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 DI￿￿or
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) inc￿8Sed 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 COmpa￿d 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 rese￿eS 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 reqU1￿MentS 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 con￿r￿
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, misrep￿sentations, 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 In￿rne
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 (expendI￿re)/
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 fO￿ard
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 Dec￿aSe in debtors
Increase / (Dec￿aSe) 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 nea￿st £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
Liturgi￿1 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
In￿rne 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 Un￿StrICted 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
Un￿striCted 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 defer￿d 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