Charlty Number.. 252157 York Minster Fund Annual Report and Financial Statements For the year ended 31 December 2024 YORK MINSTER FUND
York Minster Fund Contents Pa9e Charity Information. Trustee's Report..................................... Independent Auditor's Report Statement of Financial Activities....................................... li Balance Sheet........................................ 12 Statement of Cash Flows 13 Notes to the Financial Statements. 14
York Minster Fund Charity Information Charity name: York Minster Fund Charity number: 252157 Charity registration England and Wales Principal address.. 8-9 Minster Yard York YOI 7HH Trustee York Minster Fund Limlted rs the sole Trustee. Members of the Board of York Minster Fund Limited during the year were.. Mr GCN Lane Fox Ichaimianl Mr D Barrington Mrs S Beckett Mrs A L Consett Mrs S E Gib59n Mr A Horsley MrDGLts Mr R S Lj'ster Mr A R Mason Mr C York Key Management Personnel Mr N P Sanderson Mrs C Birch Mrs D E Terry Mrs H V Carberry Fund DIor Head of Fundraising Fundraising manager Fund administrator Banker* HSBC Bank plc 13 Padiament Street York Yol 8XS Investment Advlser Sarasin & Partners LLP Juxon House 100 St. Paul's Churchyard London EC4M 8BU Independent AudStor A2ets Audit Services Limited 12 King Street Leeds LSI 2HL Solidtors Wrigleys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG
York Minster Fund Trustee's Report for the year ended 31 December 2024 The CDrporate Trustee presents its report and the financial statements of the charity for the year ended 31 December 2024. The financial statements comply with 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 Reportin9 Standard applicable in the UK and Republic of Ireland {FRS 102) (effertive l January 2019). Reference and admlnlstratlve details The Charity Information on page I forms part of this report. Objectlves. actlvitles and achlevements for the public benefit York Minster Funé was established in 1967 to raise money for the restoration of the Central Tower of the Minster which was then In danger of collapse. There is a broad range of expertise on the Board of Trustees of York Minster Fund Limited. The Fund responds to requests from The Chapter of York for support, principally (though not exclusively) for the work of conservation and restoration of the fabric of York Minster,. it also works to support its fundraising ambitions. The objects also speclfy that the fund should hold a -disaster~ reserve to support the Minster in case of a significant increase in costs of repairing and restoring the fabric Of the Minster due to an unforeseen emergency. The Trustees (Trustees are those individuals who are Directors of the Corporate Trustee York Minster Fund Limited) confirm that they have referred to the guidance contained in the Charlty Commission's general guidance on public benefit when reviewing the Fund's aims and objertives and in planning future activities and setting the grant-making policy for the year. Review of actlvlties and financial revlew Income Following a quiet year for fundraising events in 2023, 2024 saw a significant growth in event income rising from £19,530 to £274,085. This was the result of the exceptionally successful Pheonix Light show in October, v¥ith over 33,000 visitors seeing the story of the South Transept fire and reconstruction 40 years on. Income from Grants and trusts showed a significant increase from £79,000 in 2023 to £708,638 in 2024. This was based on the focused campaign for the Centre of Excellence. Several significant Grants will also be realized in 2024 as the Centre comes to completion. This profile of this campaign also led to significant general donations which increased from £221,915 in 2023 to El,325,486 in 2024. The general donations total was also supported by a restricted donation made by the Friends of York Minster following them receiving a significant legacy in memory of Jill Murray. The restriction on this donation also means that it will be held in a separate investment account, within the Fund's Portfolio. Income from Legacies continued to be a key source of revenue for the Fund, contributing £269, 124 of income in 2024 {2023.' £282,135) This is notoriously difficult income to predlct,. however, we continue to promote the giving of legacies for our ongoing work and to support The Chapter of York. Income frorn investments held up reasonably In 2024 at £339,065 cornpared to E465,903 in 2023. Combining all the above elements, the Fund's income (excluding investment gains) inc8Sed from £ 1,068,483 in 2023 to £2,916,938 in 2024. Investment Performance Investment performance in 2024 saw a small improvement on the prior year, with a net gain of £656,752 COmpad to £492,299 in 2023. The composition of the investment portfolio durin9 the year saw a significant changes as investments in cash and cash equivalents were drawn down to support the requirements of the Centre for excellence. This represents a significant investment of Funds reserves in this long-term project to improve productivity and diversify revenue within the restoration teams of the Minster. Despite the increased income this investment led to the Total fund reducing from £12,585,743 at the beginning of the year to £7,844,87 1 at the end.
York Minster Fund Trustee's Report for the year ended 31 December 2023 Revlew of activities and financlal revlew (continued) Cost5 The support tosts of running the Fund in the year continued to be well controlled and increased slightly from E247,447 to £249,787. The Fund therefore Continued to achieve its target that the cost of running the fund should be less than the income from investments, and therefore every penny donated to the Fund was available for use in our work of supporting The Chapter of York and The York Glaziers. Trust in maintaining and developing the fabric and work of York Minster. The Fund continued to produce regular newsletters, carrying a gift aid envelope and informing existing donors of our work, prompting them to consider making a regular donation by standing order or to Join one of the Patron's schemes. This allowed a further deepening of the relationship between donors and the work we do. The Fund also continues to run regular campaigns to encourage donations and legacies, in addition the Fund also applies to appropriate charities and institutions for grants to support specific attivities. Grants The Trustee's policy is to seek to make annual donations to The Chapter of York for the restoration ané preservation of the fabric of York Minster and, where possible, to provide additional assistance for specific projerts. All grants are approved in accordance with agreed authorisation limits delegated by the Trustees. Following the return of visitor income for York Minster towards pre-pandemic levels, the Fund and Chapter have maintained the shared funding model for the sustainable restoration projects of the 20-year glass protection and work on the South Quire Aisle and St Cuthbert Transept on the Minster. This means that the Fund supports 500h of these costs and the Chapter of York contributes the balance of these from its own generated income. In 2024 we saw an acceleration in these projects with the Funds contribution rising to £595,389 from £406,604 in 2023 The Fund also continues to support the maintenance of heritage skills through finding financial support for training and apprenticeships. This support increased in 2024 from £201,404 in 2023 to £213,289. The key element of this support however is through the funding of the Centre of Excellence for Heritage skills. This project will deliver an increased productivity within the restoration activities as well as Opportunities to diversify income through commissions and new uses of the facilities. The Centre was completed in late 2024 at a total cost of £9.3m The fund has invested a significant amount of its reserves Into the Centre but will see the long term return from more efficient processes. In 2024 this investment amounted to £6,788,773. In the year the Fund also made grants toward research and developfnent and smaller grants to the ongoing music teams and the old palace, library and collection team. Reserves policy The Trustee has decided that the Fund's reseNes must be adequate to.. provide an annual donation to The Chapter of York for the restoration and preservation of the fabric of York Minster- and provide 1mmediate an(J substantial financial assistance to The Chapter of York in the event of catastrophic damage to York Minster, whether by fire or any other cause. The Immediate requirement in the event of such a disaster cannot be estimated, but past experience shows that it could be substantlal.
