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2024-03-31-accounts

ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Registered Charity No 504302 Registered Company No 00395954

CONTENTS

Page
Message from our Chair 3
Trustees Annual Report for the Year to 31 March 2024 4 - 15
Reference and Administrative Information 16 - 17
Independent Auditor’s Report 18 - 22
Statement of Financial Activities and Income and Expenditure Account for the 23
Year Ended 31 March 2024
Balance Sheet as at 31 March 2024 24
Statement of Cash Flows as at 31 March 2024 25
Notes to the Financial Statements Year Ended 31 March 2024 26 - 43

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MESSAGE FROM OUR CHAIR

Welcome to the 2024 annual report for the York Conservation Trust. This year has seen both challenges and opportunities, and I am proud of the dedication and hard work of our staff, volunteers, and trustees in ensuring the continued success of the Trust.

The Trust has maintained a resilient financial position, albeit against a macro backdrop of economic volatility and the ever-demanding needs of a historic property portfolio. To ensure the Trust’s long term financial stability we have conducted a portfolio review and identified the need to optimise our assets to raise funds for essential conservation work. Consequently, we are continuing the strategic sale of select properties in conjunction with the board approved strategic plan.

Furthermore, recognising the importance of sustainable revenue streams, we are continuing to implement measures to enhance our income generation efforts. This includes advocating for responsible rent increases across our property portfolio and additionally, fundraising initiatives continue to be investigated for select projects to diversify our income sources.

I am delighted to announce the appointment of Mr. Guy Bowyer as the new Chief Executive Officer and express my confidence in his ability to lead the Trust forward. Guy brings with him a wealth of experience with the Trust and a deep passion for conservation. We also extend a warm welcome to Ms. Kelly Storrer, who joins us as the new Administrator. Kelly will undoubtedly contribute to the efficient functioning of the Trust, ensuring that our operations remain streamlined and effective.

We also bid farewell to longstanding trustees, Mr. Peter and Mr. Nicolas Morrell, who have retired after years of dedicated service. We express our heartfelt gratitude for their invaluable contributions to the Trust, and we wish them all the best in their respective retirements.

In light of these retirements, we are now considering the appointment of new trustees who share our passion for conservation and possess the expertise to guide the Trust forward. Thus far, we are pleased to announce the appointment of Ms. Anna Gawthorp as a new trustee, whose wealth of experience and fresh perspectives will undoubtedly enrich our governance and strategic decisionmaking.

I would like to extend my sincere gratitude to our staff, volunteers, trustees for their unwavering support and dedication.

James Morrell, Chair, 12 July 2024

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TRUSTEES ANNUAL REPORT FOR THE YEAR TO 31 MARCH 2024

The trustees present their report and the audited financial statements of the charity for the year ended 31 March 2024. They have adopted the provisions of the Statement of Recommended Practice, Accounting and Reporting by Charities, in preparing their annual report and financial statements.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts. They comply with the charity’s governing document, the Charities Act 2011 and Accounting & Reporting by Charities: Statement of Recommended Practice applying to charities preparing their accounts in accordance with financial reporting standards applicable in the UK and Republic of Ireland, published October 2019.

Since the charitable company qualifies as small under section 383 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, has been omitted.

OBJECTS

The Trust’s objects are:

STRUCTURE

The Trust was incorporated by shares and registered as Ings Property Company Ltd in June 1945. Following reviews and amendments to the Articles of Association, it became a registered charity from 1976.

The directors of the charitable company are the trustees of the charity for the purpose of charity law. Throughout this report they are referred to as trustees.

Through our activities we aim to be responsible custodians of a financially sustainable portfolio of significant historic buildings, to engage the public in that activity and to promote the development of building conservation skills and knowledge.

In determining our aims, we have considered Charity Commission guidance on public benefit. We believe that by conserving and maintaining buildings of architectural and historic significance and making them available to the public through residential and commercial tenancies, we contribute to a community that values its history and takes pride in its future.

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ACTIVITIES & ACHIEVEMENTS

Safeguarding historic buildings

By necessity, during the year the focus of our activities was on the first of our objects. This relates to maintaining our historic buildings to ensure that they are properly conserved while also contributing to local amenity. Over time a material back log of repairs to our property portfolio has built up and, recognising that we can only be an effective charity if we are an effective property company, it has been essential to prioritise these.

