REGISTERED COIIPANI. NL.IIBER: 00911219 (England And W'ales} REC.ISTERED CHARITY NLI¥IBER: 2S3425 Report of the Trusiees #nd Un•udited Fin4nci¥l StgtemeDt5 for the Ye*r Ended 31 March 2025 for The York Glazlers. Trust Clive Owen LLP Chartered AccounLqnts 140 Coniscliffe Road Darlington County Durh8m DL3 7RT The York Glazier5' Trust Contents of the Financial Statement5 for the Year Ended 31 March 2025 Page Report of the Trustees Independent Ex8miner's Report Ststernent of Finmnelal Aetlvltles Bxlanee Sheet 9 to 10 Cssh Flow Staternent Note5 to the Cash Flow Sthtemtnt 12 Notes to the Financi81 Ststement5 13 to 23 The York Glaziers. Trust {Registered number: 00911219) Report of ihe Trustees for the Yur Ended 31 Mxrth 2025 The Trustees. who are also Direciors of the charity for the purposes of the Companies Aci. present their report (including DirectOT5' ieportl wilh the financial statements of the chariry for the year ended 31 March 2025. The financial stsiemenis cornply with the Charitie5 Act 2011. the Companies Aci 2006, the MemordnduTn and Articles of Associatiort. and Accounting and Reporting by Charities.. StaterneTr( of Recommended Practt¢¢ applicable to charities preparing their accounts in accordance with th¢ Financial Reportin8 Standard applicable in the UKand Republic of Ireland IFRSI 02) effective l Jartuary 2019. 0￿EcTIN,ES AND ACTIVITIES ObjectiTr'e5 and aiTllS The objective of the Tjusr coniinues io be ihe conservation and presen'ation of stained glass of historical or anisiic importance, the conduct of appropriaie research in pursuit of these aims. the provision of excellent training in the discipline and the promotion of public appreciarion of the mediutn of stained glass. The rnain aCtI￿ltIeS of the Trust have coniinued io be the conservation of historic stsined glass in public and rton-public building5 within the United Kingdom. The principal client in the period under review h&s been The Cbapier of York, for work to windows in the Minsier. Public Benefit The chariry's aims and achievetnents are set oui w'iihin this rq>ort. The actii'i¢ies described have been undettaken to futther the Twst's charitable pUrW>￿ for ihe public ￿nefIt. The Trustees have due regard io public benefit guidance published by the Charities Commission and the th￿tee5 have paid due regard io this guidance in deciding ￿'hat aciiviiie5 the Trust should undertake. ACHIEVEfvIEI¥4T AND PERFORMANCE Trustee Retirernent After N'enty years of exceptional service to the TrusL Mr t>avid Rayner CBE retired from the Board in March 2025. The Board now seek5 10 recruit a llew Trnmee with expertise in business and finance. York Minster Work io advance the Twenty Year Strategic Plan coniinues with the conseTh'ation and protection of the late 14ih-century Creed w'indow IS5). In 2024 ihe YGT featured in an exhibirion io celebrate the 40th Anniversary of the 1984 fire in rhe souih rransepi and kts afteTmath. In January 2025 the YGT rdurned ￿ tht south transept w ￿8]n the fLTSi phase of a new programme of work. with lh¢ removal to the studio of mid 15th-century windows sl l - sl5. External Clients Highlights have included further phases of work at Rochdale Town Hall (three windows from ihe Council Chamber) and in the Old Library at Merton College. Oxford. During ihe conservaiiotl of a Small monastic figure from Blanchland, consern'ators were exci¢ed to ideniify the initials of the Ab￿￿S last abbot. The project attracted grant aid from both the Worshipful Company of Glazier5 and the William and Jane Morris Fund of the Society of Antiquaries. and was a￿arded the Glaziers, Company Moat Prize for ihe besi conservation rety)n of 2024. Work has recently begun on the Outstsnding c.1300 glazing of the s￿PellOn Chanuy in All Saints. North Moreion. Page I The York Glazlers. Trnst (Registered nymber: 110911219) Report of the Trustees for the Year Ended 31 March 2015 Page 2 The York Glazier5' Trust {Regi5tered number- 009112191 Report of the Trustees for the Year Ended 31 March 2025 Staff Experienced conservator Hannah Page MA has joined the team. and after a recruitment exercise that attracted over 300 applscants. Theo Dives and Adam Wilkinson have been appoinied io apprenticeships funded by the York Minster Fund. The Centre of Excellence for Heritage Skills The YGT has contributed to the developmeni of new facilitie5 (hat will enhance the capabilities of the York Minster Centre of Excellence for Heritage Skills and Esiate Management. New workshop spaces and the instsllaiion of a goods lift hai'e transformed the YGfs working environment and increased its capacity to host pla¢em¢nts and to provide CPD opportunities to the sector. Research. Outreach, Training In the summer of 2024 another University of York MA student benefiued from a 12 week professional placement with the YGT. In NoveTnber 