York Minster Fund Trustee's Report for the year ended 31 December 2024 Reserves pollcy (contlnued) In the light of these requirements, the Trustee believes that the present level of reserve5 is adequate to enable the fund to continue to meet its planned ob5igations, even if there were a sudden unforeseen reduction in income or an event that led to a significant increase in support required from YMF. Nevertheless, following the completion of the Centre of Excellence project, the fund will work to replenish its reserves so that other significant projects in the pipeline can be supported. Following the commitment to support Chapter in 2025, the Trustee decided to designate sufficient funds for the experted expenditure. Following this designation, the funds reseeS are as follow5.. Funds restricted by donation £1,690.546 Endowed capital funds (including the HLF glass 20 year endowrnent) £2,946,432 in tin free reserves.. Ftjnds designated to specific purposes Unrestricted funds (including Disaster reserve) £1,684,533 £1,523,360 Therefore, largely driven by the investment in the Centre of Excellence at the year end. 2024 free reseNes (inc. designated funds) were £3.207,893 down froffl É9,047,758 at the end of 2023. The combination of income, expenditure, investment losses and reserves has meant the total Fund value decreased ir* the year from £12,585,743 to £7,884,871. Investment policy The Trustee considers that the most appropriate policy for investin9 funds is to hold a balanced portfolio of investments. The stock market's volatility over the last couple of years has made the management of investments challenging, however the charity employs a long-term investment strategyi and the Trustee remains of the view that a mixed portfolio of equities, bonds, cash and other investments, weighted according to the appetite for Investment risk, remains appropriate. To achieve this, the Fun(J employs Sarasin & Partners LLP as its asset manager. Plans for future periods York Minster Fund continues to meet its purposes by providing support for the restoration and repair of the fabric of York Minster. Currently, these Include two main projects.. The first is to restore the area above the South Quire Aisle, where the stonework on the south side of the quire, particularly above the Zouche Chapel, is fragile as a result of p¢)or-quality 19th Century repairs. This is a multi-year project, run in several phases and the cost will run into several millions of pounds. The focus of this project over the last year and for the next several years, will continue to be on the stonework and glass of St Cuthbert's transept. Second, the Fund is committed to support the 20-year protection and restoration project aiffled at fitting state of the art protertive glazing systems on the unprotected historic windows of the Minster. This ongoing project aims to finish between three and four windows each year, and the entire projett will take years to complete. The Fund is also committed to maintaining the skills required to fulfil restoration work and does this through its ongoing support of apprenticeships and trainees in both the York Minster stone yard and The York Glaziers, Trust. This work is Supplemented by our research and development projert. The aim of this projett Is to benchmark the methods and technology used by both the Minster works department and The York Glaziers, Trust and introduce, where appropriate, new technology which will both support and enhance the traditional conservation skills for which York Minster is so rightly famous.
York Minster Fund Trustee's Report for the year ended 31 December 2024 Long term sustainability The Covid crisis and ensuing loss of income highlighted the vulnerability of the Chapter of York's revenue to fluctuations in tourism and visitor numbers. This led to significant challenges and sadly in 2020 to the closure of the Minster School and a significant redurtion in the Chapter's headcount. Through 2021 and 2022 the Trustees of the Fund worked with Chapter to support their efforts, specifically in completing the neighbourhood plan for the precinct, to building alternative revenue sources and so secure a more sustainable and less vulnerable busine55 model. 2024 has seen the continuing progress on developing these ambitions and going in to 2025 the key area of the Funds support will be on the development and commercialisation of the Minster's Centre of Excellence for Heritage Skills. This will ineorporate many of the fruits of the research and development programme, with the latest technology and management techniques driving both produttivity and sustainability. In 2025 the Fund will also look toward5 the next phase of the Neighbourhood plan, supporting the development of the funding models for the restoration of St Williams College and to establish a future plan for the Minster's collection and archive, as well as the Old Palace building in which it is housed. This cement5 the Fund's role of lead fundraiser and also means that the Fund continues to support the wider work across the Minster when external fundraising is required. Fundral$lng Sertion 162A of the Charities Act 2011 requires charities to make a statement regarding fundraising attivities. The legislation defines fundraising as "501iciting or otherwise procuring money or other property for charitable purposes" Such amounts are presented in our financial statements within -Donations and legacles" which includes donations from individual supporters, corporate donations and legacies. In relation to the above, we conflrm that all solicitations are managed intemally, without the involvement of commercial participators, professional fundraisers or third parties. The day-to-day management of all Income generated is delegated to the executive staff team who act under authority delegated by the Trustee's Board of Dirertors. The charity Is voluntarily bound to be regulated by the Fundraising Regulator and pays the appropriate levy. The charity complies with the Code of Fundraising Prattice set out by the Fundraising Regulator. We have received no complaints in relation to our fundraising attivity for the year under review. Structurey governance and management Governing document York Minster Fund wa5 established under a Trust Deed dated 3 April 1967, as amended by subsequent Deeds of Variation. The principal object of the Fund is to support any such charitable purposes connected with York Minster, primarily as it relates to the conservation of the fabric, as the Trustee may determine. Recrultment and appointment of Directors (Trustees) of York Minster Fund Llmited York Minster Fund Limited. a company limited by Guarantee incorporated in England and Wales under registration number 07570312. was appointed as the sole Trustee on 22 March 2011. The Directors of York Minster Funé Limited are termed Trustees under its Articles of Association. Trustees may appoint any number of additional Trustees and will ensure that the Dean of York will be a Trustee. The minimum number of Trustees is seven. Trustees serve for an initial period of five years which may be extended by a ftjrther two years in exceptional circumstances. They may subsequently be reappointed after a five year period has elapsed. No Trustee May serve for more than two five year terms. The Fund seeks to recruit people with specialised fundraising or financial skills, who also have strong local connections. Organisation York Minster Fund Limited is the sole Trustee. It5 Board of Directors (Trustees), which meets regularly, administers the charity. The Fund Director is appointed by the Trustees to manage the day-to-day operations of the charity. At their meetings, the Board agrees the broad strategy and areas of artivity for the Fund, Including consideration of fundraising projects, grant making, investment, reserves, risk management and perfrJm)ance.
