REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st JULY 2025
FOR
THE YORKIST HISTORY TRUST (Charity Number: 327005)
THE YORKIST HISTORY TRUST
CONTENTS OF THE ANNUAL REPORT
| Page | |
|---|---|
| 1. | Trustees and Advisors ............................................................................................................... 3 |
| 2. | Report of the Trustees .......................................................................................................... 4-7 |
| 3. | Report of the Independent Examiner .................................................................................. 8 |
| 4. | Statement of Financial Activities and Balance Sheet ...................................................... 9-10 |
| 5. | Notes to the Financial Statements ......................................................................................... 11 |
| Appendix 1 Budget out-turn and draft for 2025/26 ..................................................................... 12 |
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THE YORKIST HISTORY TRUST
1. TRUSTEES AND ADVISORS
1.1. Meetings of the Trustees
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1.1.1. The Trust’s affairs for 2023/24 and arrangements for the future were discussed at the AGM of the Yorkist History Trust held at Senate House, London, and via Zoom on Saturday 2[nd] November 2024.
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1.1.2. A further meeting of Trustees was held by Zoom on 21[st] May 2025: the principal items were:
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(i) interim financial report;
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(ii) update on grants, publications and Ruby events; and
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(iii) governance, policy and social media policies review.
1.2. Trustees
- 1.2.1. The Trustees holding office at 1[st] August 2024 are detailed below. The named Trustees held office during the whole year.
Dr Christian O Steer - Chairman Dr Lynda Pidgeon Professor Julia Boffey Dr Carolina Th L Visser-Fuchs Dr Heather Falvey Dr Joanna Laynesmith Dr James A Ross
- 1.2.2. The following Trustees were appointed at the AGM in November 2024 and held office to the end of the Trust year:
Professor Maryanne Kowaleski Dr Philip T Muijtjens
1.3. Secretary, Treasurer and Principal Addresses:
Secretary:
Dr Richard Asquith,
East Villa, New Brookend, Berkeley, Gloucestershire, GL13 9SF
Treasurer:
David Wells, 23 Ash Rise, Halstead, Essex,CO9 1RD Trust PO Box address:
PO Box 6302, Newbury, Berkshire, RG14 9QU
- 1.4. Registered Charity Number:
327005
1.5. Independent Examiner:
Bill Featherstone, FRSA, ACIB
114 Dunkirk Avenue, Desborough, NorthamptonshireNN14 2PN
1.6. Bankers:
Current account: Charities Deposit Fund (2 accounts held): Lloyds Bank PLC CCLA Investment Management High Street Angel Lane Bedford MK40 1SB London EC4R 3AB
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1.6.1. In addition, an account is held with PayPal to facilitate donations from overseas. Monies received are transferred to the Lloyds account on an ad hoc basis.
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1.6.2. During the year a SumUp card payment machine was purchased to facilitate payment and donations at events or remotely. Payments are automatically transferred into the Lloyds account shortly after receipt.
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THE YORKIST HISTORY TRUST
2. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025
2.1. Objects
- 2.1.1. The objects of the Trust in accordance with the Trust Deed are to further education, learning and research related to the history of late medieval England (and in particular the life and reign of King Richard III) and to disseminate the results of such education, learning and research through the commissioning, preparation and publication of books, papers, documents, pamphlets, maps, facsimiles, paintings, drawings, etchings, films and audio and visual recordings and by such other means, including keeping a library, as the Trustees may at their discretion determine.
2.2. Investment Powers
- 2.2.1. The Trustees shall hold a sum of £100 and all other money and property which may be paid or transferred to them upon trust either to retain or sell the same and invest the proceeds in or upon any investments as authorised in Clause 8 of the Trust Deed.
2.3. Organisation
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2.3.1. The Trustees may entrust and delegate to any three or more Managing Trustees the exercise of all powers of the Trustees given in the Trust Deed or by law conferred on the Trustees except the power of:
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(i) appointment of new Trustees, Treasurer, Secretary and Managing Trustees;
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(ii) approval of the financial statements and proceedings of the Managing Trustees; and (iii) regulating the meetings of the Trustees.
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2.3.2. Five Trustees are required to form a quorum and, subject to Clauses 6 and 14(d) of the Trust Deed, where a quorum is present it may exercise all or any of the powers and discretions vested in the Trustees.