To address this issue, we have needed a comprehensive programme of major conservation works which runs over several years. To some extent our ambitions for the year were thwarted by planning delays and protracted negotiations around access to our properties. Nevertheless, during the year we were able to carry out several large conservation projects including the following:

In addition to these works, we were able to carry out several smaller projects including:

During the year several of our residential apartments were also upgraded.

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Promoting public knowledge and enjoyment of our historic buildings

As well as having been able to appreciate the exterior of our historic buildings, the public has had access to the interiors of many of our commercially let properties such as The Assembly Rooms and Fairfax House through their tenants’ commercial and charitable activities. In addition, we have continued to promote public knowledge and enjoyment of our buildings directly through the provision of furnished guest accommodation through Wheelwrights (www.wheelwrightsyork.com), our lettings agent.

We also continued to develop our evolving programme of engagement. Events this year included:

We have also continued to develop our website and social media offering, enabling us to share more information about the history of, and conservation of, our historic properties. Increasing visitors to our website demonstrates the public’s continuing interest in our work. We are grateful to consultants, Jacky Fitt and Ned Hoste of the Big Ideas Collective, and volunteer, Peter Brown, for their contributions to this work.

Advancing education and skills in the conservation of buildings

To support the development of building conservation skills, among young people particularly, we provided a grant of £5,500 to York Foundation for Conservation and Craftsmanship. The foundation runs an annual bursary award scheme with an established process for promoting bursaries, assessing applications, and making awards across a wide range of conservation interests. It invited trustee Ruth Morrell to join its assessment panel both to assist deliberations across all areas of conservation interest and to ensure the Trust’s grant was applied specifically to applicants engaged in historic building related conservation. Nerida Whale was awarded a bursary of £3,000 to support her two-year traineeship in stained glass conservation at Eden Stained Glass. Kate Longworth, a conservation bricklayer (mason) and James Osborne, a conservation blacksmith, were awarded bursaries of £1,500 and £1,000 respectively to support their 2023 William Morris Craft Fellowships with the Society for the Protection of Ancient Buildings.

During the year we also awarded two dissertation prizes of £500 to students at the University of York’s Department of Archaeology, for submissions connected with historic buildings. One prize went to an undergraduate, Miriam Samuael in support of course fees for continued study. Her dissertation was titled ‘The household in Seventeenth Century York: A view through building alterations and decorative features’. The other prize went to a student who has completed an MA

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in Historic Building Conservation, Genevieve Rainey, for her dissertation - 'Clifton Croft a 19th-Century Villa Estate in Suburban York’.

In addition, we gave a grant of £1,500 to York Design Awards towards the costs of funding their annual event.

Property portfolio review

Like many other charities, we have felt pressure on our financial resources in recent years especially as our income has fallen well short of our conservation and maintenance requirements. Last year we had started a programme of property disposals to help fund our work, but we were conscious that we needed much more information about our property portfolio if we were to manage it effectively. Recognising this, during the year we carried out an extensive review of our property portfolio, assessing for each property its heritage value, its market value and yield and its current capital requirement costs. Work on this has carried on into 2024/25 with a series of strategy and board meetings to determine our strategy going forward. Our expectation is that the board will adopt a new 10year plan in November 2024.

That said, the interim results of the review confirmed that we were right to press ahead with our proposed disposal of 4-8 Walmgate and our Malt Shovel Court properties and we completed on these sales in May 2024.

We are grateful to consultants, Dr Dav Smith and Mr Geoff Maybank, and volunteer external advisors, Mr James Grierson and Dr Lu Cooke, for their contributions to this review.

Legacy

During the year we received a partial payment of £55k from the estate of the late Prunella King. We are extremely grateful for such legacies which make an important contribution to our work. We have not accrued for the balance of the legacy due the difficulty in quantifying it at this stage.

Archive

During the year we have continued the process of digitising our archive - specifically the older deeds and conveyances which had not previously been catalogued. This helps feed into our understanding of the history of the buildings and help with preparation of Statements of Significance. We are grateful to our regular volunteers, Jack Pearce, Miriam Samuels and Genevieve Rainey whose support has been integral to this work.

FUTURE PLANS

Property portfolio

Recognising the impact of planning delays on our programme of works, we are going to allocate significant resources to building up our stock of approvals so that, by the end of the year, we can get as many projects as possible to RIBA Stage 4 (detailed design) and are ready to tender. We aim to secure a pipeline of work for over 3 years. Current plans for works beyond 2025/26 include, but are not limited to, the following:

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We are mindful of the advantages of working in partnership with others on our conservation projects, both from a public engagement and a financial perspective. Examples of such partnerships include the following:

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upgrades and external fabric repairs. Again, York Civic Trust is seeking external support towards these works.