York Mlnster Fund Trustee's Report for the year ended 31 December 2024 Strncturei governance and management {contlnued) Trustees, induction and training New Trustees are provided with an indurtion pack which includes minutes. account5, constitution, risk assessment and a copy of the Charity Commission publication, "The Essential Trustee.. What You Need To Know-. This is then followed by a meeting with the Chairman. prior to the first board meeting. Trustees are very conscious of the obligations of corporate govemance rules and these are regLJlarly discussed at board meetings. From time to time, Trustees are reminded of their duties via the circulation of appropriate Charity Commission guidelines. Trustees are encouraged to attend training courses appropriate to the running of the charity. Pay policy for senlor staff The salary of the Fund Director and management team is reviewed annually and the costs of fundraising are managed to be less than the income yield from investments, therefore ensuring that all funds raised through donations go to the work of the charity. Risk mana9ernent The Board has paid particular attention to a range of risks faced by the charity and has implernented measures to reduce or mitigate these risks. Key risk5 identified are." A collapse in investments. Overcommltting to projerts. Which is mitigated by.. l. Holding a diversified investment portfolio, using professional qualified investment advisers. 2. Separation of committed financial reqU1MentS into secure cash fun(is. 3. Limiting commitments annually to ability to fund at the beginning of the year and segregating those funds. 4. Diversified investments Strètegy. Statement of Trustee's a¢¢ountlng and reportlng responslbllltles The Trustee is responsible for preparing the Trustee's Annual 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 finaricial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to.. Select suitable accountin9 policies and then apply them tonsistently; Observe the methods and principles in the Charities SORP 2019 {FRS 1021,. 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 basls unless it is inappropriate to presume that the charity will continue in operation. The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the tnJst deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustee is responsible for the malntenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom goveming the preparation and dlssemination of financial statements may differ from legislation in other jurisdirtions.
York Mlnster Fund Tru5tee'5 Report for the year ended 31 December 2024 Audltor A2ets Audit Services Limited have Indicated their willingness to stand for reappointrnent at the Annual General Meeting. Statement OS to dlsc106uve of Informatlon to the •udltor In so far as the mernbe of the board of the Trustee a aware, at the time of approvlng the Trustee's Annual Report- there is no relevant information, being information needed by the audrtor in connection with preparing their report, of which the auditor 15 unèware,. and we have each taken all 5tep5 thal are obliged to be taken in or(ler to make ourselves aware of any felevant audit Information and to establish thal the charity'5 auditor Is aware of that Information. This report was approved on .................. signed on Il5 behalf by- Mr Nick Lane Fox {Chairman} For and on behalf of the Trustee
York Minster Fund Independent Auditor's Report to the Trustee of York Minster Fund Opinion We have audited the financial statements of York Minster Fund for the year ended 31 December 2024 which comprise the Statement of Financial Artivities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significar¢t accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 3 1 December 2024, and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance wlth the QUIreMents of the Charities Art 2011. Basls for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statement5 settion of our report. We are independent of the charity in accordance with the ethical reouirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern Ln auditing the financial statements, we have concluded that the trustee's use of the going conr basis of accountin9 in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties lating to events or conditions that, individually or collectivelys may cast significant doubt on the charity's ability to continue as a going Concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustee with respert to golng concern are described in the relevant sertions of this report. other inforrnation The other information comprises the informatlon included in the annual report other than the financial statements and our auditor's report thereon. The trustee is responsible for the other information Contained within the annual report. Our opinion on the fi'nancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consrder whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements thernselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
York Minster Fund Independent Auditor's Report to the Trustee of York Minster Fund Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the charity and its environment obtaine(l in the course of the audit, we have not Identified material rnisstatements in the Trustee's report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion-. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and retums,. or eertain disclosures of directors, remuneration specified by law are not Made. or we have not received all the information and explanations we require for our audit. Responsibilities of the Trustee for the financial statements As explained more fully in the Trustee's responsibilities statement, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair vlew, and for such internal control as the trustee determines is necessary to enable the preparation of financial statements that are free from material mi55tatement, whether due to fraud or error. In preparing the financial stateTnents, the trustee is responsible for assessing the charity's ability te continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltor's re$pon5ibilities for the audlt of the financial statements We have been appointed as auditor under sertion 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditor's report that inclLtdes our opinion. Reasonable assurance is a high level of assurance but is not 3 guarantee that an audit condurted in accordance with ISAS (UK) will always detect a rnaterial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individL¢ally or in the aggregate, they could reasonably be expected to influence the economie decisions of users taken on the basis of these financlal statements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.'