2.4. Reserves Policy
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2.4.1. The cash reserves of the Trust at 31st July 2025 amounted to £100,400. This includes unrestricted (free) monies of £83,425, plus two restricted funds: £14,694 which is ringfenced in a Dr. Anne Frances Sutton Memorial Fund (AFSMF) specifically to fund projects and/or publications which align closely with Anne’s own interests - see Section 2.5 - and £2,281 in the Westervelt grant fund which is financing work on the “Sir Thomas Charleton” book – the original grant awarded to the Trust was £8,000.
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2.4.2. In addition, the Trust inherited the following assets thanks to the generous bequest of the late Dr. Sutton:
-
Property at 44 Guildhall Street, Bury St. Edmunds; and
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A significant investment portfolio.
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2.4.3. The investment portfolio was valued at £507,384 at 31[st] July 2024. Further investment of £500,098 was made in January 2025 following the sale of 44 Guildhall Street. The sum of £1,040,812 has been included in the balance sheet, being the value shown at 31st July 2025 on the JM Finn – the Trust’s Investment Portfolio Manager –portal. The value of the investment is, of course, subject to forces which are outside of the direct control of the Trustees and the Investment Committee and its worth may increase or reduce.
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2.4.4. The rate of return on the portfolio is in the region of 8%. The Investment Committee agreed that this would be partially reinvested and part contributed to Trust income to form the basis of the annual budget. The sum of £30,000 from the portfolio return has been deposited in the current account for 2025/26 and does not form part of the income and expenditure sums included in Section 4 of this report.
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2.4.5. The Trustees intend to continue to use the overall reserves, donations and investment earnings in furtherance of the Trust’s objects as and when suitable projects are identified.
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THE YORKIST HISTORY TRUST
2. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025
2.5. Anne Frances Sutton Memorial Fund
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2.5.1. During 2023/24, the fund reached a maximum balance of £19,000. The Managing Trustees agreed that, in the first instance, the monies would be used to fund:
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publication costs for the forthcoming Verney Accounts volume; and
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Hoskin/New/Martin research grant: Mercantile Material Culture .
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2.5.2. The second and final instalment (£1,511) of the Hoskin grant was paid in October, and after accounting for small contributions to the fund received during the year, the total fund balance at year-end was £14,694.
2.6. Risks
- 2.6.1. All major risks to which the charity is exposed have been reviewed by the Trustees and systems established to reduce exposure. Additionally, a Risk Management Policy is in place.
2.7. Trustees’ Responsibilities
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2.7.1. Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Trust’s financial activities during the year and of its financial position at the end of the year.
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2.7.2. In preparing those financial statements, the Trustees are required to:-
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select suitable accounting policies and then apply them consistently;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Trust will continue.
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2.7.3. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charity legislation. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
2.8. Research grants
- 2.8.1. During the year, the Trust continued in its mission to further education and research related to the history of late fifteenth century England through commissioning and guiding academics in the preparation of specific sources for future publication by the Trust. Research grants awarded during 2024/25:
| Applicant | Subject | Grant(£) |
|---|---|---|
| Elizabeth Scudder | Conservation and digitisation of LMA CommissaryRegisters 5 and 6 |
6,827 |
| Nicholas Babich | Manuscript grant - Devotion in and around Texts in Lincoln Cathedral Library |
143 paid Sep24 |
| Richard Marks | Wills and Windows - digitisation | 750 actual cost £540 paid Apr 25 |
| Lucy Beall Lott | Research costs to visit Westminster Abbey Muniments for her PhD on ‘Child Thou Art but a Pilgrim’ |
250 paid Jun 25 |
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THE YORKIST HISTORY TRUST
2. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025
| Edward L. Meek | Diplomatic Documents – Lille Archives | 5,070 paid £3,785 Nov 24/Feb 25 |
|---|---|---|
| Philip Muijtjens | Archives of the English Hospice in Rome (II): Membranea* |
5,525 |
Documnets
- - expanded project now cancelled
2.9. Publications
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2.9.1. Trustees continued their work liaising with and guiding those academics who had agreed to edit a variety of sources with a view to eventual publication.
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2.9.2. During the year, the Trust awarded the following publication grants:
| Applicant | Subject | Grant(£) |
|---|---|---|
| London Records Society | Brewers Book – Part 2 | 2,500 paidJuly25 |
| Dr Brian Ayers et al | Parish Churches in Medieval Norwich | 5,000 |
| Des Atkinson | Devon & Cornwall Record Society – The Extents of Canonsleigh Abbey |
250 |
| Historical Towns Trust | CanterburyTown Map | 1,200 |
| Kathleen Kennedy | Illuminating Media | 2,135 paid Mar 25 |
- 2.9.3. The Trust published Loyalty Binds Me (£11,762) in 2024/25. The sum shown was paid to Paul Watkins Publishing. In addition, various small sums were paid for images, maps etc.