2024 YGT director Professor Sarah Brown collaborated with English Heritage in a public engagement event centred on the outstanding stained glass gf Cirade I listed church of St Mary, Studley Royal. The YGTS Peiei Gibson bequest is providing financial support for new doctoral research into the impact On stained glass of the late Dean Eric Milner-White11941-631, in a project that ha5 also attracted fi2nding froEn the Friends of York Minster. The YGT has worked closely wilh the Cathedrals Workshop Fellowship in the development of a stained glass module for its Foundation Degree in Applied Historic Building Conservaiion and Repair. FINANCIAL REVIEW The increase in the funds for the year amounted to £36,09412024.. £84,789). STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document. its Memorandum and Articles. and constitutes a limited company, IiTnited by guarantee. as defined by the Companies Act 2(X)6. The Trusiees, who meet regularly. are responsible for the management of the TNSI. Day to day management of the charity has been delegated by the TNsiees io The Director. Sarah Brown. Reerultment and #ppolntment of new trustees The Articles of Association specify ihai the number of Trusie¢s upon incorporation would be eight, but that the Council of Management may from time to time re815ter an increase in tneTnbeTS. Up to four of the Trustees can be nominared by The Chapier of York. Currently one Trustee is a Chapter appointee. Key management remuneration The Irustees consider the Senior Management Team to fonn the key management personnel of the charitable compatty. in charge of directing, controlling, running and operating the charitable company on a day to day basis. The pay of the senior stslT is reviewed annually. In view of the nature of the charitable company, the trustees benchmark against pay levels in similar charities and stained glas5 5tudio5. Related parties One ofihe principal clients of the Trust is The Chapter of York, a body which has the power to nominet¢ Trustees of th¢ Trust. Page 3 The York Glazier5' Tr￿51 {Registered number: 00911219) Report of Ihe Trustees for the YeAr Ended 31 Mxrrh 2025 STRLTCTURE, GOVERNANCE AND MAYAGEMEYT Rlsk m#n4gemeni The TTUSte¢s hav¢ a duly io identify ar￿ r¢vi¢w th¢ risks io which the chariry is exposed andto ensure appropria* controls are in place to provide reasonable assurance against fraud and error. The Trustees have reviewed the major risks to which the charity is exposed. Where significant risks have been ideniified. appropriate steps hai'e thken to miligaie these. The board of T￿jS￿e9 take reasonable ￿epS ￿ ensure thai The York GLuiers' TNst operates policies that ensure the following.. The York Glaziers, Trust is opernting efficiently 8nd effectively in accordance wilh the York Glaziers. Trust's s¢ated purpose and objeciives. The York Glaziers, TTUSI'S asseis are safeguarded ogainsi unwuthori5ed or disposition. Proper records. including financial records are maintained. Financial information used within the charity or for publication is reliable. The York Glazi¢r5' Trust complies with relevant laws and regulations. An annu81 budget is approved and any variance is reported and subsequenily agre￿. Policies are approved. Key perfomiance Indica￿TS are reviewed and evaluaied. Delegation of auihoriiy and se8regaiion of duiies io ihe direaor and staff ieam we appropriate for the size ￿d nature of ihe or8aDisation. This is achieved by.. 111 Governance Th¢ Trust strives for eKcellence from its highly trained and committcd 5tatTand has a strong working relationship wilh The Chapter of York Minsier which, in tu￿ ￿ve stated a commiiment to cortiinue employing the Trust on the Min$tel$ hi5torLC 8lass. The Chapicr of York pays the Trust's invoices monihly and cashflow from other customers is maintsined by interim payments on a monthly basis. The wage5 and sa13ri¢5 are processed every month by an outside agen¢y. $0 this major item of expenditure each rnonth is Professional and disciplined. Th¢ costs of each project are mainl¥ined ort a bespoke. inhouse cosiing systern. Budgets are set for the yew JTWJ analysed each quarter. The Trusitts OVeT5e¢ the whole business pr(ws ai their meetin8s which are a minimurn of three lirn¢5 per year. 111) St8fT policy All stafF are issued with ihe 'stsff handbook, that defines employees, ri8hts and obligations whilst in employment with The York Glazi¢r5' Trust. It is utxlated as and wh¢n statutory regulaiions and employtt5' condition5 of employment chan8e. Staff apprdi5a15 Wlth the Director and the relevant sraff are conducied annually. This covers. amongst other5, trnining and ¢ontinuin8 personal development ICPD). Sthff meeting5 are held as appropriaie but a minimum of four times per year. Page 4 The York G]￿lers. Trust {Registered number: IM1911219} Repori of ihe Tru51ees for iht l'ear Ended 31 .