Longer term aspirations

We recognise that in the short to mid-term our focus must be on our first object and keeping the estate in good order will draw on most of our available resources. However, we are mindful this body of important conservation work presents an opportunity to meet our other objects, those of promoting public knowledge and enjoyment of our buildings and advancing education and skills in the conservation of buildings. Through public engagement and education activity, and with assistance from partners and funders, we are seeking to bolster our resources to deliver on these. Indeed, our current plans for the renovation of Sir Thomas Herbert House incorporate such opportunities. In short, we recognise that public benefit is not simply achieved through historic property ownership, and we are clear that we want to share not only our buildings but also our knowledge and our networks and our resources.

In his book ‘The City of our Dreams’, John Bowes Morrell wrote ‘Our efforts in the future should be directed to making a better City… I am not concerned with a bigger City, I want a better one’. Similarly, we recognise that we do not need to be a bigger Trust. Rather our aspiration is to be a better one.

FINANCIAL REVIEW

In our financial statements we account for heritage assets at purchase cost together with any restoration or building costs identified prior to first let, subject to a cap of market valuation on completion of this work. One impact of our method of accounting for heritage properties is that their market value is considerably more than the figure shown in the financial statements. In view of the nature of the charitable company's heritage properties, we are not able to give a realistic estimate of that value. However, the total value of the heritage properties for insurance purposes as at 31 March 2024 was £152m (2023: £147m) and the total sum insured was £187m (2023: £180m).

Over the year we returned a net deficit of £(930)k (2023: £1.7m surplus) before investment property losses of £(394)k (2023: £163k gains).

While we recognise that we cannot keep generating deficits into the long term, we are also conscious of the material demands we face for ongoing conservation works on some of our larger heritage properties which are not financially selfsustaining. Going forward we are not complacent about our financial strength.

The balance held as unrestricted funds as at 31 March 2024 was £28.6m (2023: £29.9m). This figure reflected all known liabilities as at the balance sheet date and there are no material uncertainties. This sum comprised assets totalling £32.0m (2023: £33.7m) and creditors totalling £3.4m (2023: £3.8m).

Of the assets, £476k (2023: £1.1m) was held as free reserves. Of these free reserves, £115k (2023: £518k) was committed to material conservation projects.

Of the year end total reserves of £28.6m (2023: £29.9m), £24.0m (2023: £24.2m) were held as unrestricted designated funds and £4k (2023: £5k) were held as restricted funds.

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Investment powers and policy

Our investment powers and policy are governed by the Articles of Association which permit funds to be deposited or invested. Decisions on our investment strategy and management are taken by the full board of trustees.

Our investments, and our approach to investment, are integral to supporting the Trust’s objects. We seek out investments which:

We hold the following types of investment:

We manage risk in several ways:

At the year end, within our investment property portfolio we held 14 residential units and one furnished guest-letting unit with a combined value of £3.4m (2023: £3.8m). We also held cash on deposit (including our working cash balance) of £1.1m (2023: £2.2m).

We review the performance of our investment properties on an annual basis to ensure that we are achieving returns in line with the market, allowing for the fact that we do not incur external management costs. In the year, we made a capital

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return on our investment properties of -10.3% (2023: 4.5%) and an income return of 1.7 % (2023: 2.1%). The fall in the capital value of our investment properties largely arose because we sold our Malt Shovel Court units after the year end as part of a multi-unit sale, rather than as individual units. The year end valuation of our investment properties reflects the sales price achieved for these units.

We keep the interest rates achieved on our cash deposits under constant review to ensure that we achieve the best returns available subject to our investment criteria and cash requirements.

Reserves policy

Historically, our income has been obtained primarily from property rentals and furnished guest lets. In the past, our expectation has been that, in a typical year, our income will not only cover new property purchases and the routine maintenance of our properties and our overheads but also that it will contribute towards the demanding restorative requirements of some of our heritage properties.

However, as the challenges around conservation have increased over time along with related costs, it has become increasingly clear that that we cannot fund this work from operational income alone. In the short term we are plugging the gap through the sale of some of our properties, but this approach is not sustainable in the long term. Through our portfolio review, we are looking at ways to manage our property portfolio and financial resources to maximise our charitable outputs while improving our sustainability. We are also looking for support from grant makers and donors, both alone and in partnership with other charities, to help fund our work.