2.10. Bursaries
- 2.10.1. The following bursaries were agreed during 2024/25:
| Event | Details | £ |
|---|---|---|
| Leeds International Medieval Congress | Bursaries@ £250 -paid | 2,250 |
| Harlaxton Medieval Symposium | Scholarships and Reception –paid 2025/26 |
3,500 |
2.11. Management Arrangements
- 2.11.1. The three Managing Trustees, as outlined in the Trust Deed, are Dr Lynda Pidgeon, Dr Christian Steer and Professor Julia Boffey – see also paragraph 2.3.1 above. During the year, Professor Boffey stood down as a Managing Trustee and Professor Maryanne Kowaleski was co-opted pending the Annual General Meeting.
2.12. Policies
2.12.1. The following policies are in place:
| GDPR; | Investment; | Investment; | Safeguarding; |
|---|---|---|---|
| Finances; | Complaints; | Expenses; | |
| Risk management; | Conflict of Interest; | Social media; | |
| Serious Incident reporting; | Campaigns andpolitical activity; | ||
| Bullyingand harassment; | Engagingexternal speakers at charityevents |
- 2.12.2. Policies are reviewed accordingly, as defined by the Trustees, to ensure conformity and relevance. Additional policies for Fundraising and Grants are in preparation.
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THE YORKIST HISTORY TRUST
2. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025
2.13. Gift Aid
- 2.13.1. Following the registration of the Trust with HMRC in March 2022, additional accounting records have been maintained to register qualifying donations where a Gift Aid declaration has been made by the donor. A claim for repayment for the tax year ended 5th April 2025 was submitted to HMRC and the sum of £191.36 was received in May 2025 and included under ‘Grants and Donations’ in the 2024/25 accounts.
2.14. Events
- 2.14.1. To raise the profile of the Trust and to commemorate its Ruby Anniversary, the Trust was represented or provided sponsorship for the following events during the year:
Launch of Loyalty Binds Me , York: March 2025. Reception/refreshments
Kalamazoo Medieval Congress: May 2025 – attendance/sessions Leeds IMC: sponsor sessions and bursaries: July 2025. Reception/refreshments
IHR July 2025 – attendance, sponsoring refreshments
2.15. Financial Results
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2.15.1. The results for the year are set out on pages eight and nine, with additional notes on page ten and Appendices A & B (sections 4 & 5).
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2.15.2. Because of the improvement in the Trust’s overall financial position and increased availability of funds from the 2023/24 financial year, Trustees agreed that effective budget management would be best served by introducing a planned operating budget.
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2.15.3. The out-turn for 2024/25 and draft budget for 2025/26 is shown at Appendix 1.
2.16. Approval
- 2.16.1. Approved by the Trustees on 11[th] October 2025 and signed on their behalf by:
Dr C O Steer Chairman of Trustees (signed) Christian O Steer Date 11[th] October 2025
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THE YORKIST HISTORY TRUST
2. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025
Independent Examiner’s Report on the Accounts
Report to the Trustees of Yorkist History Trust
On the accounts for the year ending 31st July 2025
Set out in the Receipts and Payments account and associated notes for that period.
Responsibility of the Examiner
It is my responsibility to:-
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❖ examine the accounts under section 145 of the Charities Act,
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❖ to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145 (5) b of the Act) and
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❖ to state whether particular matters have come to my attention.
Basis of my report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you, as Trustees, concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts, and the report is limited to those matters set out in the statement below.
Statement by the Independent Examiner
In connection with my examination no matter has come to my attention:-
I. which gives me reasonable cause to believe that in any material respect the requirements have not been met - that is to keep accounting records in accordance with section 130 of the Charities Act and to prepare account in accordance with those records, and comply with the accounting requirements of the Act – or
II to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
William Featherstone, F.R.S.A., A.C.I.B..