//www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Extent to which the audlt was capable of Identlfying irregularltles, including fraud Irregularities, including fraud, are instances of non-cornpliance with laws an(J regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detett material mi55tatements in respert of irregularities, including fraud. We obtain and update our understanding of the entityi Its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedu$ responsive to those risks, and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we deslgned procedures which included- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as artual, susperted and alleged fraud; Reviewing minutes of meetings of those charged with governance,. Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the charity through enquiry and inspettion; Reviewing financial statement disclosures and testing to supporting documentation to assess cornpliance with applicable laws and regulations;
York Mlnster Fund Independent Auditor's Report to the Trustee of York Minster Fund Performing audit work over the risk of management bias and override of controls, including lesting of iovrnal entries and other a(Jjustments for apprtspriateness, evaluat1ng the business ratlonale of significant transartion5 Outside the nom)al course of business and reviewing accounting estimates for Indicators of potential bias,. and Performing aLtdit work over the timing and ¢09nitIOn of revenue and in particular whether it has been recorded rn the correct accounting period. Because of the inherent limltations of an audit, there Is a rlsk that we will not detett all irregulanties, including those lea¢Ying to a material misstatement In the financial statements or non-compliance with regulation. This risk increèses the more that compliance with a law or regulation is removed from the events and transactions reflected in the financièl statements, as we will be less likely to become aware of instances of non-cornpliance. The rlsk of not detectin9 a material mi55tatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgeryi Intentional omissions, misrepsentations, or the override of internal control. Use of our report This report is made solely to the charity's Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity s Trustee those rnatters we are required to state to them in an aui1itor's report ènd for no other purpose. To the fullest extent pem)itted by law, we do not accept or assume responsibility to anyone other than the charity and the chartty's TrLtstee as a body, for our audit work. for thSs report, or for the opinions we have formed. Azet5 Audit Seryices Limited 15 eligible for appointment Js avditor of the charity by virtue of tts eligibility for appointment as auditor of a company under sectign 1212 of the Companles Act 2006. 2510612025 Axets Audit Services Llmlt statutory Auditor 12 King Street Leeds LSI 2HL io
York Minster Fund ststement of Financial Activities (including income and expenditure account) for the year ended 31 December 2024 Note Restrirted Funds Endowment Designated Unrestrlrted Funds Funds FuThdg Total Funds 2024 Total Funds 2023 Income from: Donations and legacies 941,730 260,315 392,565 1,594,610 504,050 Fundraising 274,085 274,085 19,530 Grants and Trusts 38,138 663,000 7,500 708,638 79,000 Investments 87.638 251,427 339.065 465.903 Total Inrne 979,868 87,638 923.315 925.577 2,916,398 1.068.483 Expefidlture on: Raising funds 306 462 173.000 173,768 99.753 Charitable activities 811,560 7,079,567 249,127 8,140.254 3.091,957 Total expenditure Net (expenditure}/ln¢ome before other recognlsed galns Realised and unrealised gainslllossesl on Investments P4et (expendIre)/ Income 811,866 7,080,029 422,127 8.314,022 3,191.7LO 168,002 87.638 16,156,714) 503.450 15,397,624) 12,123,227) 22,839 233,880 400,033 656,752 492.299 I,641 321.518 16,156,714) 903,483 14,740,872} 11,630,928} Transfers between funds 12, 13 674,272 187.6381 1.748,242 12.334,876) Net movernent In funds 865,113 233,880 {4,408,472) 11,431.3931 14,740,872) 11,630,928) 2,712.552 6.093.005 2,954,753 12,585.743 14,216,671 Funds brought fOard 825,433 Funds carr•ed forward 12. 13 1,690,546 2,946,432 1,684,533 1,523,360 7,844,871 12,585,743 A comparative Statement of Financial Activities is presented in note 18 to these financial statements. The Statement of Financial Activities includes all gains and losses recognised in the year. All the charity's operations are continuing. li
York Minster Fund Balance Sheet as at 31 December 2024 2024 2023 Note FIX assets Tongible assets Investments 7 461 798 7,461,798 7 739 407 7.739,408 Currnnt a•sets Debtors Gish at bank and in hand Total current assets io 351,835 771 369 1,123,204 98,500 5 274 765 5.373,265 Current Ilabllitles Creditors.. amount5 fallin ue within one ear li 740 131 526 930 M•t current assets 383 073 4 846 335 Net •ssets 7 844 871 12 585 743 Funds off the charfty.. Unrestrirted funds Unrestricted funds Oesi natet1 funds 1,523,360 1 684 533 3.207,893 2,954,753 6 093 005 9.047,758 12 Restrfcted funds Restricted income funds Restricted endowrnent funds 13 13 1,690,546 2 946 432 4,636.978 825.433 2 712 552 3.537,985 Tot•1 fynd$ 14 7 844 871 12 585 743 The financial statements were approved by the Trustee on and si9ned on its behalf by.. Mr Nick Lane Fox (Chairman) For and on behall of th• Tru$te• 12
York Minster Fund Statement of Cash Flows for the year ended 31 December 2024 2024 2023 Cash used In operatin9 activities (See below) {5,776,822) {2,574,3961 Cash flow$ from Investing activities: Investment income Purchase of investments Proceeds from sale of investments 339,065 12,878.780) 3,813,141 1,273,426 465,903 {1,795,8831 8,385,300 7,055,320 CJ$h generated by investing activitie5 Increase/ldecrease) in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at end of the year 14,503,396) 5,274,865 4,480,924 793,841 5,274.765 771,369 Reconclllatlon ot net movement in funds to net cash flow from operating actlvltles 2024 2023 Net movement in funds (4,740,872) (1,630,928) Adjustments for: Investment income Depreciation Gainslllosses) on revaluation of investments Ilncreasel l DecaSe in debtors Increase / (DecaSe) in creditors Net Cash used in operating activlties (339,065) (465.903) 1656,752) 1253,335) 213,201 (5,776,822) {492.299) 137,272 (122,5381 {2.574,3961 Analysls of cash and cash equivalents 2024 2023 Cash at bank and in hand 336,313 435,056 771,369 459,877 4,814,888 5,274,765 Cash held by brokers The charity had no debt in either year. 13