Generally, we can plan for a scheme of conservation works, addressing the specific financial challenges over time. To the extent that we anticipate a financial deviation between our aspirations and our ability to deliver on such works, they will be postponed until such time as we can afford to carry them out although, inevitably, there is a cost to such delays, either through lost income or additional expense.

In addition to planned deficits, we recognise that there will also be times when we are unexpectedly financially exposed in the short term, either because our income streams fall or our expenditure is higher than predicted. For example, we occasionally experience unexpected calls on our funds due to unforeseen and complex emergency repairs to our properties (which is in the nature of managing heritage properties).

We consider that the Trust should maintain sufficient reserves as will allow it to ride out these unexpected variances in income and expenditure. Our view is that a cash reserve of £200k should provide sufficient cover against such contingencies until the Trust is able to reorganise its finances.

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Going concern

We recognise when preparing our financial statements on a going concern basis, we must make our own assessment of the Trust’s ability to continue as a going concern to assure ourselves of the validity of this assumption. Such an assessment is part of our ongoing oversight process that takes place throughout the year. To this end, we have adopted a robust reserves policy which we carefully monitor. We also expect that, in addition to its routine reporting to the board on income and expenditure, our management team will provide us with projected cashflow and any other relevant information about the future which covers at least the next 12 months.

Over the next few years, we face significant costs associated with our required programme of conservation works. To the extent that these exceed our projected income from rents, we have put in place a timetable for the disposal of some properties of lesser conservation significance, some of which we anticipate selling in the next financial year. If these sales are delayed, we will modify the timing of our programme of conservation works. This strategy, combined with our existing cash reserves, gives us confidence in the Trust’s ability to continue as a going concern beyond the next 12 months.

GOVERNANCE & MANAGEMENT

Appointment & recruitment of trustees / directors

The directors of the charitable company are the trustees of the charity so conditions regarding appointments as set out in the written resolutions apply to both.

Shares in the company are held by direct descendants of one of our founders, John Bowes Morrell. Shareholders are eligible to hold office as a trustee / director, but a person may be appointed subject to becoming a member within two months of that appointment. Any person so appointed may act as a trustee / director pending becoming a member.

Following a change to the Articles of Association made during the year, share ownership is no longer a pre-requisite to becoming a trustee / director and up to three non-family trustees / directors can be appointed. We welcome this change which has enabled us to improve the diversity and skill set on the board.

Trustee / directors must be at least eighteen years of age as at the date of appointment. Each trustee / director can hold office for a term of three years following which they must retire but may offer themselves for reappointment. The maximum number of trustees / directors of the company is twelve and the minimum three.

Trustees give their time and expertise on a wholly voluntary basis and receive no benefits from the Trust other than personal satisfaction from the public benefit achieved through its areas of activity.

Details of reimbursed expenses incurred by trustees while fulfilling their duties are set out in note 19 to the financial statements.

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Members

No dividend or any other form of distribution has been or will be declared or paid on any or all the shares of the company. If on winding up or dissolution there remains, after satisfaction of all liabilities, any property whatsoever, it will be given or transferred to a charitable institution, or institutions, having objects similar to the objects of the company. Under no circumstance can or will, property be given or distributed to the members of the charitable company.

Trustees’ induction & training

Prior to and following appointment, trustees are familiarised with the objects, policies and processes of the Trust including their responsibilities in respect of both company and charity compliance obligations. We are currently in the process of developing a dedicated trustee handbook.

Trustees are encouraged to participate in relevant seminars / training sessions and to broaden their knowledge of conservation management in the historic built environment sector. They seek to learn from the experience of other heritage and conservation bodies and to contribute to the shared pool of knowledge and best practice.

Organisation

Trustees determine the policies of the Trust and delegate day-to-day management of both assets and activities to a chief executive officer who is also company secretary. The chief executive supports the trustees in establishing policy and the development of it over time. Trustees are kept regularly up to date by the chief executive and encouraged to discuss areas of both substance and general interest in between formal meetings through a Teams platform.

Board decisions are based on a simple majority, subject to a quorum of five trustees. If a majority cannot be established, then the chair has a second and casting vote.

Staff remuneration

Trustees’ review staff remuneration annually based on individual and collective contributions to the objects and work of the Trust. An appraisal system has been established to assess staff contribution and performance in respect of specific personal goals that are set out on an annual basis.