114 Dunkirk Avenue Desborough NN14 2PN 3rd October 2025
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THE YORKIST HISTORY TRUST
4. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] JULY 2025 BALANCE SHEET AS AT 31[ST] JULY 2025
| 2024 £ CURRENT ASSETS 161,480 £ £ Cash and bank balances at 31-Jul CCLA deposit 73,380 CCLA deposit: No 2 account 85,000 Bank current account 3,100 PayPal account 0 SumUp (card machine) account N/A Subtotal: net assets A 161,480 Bequeathed assets from Dr AF Sutton: Property at 44 Guildhall Street, Bury St. E: estimated sale value (2024) - £475k 475,000 Investment portfolio at 31st July 507,384 982,384 Total assets B 1,143,864 Less liabilities Independent Examiner's Fee (250) AGM costs– estimated (700) Commitments – grants, publications, events, etc. – see section 5 (84,261) Allocated grants Pending publication costs Sub total liabilities: C (85,211) Add debtors None Subtotal debtors: D 0 Total liabilities (D - C): E (85,211) Total assets and funds (B + E): F 1,058,653 Total F represented by: Accumulated fund (net assets and total liabilities) Restricted: Anne F. Sutton Memorial Fund (AFSMF) 16,100 Restricted: Westervelt Grant fund 2,582 Unrestricted 1,039,971 |
2025 £ 100,400 £ £ 25,980 68,962 5,458 0 0 100,400 N/A 1,040,812 1,040,812 1,141,212 (250) (700) (87,182) Included in S.5 (87,182) 0 (87,182) 1,054,030 14,694 2,281 1,037,055 |
|---|---|
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THE YORKIST HISTORY TRUST
4. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[ST] JULY 2025 INCOME AND EXPENDITURE ACCOUNT
| RECEIPTS Sales of Publications Royalties received Grants and Donations received Donations (restricted: AFSMF) Donations (restricted: Westervelt) Interest (CCLA) Auctions Legacies Sale of property Miscellaneous TOTAL RECEIPTS PAYMENTS Publication grants and sales costs Research grants Investment costs & charges Website/IT cost Independent Examiner's Fee Expenses of Trustees and Officers Expenses: Clearance - 44 Guildhall Street Expenses: Maintenance- 44 Guildhall Street Printing, postage & stationery Insurance PayPal fees Meeting and AGM costs Other expenses Adjustment to cover notional investment charge – deducted at source TOTAL PAYMENTS Net deficit/surplus for year Total funds at 1st August Total funds at 31st July |
Cleared Funds 2023/24 £ £ 1,066 424 6,119 11,335 8,000 6,776 62,778 90,233 N/A 0 186,731 12,514 22,276 3,709 372 100 2,872 2,097 9,643 2,261 101 40 927 1,307 -3,709 54,510 132,221 (B/F Aug 2023) 29,259 (Jul 2024) 161,480 |
Cleared Funds 2024/25 £ £ 2,047 496 4,766 105 0 10,230 2,734 1,973 471,284 684 494,319 12,916 18,701 500,098 372 250 13,847 1,739 1,918 1,900 169 3 1,764 1,722 N/A 555,399 (61,080) (B/F Aug 2024) 161,480 (Jul 2025) 100,400 |
Cleared Funds 2024/25 £ £ 2,047 496 4,766 105 0 10,230 2,734 1,973 471,284 684 494,319 12,916 18,701 500,098 372 250 13,847 1,739 1,918 1,900 169 3 1,764 1,722 N/A 555,399 (61,080) (B/F Aug 2024) 161,480 (Jul 2025) 100,400 |
|---|---|---|---|
| 12,514 22,276 3,709 372 100 2,872 2,097 9,643 2,261 101 40 927 1,307 -3,709 |
|||
| (B/F Aug 2023) (Jul 2024) |
|||
100,400 |
The net movement in resources arises solely from continuing activities. Other than the ‘one-off’ movement of funds following the bequeathed property sale and on-going investment detailed elsewhere in this report, there were no recognised gains or losses in the year other than the net movement of resources shown above.
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THE YORKIST HISTORY TRUST
5. NOTES TO THE FINANCIAL STATEMENT 31[ST] JULY 2025
5.1. ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice: "Accounting and Reporting by Charities". The following principal accounting policies have been applied:
Income : Sales of publications are accounted for on a cash received basis.
Grants and donations received : Monies are received and accounted for on a cash received basis.
Grants payable : Grants are accounted for as and when they are approved by the Trustees. Grants approved but not paid at the year-end are included in creditors.
Payments : Expenses of producing publications are written off as they are incurred.
Capital expenditure : Due to the nature of the Trust, there is no capital expenditure.
Stocks : No value is attributed to stocks of publications held at the year end.