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 l. Accountlng pollcles The principal accounting policies adopteds Judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. Charity information York Minster Fund is è charitable trust registered with the Charity Commission in England and Wales under registered number 252 157. The registered office is 8-9 Minster Yard, York, YOI 7HH. Attountlng conventlon The financial statements have been prepared in accordance with the Statement of Recommended Prattice.. 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) (-Charities SORP (FRS 102}J, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Art 2011 and UK Generally Accepted Accounting Practice as it applies from l January 2019. The financial statements have been prepared to give a 'true and fair. view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair viev4'. This departure has involved following Charities SORP {FRS 102) {effective January 20191 rather than Accounting and Reporting by Charities.. Statement of Recommended Prartice 2005, which has since been withdrawn. York Minster Fund meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the neast £1. Assets and liabilities are initially recognised at cost or transattion value unless otheN4ise stated in the relevant accounting policy notes. Going concern The Trustee has at the time of approving the financial statements a reasonable expertation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity has considerable cash and investment reseNes, sufficient to meet its immediate requirements and, as a grant making charity, the ability to reduce grants awarded in the future. Thus, the Trustee has continued to adopt the 90ing concem basis of accounting in preparing the financial statements. Income All income, including donations and legacies, is recognised once the charity has entitlement to the income, it is certain that the income will be received and the monetary value can be measure(J with sufficient For legacies, entitlement is taken as the earlier of the date on which.. the charity is aware that probate has been granted, the Estate has been finalised and notification has been made by the executor(sl that distribution will be made, or when a distribution is received from the estate. Receipt of a legacy in whole or part, is only considered probable when the amount can be measured reliably and where the charity is not aware of any potential challenge to the estate. Interest on funds held on deposlt is Included when receivable and the amount can be measured reliablyi this is normally upon notification of Interest paid or payable. Dividend and interest income from investment funds is included when receivable and the amount can be rneasured reliablyi this is normally upon notification of dividends ané interest paid or payable. Grants, including government grants, are recognised in full in the statement of financial activities in the period in which they are receivable. 14
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 Accountln9 policies (continued) On receipt, donated goods and facilities are recognised on the basis Df the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain the goods, services or facilities.. a corresponding amount is recognised as expenditure in the period of receipt. Where the item 15 unique in nature and no reliable estimate can be made the value of such items has not been recognised in these financial statements. Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is allocated to the particular activity where the cost relates directly to that activity. Costs of raising funds are those costs dirertly attributable to managing the investment portfolio and fundraising and publicity costs. Support costs and governance costs which cannot be directly attributed to particular headings have been allocated to activities on a basis consistent with use of the resources. Grants Grants payable are payments made to third parties in the furtherance of the objectives of the charity. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. Grants are accounted for where either the Trustee has agreed to pay the grant without condition and the recipient has a reasonable expertation that they will receive a grant, or any condition attaching to the grant is outside the control of the charity. Fund accounting Unrestricted funds are funds which can be used in attordance with the charitable objects at the discretion of the Trustee. Designated funds are unrestricted funds set aside by the charity for specifsc fvture purposes or projects. Restricted income ftjnds are funds that can only be used for particular restrirted purposes within the objects of the charity. Restrictions arise when specified by the funder. Restricted endowment funds comprise restricted donations, unrestricted funds of the charity and rnatched funding received fmm the Heritage Lottery Fund which are to be invested in a 20 year expendable endowment, The Heritage Lottery Fund Heritage Endowments Fund. Staff cost$ The costs of short term employee benefits are recognised as a liability and an expense where settlement of obligations does not fall within the same period. Penslons York Minster Fund makes contributions to a multi employer defined contribution scheme. The assets of the scheme are held separately from those of the charity. Contributions are paid to approved funds and are charged as expenditure in the year in which they accrue. Tan9lble fixed assets and depreclatlon Tangible fixed assets costing MO than £500 are capitalised at cost. Depreciation is calculated to write off the cost of fixed assets over their expected useful lives. The rate5 and methods used are as follows: Office equipment 250k straight line 15
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 Accountlng pollcles (contlnued} Investments Investments are stated at market value at the balance sheet date. Investments èt the balance sheet date denominated in a foreign currency are translated using the closing exchange rate at that date. The investment portfolio, see note 9, is held to generate returns and gains for the Fund and accordingly is designated as fabr value through profit and loss l-FVTPL"l. Under thi5 designation the portfolio is revalued at each period end to its fair value, as determined by reference to quoted market prices and values determined by independent fund managers, with any gains or losses going through the Statement of Financial Activities. Amounts held in respect of The Heritage Lottery Fund Heritage Endowment5 Fund are held in investments which follow the same investment policy as all other investment assets held by the Fund. For the purposes of the statement of cash flows. short term cash deposits held for reinvestment within investments have been treated as Investments. Flnanclal Instruments The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 '0ther financial Instruments Issues. of FRS 102 to all of its financial instruments. The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments in accordance with Sertion I l of FRS 102. Basic financial instruments are initlally recognlsed at transaction value and are subsequently measured at their settlement value. The Trust does not acquire put options, derivatives or other complex financial instruments. Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments ¥vith a short maturity held for working capital. Debtors Financial assets, other than those held at fair value through profit and loss, are a55essed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss Is COgnised in the income and expenditure account. Creditors, loans and provlslons Creditors, loans and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial liabilities are derecognised when, and only when, obligations are discharged, cancelled or they expire. Amounts recognised as provisions are best estimates of the consideration reqijired to settle the present obligation at the reporting end date, tsking into account the risks and uncertainties surrounding the obligation. 16
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 Accountlng pollcles (contlnued) Taxatlon York Ninster Fund is a registered Charity and as such is a Charity within the meaning of schedule 6 of the Finance Att 2010. Accordingly. the Charity is potentially entitled to tax exemption under part I l of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Att 1992 in respect of income and gains arising. Crltlcal accountlno estlmates and judgements In the application of the charity's accounting policies, the members of the board of the Trustee are required to make jLJdgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience ènd other factor5 that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on90ing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods If the revision affects both current and future periods. The members of the board of the Trustee have judget1 that there are no estimates or assumption5 which have a significant risk of causing a material adjustment to the carrying amount of assets and liabllities. Income - donations and lagacies 2024 Total Current Year Restricted Endowment De$lgn•ted Unrestricted Donations 931,730 ID,000 941,730 260,315 133,441 259,124 392,565 1,325,486 269,124 1,594,610 Legacies Total donations and legaties 260,315 2023 Total Prior Year Restricted Endowment De$lgnated Unrestrlcted Donations Legacies Total donations and legacies 22,563 107,057 92,295 282, 135 374,430 221,915 282,135 504.050 22,563 107,057 17
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 Expenditure on raising funds 2024 Total funds Current Year Restricted Restricted Endowment Des5gnated Unrestrl¢ted Fundraising and publicity Support costs - staff costs 306 462 117,232 55,768 173,000 118,000 55,768 173,768 306 462 2023 Total funds Prior Year Restricted Restricted Endowment Designated Unrestrlcted Fundraising and publicity Support Costs staff costs 366 146 20,690 78,551 99,241 21,202 78,551 99.753 366 146 Expendlture on charitable artivities Grant Dlrect cost funding of charitable of actlvltles actlvlty Support costs (t4ote 5) 2024 Total Funds Current Year Grants to The Chapter of York Grants to The York Glaziers, Trust other costs 7,825,917 63,238 7,825,917 63,238 251,099 8,140,254 57,080 57,080 194,019 194,019 7,889,155 Grant Direct cost funding of charitable of activitles activlty Support 2023 Total Funds Prior Year (Note 5) Grants to The Chapter of York Grants to The York Glaziers, Trust Other costs 2,806,456 107, 125 2.806,456 107,125 178,376 3,091,957 9,480 9.480 168,896 168,896 2,913,581 All grants are paid to institutions to fund the conservation and restoration of the fabric of York Minster. 18
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 Support $ts 2024 2023 Auditor's remuneration Legal and professional Staff costs (Note 6) Office expenses Catering Insurance Travel Sundry Bank char 8,460 15,051 199,772 11,769 2,555 804 2,169 1,875 7,980 14,027 206,772 10,919 4.857 819 251 1,54L 281 247 447 es 249 787 Analysed as follows.. Expenditure on raising funds Ex enditure on charitable activit (Note 3) Note 4 55,768 194 019 249 787 78,551 168 896 247 447 Auditor's remuneration noted above includes VAT. Legal and professional includes VAT exclusive fees of £15,051 {2023- £11,898) in respect of non-audit services provided by the auditor. 6. Staff costs 2024 2023 Salaries Social security Costs Pension costs 161,660 16,620 167,234 17,563 199 772 206 772 The number of employee5 who received employee benefits (excluding pension contribution5) during the year in excess of £60,000, classified within bands of ÉIO,000 is.. 2024 2023 £70,000 - £80.000 2024 2023 Average number of employees The total employee benefits of the key management personnel of the charity. who are defined on page I of the financial Statements, was £186,356 12023.. £206,772). York Minster Fund Limited is the sole Trustee. No remuneration directly or indirertly out of the funds of the charity was paid or payable for the year to the Trustee or to a person or persons known to be connected with the Trustee12023.. £Nil). No reimbursement of expenses has been made or is due to be made to any of the dirertors of York Minster Fund Limited in respect of the year12023: £Nil). Net movements in funds 2024 2023 Is stated after char9ing: Auditor's remuneration - Audit 8,460 6,650 Auditor's remuneration for other servites 15,051 11,898 19
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 8. Tanglble fixed assets Offlce equipment Cost.. At l January 2024 Additions As at 31 Decefflber 2024 9,097 Depreciation: At l January 2024 Char e for the ear At 31 December 2024 9,096 Net book value At 31 December 2024 At 31 December 2023 9. Znvestments 2024 2023 Market value as at l January 2024 Additions at cost Disposal proceeds Reali5ed and unrealised gains Market value as at 31 December 2024 7,739,407 2,878,780 (3,813, 1411 656,752 7.461,798 13,836,525 1,795,883 18,385,300) 492,299 7,739,407 Historical cost as at year end 5.581,310 6,332,771 Cash held with brokers has been recognised in current assets as it represents investment yield which will be applied for charitable purpose rather than cash pending investment. 10. Debtors 2024 2023 Trade Debtors Other debtors and prepayments 2,250 349,585 351,835 98,500 98.500 Other debtors and prepayments includes accrued unrestrirted legacy income of £69,000 (2023-. £79,000). At 31 December 2024 the Charity had entitlement to l {2023'. 1) legacy where a reliable estimate of value cannot be made and actordin9ly no amounts have been recognised. 20
