
£
£
Fund balances at 31 December 2024 are represented by:
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		 Total
2025
£
26,324
1,166,032
1,455,382
337,141
(4,645)
2,980,234
Total
2024
£
34,188
1,161,352
1,383,884
346,512
(4,745)
2,921,191

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 2025

24 Free reserves

Unrestricted funds
Operating lease commitments
Free reserves		 2025
£
1,056,898
(4,277)
1,052,621		 2024
£
997,114
(6,178)
990,936

25 Operating lease commitments

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		 2025
£
1,901
2,376
4,277		 2024
£
1,901
4,277
6,178

26 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 with staff contributing 3%, or more up to the permissible Salary Sacrifice limit.

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 salaried staff.

There was £632 due at the year end (2024: £2,325).

27 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 no donations (2024: £60,000) from The Company of Merchant Adventurers of the City of York.

During the year an administration charge of £3,000 (2024: £2,000) and a wages charge of £24,556 (2024:£23,249) 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 £5,679 (2024: £5,318) was due from the 1988 Charitable Trust.

In the year, four members hired the hall for personal celebrations or business support activity. These were at commercial rates or charitable rates. (2024: One member hired the hall at a commercial rate).

The Charitable Trust pays travel and accommodation costs for the Governor, who then repays the Charitable Trust for these costs.

Members of the Court of Assistants give an annual donation but no additional donations (2024: £nil) to the 1944 Charitable Trust in the year.

28 Funds held on behalf of others

Cash held at 31 December 2025 of £10,688 (2024: £12,587) 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 2025

29
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of investments
Fair value gains and losses on investments
Depreciation of tangible fixed assets
Donations in kind of heritage assets
Movements in working capital:
Decrease in stocks
Decrease/(increase) in debtors
(Decrease) in creditors
(Decrease) in deferred income
Cash absorbed by operations		 2025
2024
£
£
59,043
166,158
(44,047)
(45,775)
(798)
-
(36,269)
(104,606)
7,863
9,981
(3,000)
(800)
3,474
3,002
12,975
(28,030)
(4,178)
(3,746)
(12,696)
(11,033)
(17,633)
(14,849)