Access to funds : The Lloyds current account allows for debit card access. These cards are used solely by the Chairman and Treasurer. All receipts are sent to the Treasurer for management/bank reconciliation purposes. Additionally, e-banking/e-payments are facilitated by the Treasurer; all payments have to be agreed by a Managing Trustee (MT) and in the case of payments above £250, to conform with the founding Trust deed, two MTs have to approve.
5.2. TRUSTEE AND OFFICER REMUNERATION AND EXPENSES
The Trustees/Officers did not receive any remuneration during the year (2024: £nil).
Travel, accommodation and subsistence expenses have been paid to the trustees/officers amounting to £13,847 (2024: £2,872). Since the significant improvement in the Trust’s financial position following the generous bequest from the late Dr Anne Frances Sutton, the work and activity of the Trust has increased significantly, as has the charity’s profile.
Trustees have attended meetings and events – including overseas conferences and events - during the year resulting in a higher expenditure in this area. The expenditure is in line with the Trust’s expenses policy and agreed budgets to attend events and every effort is made to keep costs down.
As in the last two years, additional expenses were incurred due to visits to clear and arrange for maintenance of the inherited property at 44 Guildhall Street, Bury St Edmunds. Following the sale of the house, these liabilities have now ceased.
5.3. EMPLOYEES
The charity has no employees during the year (2024: nil).
5.4. SUPPLEMENTARY NOTES TO THE BALANCE SHEET
Estimated liabilities reported in the year and earlier years, but which did not materialise in 2024-25 are as follows (2024 = £84,261):
A comprehensive schedule of commitments was established during 2023/24 and updated as projects etc were cleared or approved. Funds for future commitments are held in an additional account with CCLA (No 2 a/c). This includes not just grants for research and proposed publications but future events and projects. Total:
£ Note: As these items are not confirmed, and are broad-brush estimates, they do not feature in the year’s accounts but 87,182 have been shown in the balance sheet as a potential liability for 2025/26 or a later year.
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THE YORKIST HISTORY TRUST
BUDGET OUT-TURN (2024/25) & BUDGET PROJECTION FOR 2025/26
APPENDIX 1
| 2024/25 | 2024/25 | 2024/25 | 2025/26 | |||
|---|---|---|---|---|---|---|
| Income | Budget (£) |
Actual (£) |
Budget (£) |
|||
| Sales of publications | 1,500 | 2,047 | 1,500 | |||
| Royalties | 400 | 496 | 350 | |||
| Bank (CCLA) interest | 1,500 | 10,230 | 1,000 | |||
| Grants & Donations | 1,000 | 4,679 | 2,000 | |||
| Auctionproceeds | 0 | 2,734 | 0 | |||
| Gift Aid | 200 | 191 | 200 | |||
| Miscellaneous income | 0 | 684 | 0 | |||
| Investment dividend | 30,000 | 0 | 30,000 | |||
| Investment management | 6,000 | N/A | N/A | |||
| Sale of 44 Guildhall Street | 0 | 471,284 | N/A | |||
| Legacies | 0 | 1,973 | N/A | |||
| Contribution from reserves | 0 | 61,078 | ||||
| Total: | 40,600 | 555,396 | 35,050 | |||
| Expenses | Budget (£) |
Actual (£) |
||||
| Publication costs YHT | 5,000 | 12,916 | ||||
| Grants & Bursaries | 20,000 | 18,701 | ||||
| Meetingcosts | 1,000 | 1,764 | ||||
| Software | 450 | 372 | ||||
| PayPal fees | 50 | 0 | ||||
| Insurance | 150 | 169 | ||||
| Investment management | 6,000 | N/A | ||||
| Independent examiner | 250 | 250 | ||||
| Printing, postage,stationery | 750 | 1,405 | ||||
| Trustees'/officers' expenses | 1,000 | 13,847 | ||||
| Publicity | 1,500 | 495 | ||||
| Clearance: 44 Guildhall Street | 2,000 | 1,739 | ||||
| Misc costs: 44 Guildhall Street | 0 | 1,918 | ||||
| Investment Portfolio | 0 | 500,098 | ||||
| Other expenses | 0 | 1,722 | ||||
| Balancingcontingency | 2,450 | |||||
| Total: | 40,600 | 555,396 |
2024/25 - Additional interest from short-term investment of house sale
A Cost deducted at source by JM Finn
Funds transferred from CCLA No 2 A/C
50 Includes card machine
N/A See note above
2024/25 - mostly York, Kalamazoo & Leeds events - covered by No 2 A/C
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