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 11. Creditors 2024 2023 Other creditors and accruals 740.131 740,131 526,930 526,930 Recon¢lliatlon of grants payable Commitments brought forward Grants committed in the year Grants paid during the year Commltment$ urrled forward 493,543 602.098 8,059.659 2,913,581 (2,805,026) 17,886,791) 666,411 493,543 12. DesSgnated funds Current year Balance as at l January 2024 Balance as at 31 December 2024 Incom• Expenditur• Transfers Centre of Excellence 4,858,356 loo,000 400,000 207,239 228,821 141,500 913.020 16,789.0341 1.207,658 1103,734) 103,734 150,076} 190,000 loo,000 349,924 207,239 591,094 43.000 31,248 122,028 50,000 1,684,533 R&D Project South Quire Aisle St Cuthbert Window 20 Year Glass 362,273 (128,2791 29,779 118,2301 48,978 16,9571 {7,899) {33,795) 53,795 923,315 (7,080,029) 1,748.242 Masterplan Apprentice sUPPOrt YMF Music 500 127,089 30,000 6,093,005 9,795 Funds under £20,000 Prior year Balance a$ at l January 2023 Balance as at 31 December 2023 Income Expenditurn Transfers Centre of Excellence 1,596,976 50,000 50,000 207,239 253,437 124,999 136,000 139,752 30,000 2,588,403 174,250 {2, 183,901) 5,271,031 180,5901 130,590 350.000 4,858,356 loo,000 400,000 207,239 228,821 141,500 R&D Project South Quire Aisle st Cuthbert Window 20 Year Glass (24,616) 16,501 158,1591 177,841) {146) 120,3241 Masterplan Apprentice support YMF Music 7,807 127,089 30,000 6.093,005 Funds under £20,000 182,057 12,322,796) 5,645,341 21
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 12. Deslgnated funds (continued) Coming CAJt of the Neighbourhooé precinct plan and building on the results of the Research and Development project, the Centre of Excellence in Heritage Skills is a multiyear pmject to deliver world leading facilities and technology to secure the long term sustainability of the restoration of York Minster and its stone yard. The total cost of this project has been E9.3m and the designated costs for 2025 are the final costs within this totsl. The Research and Development project, which began in 2018, is to benchmark the methods and technology used by both the York Minster works department and The York Glaziers, Trust and introduce, where appropriate, new technology which will both support and enhance the traditional conservation skills for which York Minster is so rightly famous. The South Quire Aisle project (see also restricted funds) involves work to repair and replace stonework and glass in I I bays in the South Quire of the Minster, including the St Cuthbert transept. This project is an ongoing project and is still ongoing. The St Cuthbert's window project (see also restricted funds) is a specific part of the South Quire Aisle projert. This phase of the work is to the 5UPPOrting stonework of the St Cuthbert window and the surrounding transept. This part of the project is suspended at the moment pendin9 engineering and hydrological assessments. It is expected to restart in 2025. The 20 Year Glass project (see also restricted funds) is aimed at the protection and restoration for the unprotetted historlc windows of the Minster. Conserving each window and fitting a state of the art protective 9lazing system. This ongoing project aims to complete 3 or 4 windows each year. In 2025 this project will focus on the South Transept windows. The Masterplan is the Fund's support for the Chapter of York's completion of its Neighbourhood plan aimed at developing alternative revenue streams and a less vulnerable, more sustainable business model for the Chapter of York. The designated Apprentices fund sUPPOrts the training of apprentices In both the York Minster stone-yard and The York Glaziers. Trust which is essential to maintain the speciallst skills required to fulfil the restoration work on the Minster. Music funds are designated to use to support the continued history of music across the Minster. Smaller projects under £20,000 each which have been approved by the Tnjstee have been aggregated and designated accordingly. The transfers Into designated funds at the year end represent projects agreed in pnnciple by the Trustee to fund in the next financial year. The transfers out of designated funds at year end represent expenditure on projerts funded in part by restricted ftjnds, where expenditure has exceeded restricted funds available such that a transfer from the designated fund is required to bring the restricted fund back to £Nil. 22
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 13. Restrlcted funds Balance at I January 2024 Balance •t 31 De¢ember 2024 CurreTht year Gain on Income Expendlture Investmonts Transfers Restrlrted Income lunds.. South Quire Aisles South Transept Win(Jows Stone Yard Apprentices Crypt Monitoring Education Library Mu51C Friends of York Minster Choristers St Cuthbert's Window Liturgi1 Worship Ilegacy) 20 Year Glass Jubilee 13,931 3,905 44,638 1261.0181 247,087 3,905 140,000 54,222 21,921 1.056 200,000 50,000 21,921 1,056 1195,059) 4,222 90,421 1,115 899,979 110,6801 9,565 22.839 922.818 54,200 481,318 1,000 51,344 496.006 1,000 2,856 114,6881 10.300 4.106 6,000 B25,433 979,868 1334,6431 324,343 10,106 1,690,546 1811,8661 22,839 674.272 Restrlrted endowmert funds. The Hentage Lottery Fund Heritsge Endowments Fund Choristers Endowment Endowment 2,592,418 83,115 223.522 183,115) 2,615,940 75.863 44,271 2,712,552 2,856 1,667 6,541 3,817 233 880 12,8561 1,667} 87,638 82.404 48.088 2,946 432 The capital funds of the Pilling Music and Girl Chorister endowments were transferred into $tritte endowments in a previous year. Despite the endowments been expendable they are currently held for income generation and capital growth, income is applied to the restritted income funds and capital growth shall be applied to the endowment funds. This treatment is considered to fairly represent the intention of the Trustee in terms of the application of funds to music and choristers respectively. Balance at I January 2023 Balance at 31 December 2023 Prior year Galn on Inrne Expendlture Invegtments Transfers Restrlcted Income funds: South Quire Aisle Stone Yard Apprentice5 Crypt Monitoring Education Library Music Minster Oryan Choristers St Cuthbert's Window Liturgical Worship Ilegacyl 20 Year Glass Jubilee 16,113 I,soo 1196,267) 1143,245} 116,4371 180.154 341.745 32,283 200.000 50,000 21,921 1.056 34,154 21,921 1,056 8,244 2,604 48.604 492,869 1,000 46,563 4,106 661.121 1,380 131.5481 12.6041 21,924 2,740 51,344 496,006 1,000 3.195 158) 375 1210.6L8} 163,680 4.106 825,433 22,563 1600,7771 742.526 Restrlrted endowment funds: The Heritage Lottery Fund Hentage Endowments Fund Chorisrers Endowment En¢owment 2,452,991 91,117 139,427 {91,117} 2,592.418 71,783 41,890 2,566,664 2,741 1,600 95,457 4,080 2,381 145 888 {2,7411 1,600 95,4571, 75,863 44.271 2.712 552 23