%l*rch 2025 STRUCTURF.. GOI'ERJAYCE AND IIANAGF.)IENT liiil Reser￿e5 polic). The TTU.%tees haie considered the level of reseTres thai the charity will require ￿ su$￿]n its opera¢ions in the future, eKcluding Iho%e fund8 repre%enied by tangible fixed &t*LS. and hai'e ￿￿b]iShed 8 p)liey whereby free reserves held by the Chariiy should exceed 24 months salaries w'hich equaies io opproximai¢ly £1 ?m. Ai pre4eni. free re%m'e% lexcluding thoy repr￿nIed b). thngible fLxed ass¢tsl amount lo £1.5rn. This iq higher than iargeied. bui will be called UkK)n io supp)rt the YGfs contribuiion io the dei'elopmeni of the Deangate pretnises. part or ¢he wider programme of WOTk involY¢d in the creation of the Minsterfs Certtre of EXcelle￿e in heritsge crafts, in which th¢ Twsi is a partner. livl Grant making polieTr' Granis payable arL Lharged in the year when the offer 1$ conveyed ¢0 the r￿]plent excepl in those ca￿ where the otTer conditional. such grants being recognised as expendiwre when the conditions attaching are fulfilled. Iv) Conclu$SoD The'l'wiiees hav¢ ¢xamined the major 5traie¥ic. busirt￿ and operaiional ri8L4 which the chariiy fac¢% and confirni that %ysiem% have been ¢st4blished lo enable regular reports ￿ be Pr(￿uCed so thai necessary S￿pS ¢an b¢ thk¢n 10 manaBe the4e ri.4ks. RTr.FTr.RkNCE AliD ADiiif*lSTRATII'E DF.TAII.S Rogisiered Compan). number 00911219 {kngiand and W'alc51 Re%lstered Chxrliy number 153475 ReRlyttred offlce h DLanbTaic YORK North York4hire YOI 7JB Trvslee5 Mr Mark Ilo%ea FRICS (Chairl Mr Dai'id Rayner CBE Mrs Carole Milner FIIC MBE Dr Ii'o kouch Profe%wr Chri.%topher Norton FSA Mr¥ Linda Baines MT Doi'id Podmore Mr Orlando Brid¥eman (Resigned 20 March 20251 Dlrector Pr(ile%￿)r Sarah BrowTh FSA FRHisiS Compan!. Secretari. ProfL¥%or Sarah BrO￿n FSA FRHisiS Independent Ex#mlner Chri.4lopher Beaumont BA (Hon51 BFP FCA DChA Clive Owen l.l.P Chartered Accounthn 140 ConiKliffe Road Darlinglon Countv Durham DL3 7RT Page 5 The I'ork Glazier5' Trust (Registered Number: 00911219) Report of tbe Trustee5 for the Ye*r Ended JI M*rch 21125 REFERENCE AND ADMINISTIL4TII'E DETAILS Bankers Barclays Bank PIC 1-3 Parliament Street York YOI 8SE Key M#n#gement Personnel Professor Sarah Browij FSA FRHistS - DireC￿r Dr Marie Gro51 FSA- Business Manager Investrnent m#n#ger$ Maunby Inkestmeni Managemeni Ltd Canaccord Genuity Wealth Management Approved by order of the board of tftLStees on 30 June 2025 and signed on its behalf by.. M Hosea- Trustee Page 6 Independent Examiner's Report to the Tru5tee5 of The I'ork Glazitrs, Trust Independent examlner's report tv the tru51ees of The York Glaziers, Trust I'the Companv,) I report to Ihe Lharilj Iiusiees my exaniinatioji of thc accoun(s ofthe Company lor ihc yeai ended 31 March 2025. Responsibilities and basls of rtpurt A% thL Lhariij's trusie¢s ofthe Conipany land also it5 directors for the purposes of company lawl you are responsible for Ihe preparation of the accounts in accordance with the requirements of the c.ompanies Act 20061'the 2006 Act,). Having saiisfied myself that the account5 of the Company are not required to be audiied under Part 16 of ihc 2006 Act and are eligible fur independent exatnination, I report in respeci of my examinaiion of your chariiy's acctsun15 as carried oui under Section 145 of ihe Charities Act 2011 I'the 2011 Ael'l. In ¢arying out my examinaiion I have followed the Dir¢¢iions given by the Charity Commission under Sect20n 145{5) Ibl of the 2011 Act. Independent examlner's st4temetht Since your charity's gross inLome exceeded £250,(X)O your examiner musi be a member of a listed body. I can confimi that l am qualified to undertake th¢ ¢xbmiiiation because l am a member of ihe Insiiture of Chartered Accounianis in England and Wales, which is one ofthe listed bodies. I have ¢omple¢ed my examination. I confim) thai no ma¢iers have come to my aitention in connection with theexarnination giving m¢ cause to believe.. accounting records were not kept in respect of th¢ Company as r¢quir¢d by Swtion 386 of the 2006 Act: OT Ihe Accounis do not accord with those reLords: or the accounis do not comply with the aLcouniing requirements of Section 396 of the 2006 Act other th#n any Tequiremeni ihai the accounts give a true and lair view whiLh 15 not A maiter considered as Part ol'an independent examination; or the accounts have noi been prepared in accordanee with the methods and principles of the Statement of ReLommended Practice for aLcouniinbr and reportinbT by charities (applicable 10 chariiie5 preparin¥ iheir accounts in occordance with (he Financial Reporting Standhrd applicable in the UK and Republic of Ireland IFRS 10211. I hav¢ no concerns and have come aer05s no oiher Inallers in connection with the examinatiort to which attention should be drawn in this report in order (o enable a pr(>per under5landin8 01-the accounts to be reached. Christopher Beaumont BA (Honsl BFP FCA DChA Clive Owen LLP Chanered Accountanis 140 ConiscliJTe Road Darlinglon County Durham DLJ 7RT Dale: ... Page 7 The I'ork Gl8ziers' Trust Statemeni of Financial ActiTr'itie5 {IDcorporating Income #Nd EApendilurt Aeeounti for the l'ear Ended 31 llarch 2025 2025 Unrestricted funds 2024 Total funds Notes INCOME AF*D ENDOW'MENTS FROM Donations and legacics 34,(A2 58,159 Ch*riiablt a¢liTrities Work Done- Dean and Chapter Work Done- oiher clien 442.112 367,747 275,742 448,755 Investrneni income 38,602 35.223 Total 882.503 817.879 EXPE)DITURE ON Raisin¥ lund5 6,679 6.350 Charitable actli'ities Charitable activities 826 747.554 Tot8J 832,898 753.904 Net gainslllossesl on investrnents 18.957 NET INCOME Other rec(bgnised gaIn￿lI05Se5) Gains on reN'aluaiion of fixed assets 36.094 82,932 1,857 Net movement In funds 36,094 84,789 RECOYCILIATION OF FUNDS Total funds brought fonvard 1,648,311 1.563.522 TOTAL FUNDS CARRIED FORII'ARD 1,684,405 1.648.311 The notes fonn part of these financial ststernents Page 8 The York Glaziers, Trust (Reglsiered Trumber: IM1911219 B#l#Nee Sheet 31 March 2025 2025 Unresirictcd nds 2024 Tothl funds Notcs FIXED ASSETS Tansyible assets Inve5trnents 14 15 177,696 930,236 26.667 948.486 1.107.932 975.153 CURRENT ASSETS Stocks D¢biors Cash at bank wnd in hand 16 17 85.611 35.052 495.838 102,412 64,916 569,500 616.501 736.828 CREDITORS Amoiints I'alling due within one year (40.028) {63.670) NET CURRENT ASSETS 576 473 673 158 TOTAL ASSETS LESS CURRENT LIABILITIES 1,684,405 1.648.311 NET ASSETS 1.684.405 1648 31 FUl¥DS Unrestyicied fvnds 20 1.684,405 648.311 TOTAL FUNDS 1.684.405 648.311 Thc charitable company is enlitled io exemption from Audit under Se￿10n 477 ofthe Companies Act 2(M)6 for th¢ year ended 31 Mmrch 2025. The members have noi Tequired the company lo obtain an audit of its financial slaternents for the year ended 31 March 2025 in accordan¢e with Section 476 of the Companies Aa 2(Kl6. The tnLStces acknowledge their responsibilities for ensuring Ihal the charitsble company keeps aCCOUlliirt8 records that comply with Sections 386 and 387 of the Companies Aci 2006 and preparing financial staternents whieh give a ￿e and fair view of the state of affaiT5 of ihe Chan￿ble company a5 t the end of each financial year and of its surplu5 or deficit for each finan¢ial year in accordance with the requirement5 of s￿li0n$ 394 and 395 and which othenvi5e comply wilh ihe requirements of the Companies Act 2006 relaiing i(Tr financial statements. so far as applicable LO the charitable company. {b) The notes forni part of these financial statements Pa8e 9 continued... The York Glazier5' Trust {Registered number: 009112191 Balance Sheet- continued JI Mareh 2025 These financial statements have been prepared in acctsrdance with the provisions applicable to charitable co¥npanies subject to the STnall companies regim¢. The financial staiemenis were approved by the Board of TTusiees and authorised for issue on 30 June 2025 and were 5i8ned on its behalf by.. M H05ea - TnJ5tee The no￿$ fomi part of these financial statements Page 10 The York Glazlers, Trust C#5h Flow Statement f(br the Year Ended 31 March 2025 2025 2024 Noies Cash flows from operatin% activitie5 Cash g¢iierated from operations 87.424 Net cash provided by operating activities 55.619 87,424 Cash flows frorn ini'esting Actii'ities Purchase of taiigible fixcd assets Purchase of fixed asset investments Sale of fixed asset investments Interest received Dividends received (172.622) 1295.6191 300,358 6,325 {2,675) 1352.315) 344,919 3,846 31,377 Net cash (used inllprovided by investing aciivities 129 2811 25.152 Chong¢ in Cash and cash equivalent5 in the reporting period Cash and cash eqLtivalent$ 4t the beginning ol the repurting period (73.662) 112.576 569.500 456,924 Cash and cash equI￿alentS at the end of the reporting period 495.838 569,500 The notes fortn part of these financial statement5 Page 11 The York Glazlers, Trust Notes to the Cash Flow Statement for the Year Ended JI ￿larch 2U25 RECOP4CII.IATION OF NF.T INCOME TO NET CASH FLOW FROM OPERATING ACTIVII'IES 2025 2024 Net income for the reporting period1g5 per the Statomeni of FlnAnel*l AclivitlL'5 AdJu%tmortts for.. D¢pr¢Liatii)n Lhar¥es Lossesllgainl i)n invesiments Inier¢sl r¢¢eived Dividends received Decreasellincreasel in stocks Decrease in debtors Decrease in creditors 36,094 82.932 21.593 24.636 {18,957} 13,8461 (31.3771 120.9671 65,934 10.931 16.3251 132,2771 16.801 29,864 23.6421 Net cash provided by oper8tions 55,619 87,424 ANAI.YSIS (IF CHANGF.S IN NET FUNDS Ai 1.4.24 Cash flow At 31.3.23 Net C85h Cash al bank and in hand 569,500 73.662) 495.838 569 500 495 838 TotMI 569,500 73.6621 495.838 The