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 13. Restrlrted funds (continued) Purpose of restricted fund5: The Sokjth Quire Aisle. St Cuthbert's Window, Centre of Excellence, and 20 Year Glass, including the South Transept windows projects have been covered in designated funds. The Stone Yard Apprentices fund supports the training of apprentices In both the York Minster stone- yard and The York Glaziers, Trust which is essential to maintain the specialist ski115 required to fulfil the restoration work on the Miftster. Crypt Monitoring funds are restricted for use on the environmental monitoring at York Minster. Education funds a to support the work of the learning teams and people development. Library funds are restrirted in use to for costs relating to the Minster library only. Music funds are restricted in use to support the continued history of music across the Minster. This fund also includes the income generated by the Pilling endowment fund. The Choristers fund supports the Oevelopment Choristers. The Liturgical worship fund is a specific £1,000 legacy given to support the worship life of the Minster. The Jubilee funding was in support of the Minster's platinum jubilee celebrations and remaining funds are held at the behest of The Lord Lieutenant for future events in the Minster. Purpose of endowment fund$: The Heritage Lottery Fund Heritage Endowments Fund, a glass Endowment Fund, was established to raise funds towards the establishment of a 20 year capital endowment which was match funded to a maximum of £lm by the Heritage Lottery Fund and from UnStrICted funds of York Minster Fund. The purpose of the fund is to establish an Endowment Fund to secure the preservation, restoration and conservation of the historically important stained glas5 windows of York Minster. In December 2021 The Heritage Lottery Fund Heritage Endowments FunLI was formally slgned off as completed by HLF. Aecordinglyt as at 3 1 December 2021 accumulated income which had been retained in the endowment to date was transferred to a restrirted fund to be applied to the 20 year glass project. The balance in the fund as at 31 December 2021 represents the endowed fund5 held on investment. Moving forward, capital growth will be attributed to the capital endowment and income will be applied to the 20 year glass ftjnd. This endovyment is expendable at the bequest of the Trustee, providing at least an element of the fund remains to the end of the endowment in 2038. The Choristers Endowment fund is the capital endowment of the fund held to generate income to support choristers. Income is applied to the restricted choristers fund and is applied to support the choristers of the Minster. Capital and growth are retained in the restricted endowment fund, this endowment is however expendable at the bequest of the Trustee. The Pilling Music fund is the capital endowment of the fund held to generate income to support music. Income is applied to the restricted music fund and is applied to support the cor)tinued hrstory of music across the Minster. Capital and growth are retained in the restricted endowment fund, this endowment is however expendable at the bequest of the Trnstee. 24
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 14. Analysis of net assets between funds As at 31 December 2024 Flxed Investments assets Net current assets/ {liabllltles) Total Unrestricted funds Restricted income funds Restricted heritage endowment funds 2,824,820 1.690,546 2,946,432 7 461 798 383,073 3,207.893 1,690,546 2,946,432 7,844,871 383,073 As at 31 December 2023 Fixed Investments assets Net current assets/ (liabilitles) Total UnstriCted funds Restricted income funds Restritted heritage endowment funds 5,026,855 4,020,902 825.433 9,047,758 825,433 2,712,552 12,585,743 2,712,552 7 739 407 4,846,335 15. Pensions The Fund participates in the Church Workers, Pension Fund Defined Contnbution Scheme. Although calle Defined Contribution Scheme (DCSI it Is not a true DCS as It operates on a "with profit5 deferred annuity basis" which comes under the "hybrid~ pension scheme rules. The deferd annuity basis means that the scheme has an element of defined benefit and advice is that it should be treated as such. The assets of the DCS are held separately from those of the employer. The formal valuation at December 2020 showed the DCS in surplus on an ongoing funding basis. York Minster Fund is unable to identify its share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of other entities participating in the DCS. During the period the charity made contributions of £16,58912023.' £17,268) into the scheme. The charity has established that it ha5 an obligation to make annual compensation payments to a former member of staff, for under-funded pension contributions. However, the provision in the accounts cannot be determined until an actuarial valuation is obtained which takes into account the variable factors that have an impact upon detem)ining the liability. During the period the charity made contributions of £4.904 12023.. £4,707) Into the scheme. 16. Controlllng party York Minster Fund is controlled by York Minster Fund Limited as sole Corporate Trustee. 17. Related party transa¢tlons There were no related part transartions to be disclosed in this or the previous financial year. 25
York Minster Fund Notes to the Financial Statements for the year ended 31 December 2024 18. Cornparatlve statement of financial activities Restricted Funds Endowment Fund$ Degignated Funds Llnrestricted Funds Total Fund5 2023 Income from: Donations and legacies 22.563 107.057 374,430 504.050 Fundraising 19,530 19.530 Grants and Trusts 75.000 4.000 79.000 Investments 95,457 370.446 465,903 Total Income 22.563 95,457 J82,057 768,406 1.068,483 Exp•ndlturt on: Raising funds 366 146 99,241 99.753 Charitable activities 600,411 2,322.650 168,896 3.091,957 Total expenditure Net (expenditure)/income before other re¢o9nlsed galns Realised and unrealised (loss) ains on Investments Net (ttxpendlture)/ Income Transfers between furnds 600,777 2,322,796 268,137 3,191.710 {578,2141 95,457 {2,140,7391 500,269 12,123,227) 145.888 346.411 492,299 {578,214} 241.345 12,140.739} 846,680 {1,630,9281 742,526 {95,4571 5,645,341 16.292.410) Net movement in funds 164,312 145,888 3,504.602 15,445.7301 11,630.9281 Funds brought forward 661.121 2,566,664 2,588,403 8,400.483 14,216,671 Funds carrled forward 825.433 2,712,552 6,093,005 2.954,753 12,585.743 26