notes forn) part of these financial statements Page 12 The York Glaziers, TTll$t ote5 to the Financial Stattment5 for ihe Year EThded 31 l¥larcb 2025 COMPANY IiYFORTrIATION The York Glaziers, Trust is a charitsble company. limiied by guarantee. in¢orN)rdted in England & Wales. The registered offEC¢ is 6 Dean8ate. York. Nonh Yorkshire YOI 7JB. Th¢ choritsble company is limiied by guarnnttt of its n]eTnber5. the trnstees named in the trnstees repon. to contribuie to the assets of the charitsble company in the event of winding up in an amount not io exceed £ I per member. ACCOUNTING POLICIES Ba515 of preparing the finaMci¥l statements The linanci31 statements of the chaniable COTnpany. which is a public ￿nefit entity under FRS 102, have been prepared in accordance with ihe Chariiies SORP IFRS 1021 'At¢ounting and Reporting by Charities-. Statetnent of Recommended Practice applicable to chariiies prepartng their accounts in atcoidance with the Financial Reponing Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeciive l January 2019}'. Financial Reporting S￿dard 102 The Financial Rewning Standard applicable in the LK and Republic of Ireland. and the Cornpanies Aa 21)06. There ￿tre no Ma￿D￿l deparnwes from the stsndard The finaneial siatemenrs have been prepared underthe historical cosi convention with ihe exceptlOD of investsnents which are included at market value. as modified by Ihe revaluation of certain assets. IDcome All income is recognised in the Sthternent of Financial Activities once the charity has entitlement to the fund5. it 15 probable that the incorne will be rtteived and the amount can be m￿Sured reliably. Revenue RecognitlDD Revenue from the rendering of 5ervice5 l5 recogtjised by reference io the sthge of completion io the ex￿nI ihai the outcome of a contract be estimated reliably. Eipenditure Liabilities are recognised &s expenditure &s there is a legal or consttuctive obligation committing the chariry to that expenditure, it is probable thal a transfer of economic benefits will be required in setilemeni and the amount of the oblLgatiOn Gin be measurd reliably. Expenditure is accounied for on an accruals basis and has been classifEed under headings that aggregate all cost related to ihe caiegory. Where costs cannot b¢ directly attributed to particular headings they have Ixen allocated to aciiviiies on a bosis eonsistent with the use of resources. Grants offered subject to conditions which have not beeD met at ihe year end date are noted as a comrnitm¢nt bui not accrued as expet]diture. Tangible fixed 89sets Depreciation is provided at the following annual rates in ordertowrite off each assd over its estimated u5efvl life. Improvernents to property Plant and machillery Fixtures and fitlin¥s Computer equiptnent 12.5Yo on cosi 2￿/0 on cosi 2￿/¢ on cost 2￿/0 on cosi Tangible flxed assets are measured ai c051 less accumulated depreciation and impainn¢nt. Individual assets costing £l.(M)O or more are capithlised. Stoeks Stocks are valu¢d at th¢ lower of cost aDd estimated selling pri¢¢ l¢ss costs to sell. Taxation The ehariry is exempt from corwraii¢)n tsx on iLS charitable activities. Page 13 continued... The York Gl#zlers' Trust Notes to the Finan¢iAI Statements contlnued for ihe Year Ended 31 March 2025 ACC.OUNTING POI.IC.IF.S- continued Fund aecounting Unrestricted funds can be used in aLcoidance with the charitable objectives at the discretion of the Trustees. Further explanaiion of ¢he naiure and purpose ofthe funds is included Jn the notes to the linancial 5taternents. Hlre purchase leaslng Commltmcnts R¢nidls paid under operaiinb lease5 dT¢ Lharged io the Statement of Financial Activities on a straight line basls over the period of the lease. Pension cost5 gnd other post-retirement benefit5 The chaTltable company operai¢s a d¢fin¢d contribuiion pension s¢hem¢. Contributions payable to th¢ charitablc company's pension scheme ar¢ charged to the Staicmeni of Financial Activiiies in the period to which they relate. InvestmeNt5 LislL(l In￿Ls1mlniS are stsied oi market value. Invesimeni income is brou8hi into account when received. Forelgn currencle¥ Forcisn currciic J, transaction5 are converted at the ¢x¢h8ng¢ rJt¢ rulinLI al the da￿ ol. the (ransaction. Foreign currency asseis and liabilili¢s arc Iranslat¢d ai ihe exchange rate rulinby at the balance sheei date wilh any profi( or loss on exchange b¢ing included in Ihe Stateinent of Financipl Aclivitie5, Flnanclal In5trumenty The charii). only ha5 Iinancial assets and liabilities of & kind ihAi qualify as basic finan¢i81 instruments. Basic finanLial ins¢nJments arL iniiially recognised at transaciion v81ue and %ubs¢quently measured at their settlement value with the excepiion ofbank loans which are subsequently m¢asured at arnort15ed Lo&1 usin¥ eneciive inieresi meihod. Governmeni gr#nt$ Revenue based ¥rants are credi¢ed to the Profit and10ss account on receipt. Crltlcal HtcountlnR JudRements and key source5 of c5tlm8tlon uneertmlnty Th¢ preparation of the financial statements requires management to make jud8ement&, estima￿S and assumpiions Ihal al'feci the amounis reportid for 0$￿tI and liabilities a5 at the balance shcei date dnd the amounis r¢port¢d for inLome and expenses during the ycar. However. the nature ofesiimation means th81 actual oulcomes could differ from ¢h05e estirnates. The followin8judgemenis lapan from Lh05e involving estima￿$) have had the m05t significant effect on amounts recognised in ihe financial st8t¢ment5. Operatlng leI5e commltments The charitable company has enter¢d into cornmercial leases as lessee to obtain the use of property and equipmen¢. The Classification of Such leases as operating i)r finance leases requires the company to detcrtmine, based lin an evaluation of Ihc (erin5 and conditions of rhe arran8ement5. wheiher 1¢ retains or acquire5 the 518nificani risks and rewards of ownership of these assets and 8CCOTdingly whethcr the lease requires th¢ recognition of atl as5e¢ and lidbility in the balance sheet. Page 14 continued... **The York Glaziers' Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **3. DONATIONS AND LEGACIES** |**DONATIONS AND LEGACIES**||| |---|---|---| ||2025|2024| ||£|£| |Grants and donations|34,042|58,159| All of the £34,042 received in 2025 (2024: £58,159) related to unrestricted funds. |**4.**
**INVESTMENT INCOME**
Fixed asset investment income
Deposit account interest|2025
£
32,277
6,325
38,602|2024
£
31,377
3,846
35,223| |---|---|---| £31,777 received in 2025 (2024: £31,829) related to general funds and £6,825 (2024: £3,394) related to the designated fund. ## **5. INCOME FROM CHARITABLE ACTIVITIES** **----- Start of picture text -----**
2025 2024
£ £
Work done - Dean and Chapter 442,112 275,742
Work done - other clients 367,747 448,755
All of the £809,859 income in 2025 (2024: £724,497) related to unrestricted funds.
**----- End of picture text -----**
## **6. RAISING FUNDS** ## **Investment management costs** |Portfolio management
**7.**
**CHARITABLE ACTIVITIES COSTS**
Direct costs
Support costs (see note 9)|2025
£
6,679|2025
£
6,679|2024
£
6,350|2024
£
6,350| |---|---|---|---|---| |||2025||2024| ||£
814,221
11,998||£
727,861
19,693|| continued... Page 15 **The York Glaziers' Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31 March 2025** ## **8. GRANTS PAYABLE** **----- Start of picture text -----**
2025 2024
£ £
Charitable activities 11,206 1,200
SUPPORT COSTS
2025 2024
£ £
Governance 11,998 19,693
NET INCOME/(EXPENDITURE)
Net resources are stated after charging/(crediting):
2025 2024
£ £
Auditors' remuneration - 9,100
Depreciation 21,593 24,636
**----- End of picture text -----**
## **9. SUPPORT COSTS** ## **10. NET INCOME/(EXPENDITURE)** ## **11. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. ## **Trustees' expenses** ||2025|2024| |---|---|---| |Mrs Carole Milner
Mr Orlando Bridgeman
Mrs Linda Baines
Dr Ivo Rauch
Mr Mark Hosea|£
183
-
13
831
127|£
135
242
24
-
-| Expenses relate to reimbursement of expenses paid, including travel and catering. ## **12. STAFF COSTS** |Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Charitable activities|2025
£
494,279
43,726
34,199
572,204
2025
16|2024
£
472,189
40,682
40,973
553,844
2024
15| |---|---|---| No employees received emoluments in excess of £60,000. continued... Page 16 The York Gl*ziers' Trust otes to the Financl#l Statement5- continued for the Year Ended 31 March 2025 12. STAFF COSTS- continued Professor Sarah Brown, director, receives a salary as director of the charity. This is included within key anagement personnel below. The key management personnel of the charitable ¢ompany comprise ihe senior leadership ieam as disc105ed on page 6. The iolal amouni of employee benefits (including employer p¢nsion contribuiionsl received by key tnanagement personnel for their services to the chariiable company was £120.18512024.. £107,830). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds IIYCO￿lE AND F.￿D0￿,mENTs FROM Donaiion5 and legacies 58.159 Charltable #ctliltles Work Done- DLan and Chap￿r Work Don¢ oih¢r cli¢nis 275.742 448,755 Investment income Total 817879 EXPENDITURE ON Rai%in¥ lund5 6.350 Ch&rltMble gctlvltles Chariluble aclivilie5 747 554 Total Nel 8ain5 on inve5tmenl$ ET INCOME Other recognlsed galn$lllos5e$l Gdins on revaluaiion ol- lixid a%sets 82.932 Net movement In fundy 84,789 RF.CONCII.IATIUN I)Tr FUNDS Total funds brouglit torw'ard 1,563,522 TOTAL FUNDS CARRIF.D FORWARD 648311 Page 17 continued... The York Gl8zi¢rs' Trust Notes to the Financial Statements- ¢ontinu¢d for the Year Ended 31 March 2025 14. TA)GIBLE FIXED ASSETS Improvements io Fixtures and rittings Plant and machinery Computer equipment property TO￿7$ COST At l April 2024 Additions 63,585 12.014 144.756 96.dlo 60,608 49,688 354.039 172622 At 31 March 2025 175.599 144,756 156,618 49.688 526 661 DEPRLCIAI-IO At l April 2024 Charge for year 47.688 10,389 138.395 3.562 93,517 6.859 47,772 783 327,372 21,593 At 31 March 2025 58,077 141.957 100.376 48.555 348.965 ET BOOK WALUE At 31 MarLh ?025 117.522 56,242 1,133 177.696 At 31 March 2024 15,897 6,361 2,493 1.916 26,667 15. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At l April 2024 Addiiions Disposals Revaluations 948.486 295,619 1280,5221 33.3471 At 31 March 2025 930.236 NET BOOK VALUE At 31 March 2025 930,236 At 31 March 2024 948.486 Investments with a catryin8 value of £487.65912024.. £445.6481 related to fund5 Outside the UK. The above are all listed investtnents and are shown at market value. The c05t of these investments at 31 March 2025 was £919,71912024.. £913,918). The fair value of ILSted investments is detemiined by refemL¢e to the quoted price for identical assets in an active market at the balance sheet date. Page 18 continued... The York Glaziers. Trust r*otes to the FinaRCi91 Statements - contlnuod for the Ye¥4r Ended 31 March 2025 16. STOCKS 2025 2024 Stocks 85,611 102.412 17. DEBTORS: AMOUYTS FALLING DUE WITFIIN ONE YEAR 2025 2024 Trade debtors Prepayments and accrued income 17.869 17.183 42,586 35.052 64.916 18. CREDII'ORS: AMUUNTS FALI.ING DUE WITHIN ONE YEAR 2025 2024 Trade creditors SoLial security and oiher taxes VAT Other crediiors Accrued expenses 4,162 10.569 8,995 10,753 4.730 7.812 29.479 11,385 10.264 40.028 63.670 19. LEASING AGR Tr.EMTr-YTS Minimum lease payments under non-¢ancell8ble op¢ratiThg leases fall due AS follows.. 2025 2024 Within one year Between one and five years In more than five years 11,267 3.470 10.380 2,583 3,229 20. MOVEMEP4T IN FUNDS Nei movement in funds Trdn5fers between funds At 31.3.25 At 1.4.24 Unrestrl¢ted funds GLIIL'ral tiind Peter Gibson fund 1,434,932 213 379 49.963 4.004 1,488,1199 1,648,311 36.094 1684 405 TOTAL FUNDS 1648,31 1.684.405 Page 19 ontinued... The York Gl*zier5' Trusl Notes to the Financial Staternents- contlDued for the Ye8r Ended 31 March 2025 20. MOVEMENT FU%DS- contlnued Net rnov¢m¢nt in fund5, included in ihe above are as follows= Incorning resources Resources expended Gains and losses MoveTnenl in funds Unrestrlcted funds General fund Pei¢r Gibson fvnd 875.678 6,825 1821.5501 11.348) 14.1651 9.3461 49,963 13.8691 882.503 832.898 36.094 TOTAL FLINDS 882.503 832.8981 13 5111 36.094 Comp#ritlves for mofy'ement In funds Net movement in funds At 31.3.24 At 1.4.23 Unre$¢rIC¢￿ funds GcnLral fund Peier Gibson fund 1.356.391 207.131 78.541 6.248 1.434.932 213.379 1563 522 84.789 1648.31 TOTAL FUNDS 1.563.522 84.789 1,648,311 Comparative movement in fiJnd& included in the above are as follows: Incomin8 resources Resource5 expended Gain5 and 1055e5 Movemen¢ in fuThd5 Unrf$trlcted funds General fund Peter Gibbon fund 817,868 1752.663) 241) 13.336 78.541 817879 753.9 TOTAL FUNDS 817.879 753.904) 84,789 Pag¢ 20 continued... The York Gl*ziers' Trnst otes to the Fin#ncial StaierneDt%- continued lor the Year Ended 31 M#reh 2025 20. mO￿,EMENT IN Fuf*DS- continued A current year 12 months and prior y¢ar 12 months combined posiiion is as follows.. Net movement in fund5 Transfers At 31.3.25 At 1.4.23 funds Unrestricted funds General fund Peter Gibson fund ,356.391 207.131 128.504 1.488.899 195.506 63.522 120.883 1.684,405 TOTAL FUNDS 1.563.522 120.883 1.684.405 A curreni year 12 months and prior year 12 months combined net movemenl in funds. included in the above are as follows.. Incomin resources Resources expended Gains and losses Movement in funds Unrf$¢rl¢¢ed fund$ General fund Peter GÈbson fund 1.693.546 11,574.!13) 12.5891 9.171 128.504 7.6211 I7￿382 (1.586.802 7.303 120.883 TOTAL FUNDS 171K).382 (1.586.802) 7.303 120,883 Movement on individual funds are shown ¥i￿Ve. The purEM>se of each fvnd is as follows: General Fund The General Fund mttts all 8eneTal operating ¢05ts of the ¢harity. Transfers are made from ihe general fund to the Peter Gibson fund ai the discrelion of the Tn￿let$. Peter Glhon Fund The Peter Gib50n Fur￿ was creaied in the year ended 31 March 2018 #nd is made up of a legacy donation received Is part of Peter Gibson's final will and iestsment and a transfer from the general unresiri¢ied fund5 in memory of Peier Gibson. The fund invested and any movemeni added to the fund since. 21. CAPITAL COMMITI¥IENTS 2025 2024 Contracted but not provided for in the financial ststements Page21 continued... The York Gl8zier5' Trust l%ote5 10 ihe Financial Staternents- CODtiDued ror the Year Ended 31 %lareh 2025 22. RELATED PARTTr' DISCLOSURES One of the principal clients of the tn]si is th¢ The Chapw of Yofk, a b(Kly which has the power to nominate t￿￿1¢¢$ of ihe Tnjst. The Trust occupies. rellt free. premises at 6 Deangate York oWTh￿ by The ChopieT of York. The Chapter of York performed work and provided seryices io the value of £138,98012024.. £16,794) for The York Glaziers, Trusl. During the year the The York Glaziers, Tr￿￿1 performed work to the value of £442.11212024.. £275.7421 for The chaP￿r of York. Ai 31 March 2025. Nil12024'. £8,120) was thie from The chap￿ of York and £28312024.. £2,725) was due to The Chapier of York. 23. PENSION SCHEME York Glaziers Trust IDBSI participates in the Defin¢d Benefits Scheme section of CWPF forliy staff. The Seheme 15 8dminisi¢r¢d by the Church of England P¢nsions Board. which holds th¢ assets of (he seheme separately from those of the Employ¢r and the other participating ernployers. The Church Workers Pension Fund has a sertion known ￿ the Lkfined Benefits Scheme. a defeTTed annuiry section known as Pension Builder Classic and a cash balance seciion known ¥$ Pension Builder 2014. Deflned Beneflts Schem¢ Th¢ Defined Benefits Seheme I"DBS-) section of the Church Workers Pension Fund provides benefits for lay 5tafl' based on final pensionable salaries. For fundin8 purpose& DBS is divided inlo SU￿￿15 in respwt of ¢¥¢h participatin8 employer as well as a further sub-pool. known as Ihe Life Risk P(M)l. The Life Risk Pool exists ¢0 share cenain risks berween ernploy¢r5. including tho% relating to mortality and post-retiremeni invesuneni reiums. The division ofthe DBS inio sub.pools is noiional ¥nd is forthe purpose of calculating ongoing coniribuiions.Th¢y do noi al¢er ihe fa¢1 that the assets of the DBS are held as a single wust filnd out of which all the benefils Are to be provid¢d. From tirnc to time, a notional premium is trans[￿ed from employer5. sub-pth)is to ihe Life Risk Pool and all pertsions and death benefits are paid from the Life Risk Pool. The seheme hs a mulii-employer scheme as d¢￿ribed in Section 28 of FRS 102.11 is noi possible to atiribute DBS assets and liabiliiies io specific ernployer5. since each employer, through ihe Life Risk Section, is exposed io actuarial risks associated with the current and forneremployees of other eniiiies pani¢ipaiing in DBS. This means that coniribuiions are accounted for as ifDBS were a defined coniribu¢ion scheme. The pen5ion5 costs charged to the SOFA during ih¢ year are contribulion5 payable iowards b¢n¢fits and expcrt5es accrued in thai year12025.. £nil, 2024.. £nill plus the fL8ures in relation io ihe DBS deficii hi8hlighted in the thble below as ￿l￿g reco8niscd in the SOFA, 8iving a tothl charge of £nil for 2025 (2024.. £nill. If. following an actuarial ￿alUatiOn of the Life Risk P(M)l. there is 8 surplus or deficit in the pool, further transfers may be made from the Lif¢ Risk Pool to the employers, sub-pools. or vice ver5a. The amounts to be transferred (and ¢heir allocation between the Su1￿￿)01$) will be settled by the Church of England Pensions Board on the advice of the Actuary. A valuation of DBS is carried out ollce every thre¢ years. The rnosl recently finalised wa5 carried out as at 31 December 2019. In thi5 valuation. Ihe Life Risk Section was ts) be in deficit by £7.7m and £7.7m was Dotionally transferred from the employer5. 5ub-p(Mils ￿ the Life Risk Section. This increased the Employer contributions iha¢ would otherwise h&ve been payabl¢. The overall deficit in DBS was £1 1.3m Following the valuation, the Employer entered into an agreement ￿'1th the Church Workers Pension Fund to pay expenses of £J.200 per year. In additioo deficit payments of £19.6(A w year were agrred until mid-2021. This obligation thereforc ended during the year ending 31 March 2022 ￿.]lh the balance sheet liability being reduced to £nil. Page 22 continued... The York Glazlers. Trust otes to iht FinAncial St8ternents- continued for ihe Year EDded 31 M8rch 2025 23. PENSION SCHEME- continued 2025 2024 Balonce sheet liability l April Deficit contribution paid Interest c05t Irecogni5ed in SOFA) Remaining ¢hange to the ￿lance sheei liabiliry. (Tecognisoj in SOFA) Balance sheet liability 31 Mar¢h * Comprises ch8n8e in aweed deficit recovery plan and change in discount ra* between year-ends. This liability reprwnis the pres¢ni value ofthe deficit contribuiiong agreed as at the accounting date and ha5 been valued using the following assumptLOThS. sel by reference io th¢ duration of ihe deficii recovery paymenis.. tkcember 2024 tkcember 2023 O.OOOJo O.OO'/o Discount rat¢ The leBal structure of th¢ s¢h¢rne is such that if another employer fails. the employer could become responsible for payin8 8 share of thai employels pension liabilities. Th¢ subs¢qu¢nl v8lualioD of ihe scheme was carried oui in December 2023. the results of whtch were stÈll outstandin8 at th¢ dale of these financial stslements. Page 23