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Risk management

Trustees are responsible for the management of the risks faced by the Trust. We have a formal risk management process to assess the risks and implement risk management strategies. This involves identifying the risks we face, categorising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks. Our findings are documented in two formal risk registers, a strategic risk register and an operational risk register, which are updated at least annually. A trustee risk committee oversees this process and makes recommendations to the board.

We recognise, however, that we can only manage risk, we cannot eliminate it. We consider that the two greatest risks currently facing us are:

Internal controls are reviewed on an ongoing basis as part of the day-to-day risk management process within the Trust.

Conflicts of interest & related party transactions

The Trust has a conflict of interest policy which is written into the articles of association and applies to all trustees and staff members. Related party transactions are disclosed in note 19 to the financial statements.

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STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE TRUSTEES’ ANNUAL REPORT AND THE FINANCIAL STATEMENTS

The trustees (who are also directors of York Conservation Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time, the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to the auditors

We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

James R Morrell, Chair of trustees.

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REFERENCE & ADMINISTRATIVE INFORMATION

Company registration no 00395954
Charity registration no 504302
Registered office De Grey House
St Leonard’s Place
York
YO1 7HE
Bankers CAF Bank Ltd Virgin Money UK plc
25 Kings Hill Avenue 30 St Vincent Place
Kings Hill Glasgow
West Malling G1 2HL
Kent
ME19 4JQ
Deposit Holder Epworth Investment
9 Bonhill Street
London
EC2A 4PE
Solicitors Drivers Solicitors Hempsons
56A Bootham 100 Wood Street
York London
YO30 7XZ EC2V 7AN
Andrew Jackson Solicitors LLP
Foss Islands House
Foss Islands Road
York
YO31 7UJ
Auditor BHP LLP
Rievaulx House
1 St Mary’s Court
Blossom Street
York
YO24 1AH

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REFERENCE & ADMINISTRATIVE INFORMATION CONT’D

Trustees Charles H E Butler Appointments committee
Patricia A Butler
Vanessa R M Butler Risk committee
Anna E Gawthorp From 10 November 2023
James R Morrell Chair & Appointments
committee
Jeremy S Morrell Risk Committee
Margaret A Morrell Appointments committee
Nicholas C Morrell To 10 November 2023 Risk committee
Olivia H Morrell Appointments committee
Peter S Morrell To 21 July 2023
Ruth I Morrell Risk committee
Staff Guy F J Bowyer To 30 September 2023
From 1 October 2023		 Trust architect
Secretary / chief executive
Jonathan A Bryant To 30 September 2023 Secretary / chief executive
Richard T Fearnley Assistant building manager
Tony S Leonard Buildings manager
Kelly Storrer From 1 February 2024 Operations administrator
Lizzie C Taylor Operations manager
Jackie L Turpin Finance manager

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS & TRUSTEES OF YORK CONSERVATION TRUST LIMITED

Opinion

We have audited the financial statements of York Conservation Trust Limited (the ‘charitable company’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements 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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company'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 trustees with respect to going concern are described in the relevant sections of this report.

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Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees’ annual report. Our opinion on the financial 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, consider 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 themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 15, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

To address the risks of fraud through management bias and override controls we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditorsresponsibilities-for-audit.aspx.

This description forms part of our auditor’s report.

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Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Laura Masheder (Senior Statutory Auditor) for and on behalf of BHP LLP Chartered Accountants, Statutory Auditor Rievaulx House 1 St Mary's Court Blossom Street York YO24 1AH

12 July 2024

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STATEMENT OF FINANCIAL ACTIVITIES AND INCOME & EXPENDITURE ACCOUNT FOR YEAR ENDED MARCH 2024

Note
Income from
Donations and legacies
2
Charitable activities
2
Investments
2
Other
2
Net (losses) / gains on
disposal of heritage
assets
2
Total income
Expenditure on
Raising funds
3
Charitable activities
3
Total expenditure
Net income/
(expenditure) before
(losses)/ gains on
investment
properties
(Losses) / gains on
investment properties
9
Net income /
(expenditure)
16
Transfers between
funds
15
Net movement in
funds
Reconciliation of
funds
Total funds brought
forward
Total funds carried
forward
15		 Unrestricted
undesignated
£
55,094
2,265,425
222,883
10,430
(18,292)
2,535,540
97,431
3,168,859
3,266,290
(730,750)
(394,244)
(1,124,994)
88,294
(1,036,700)
5,696,151
4,659,451		 Unrestricted
designated
£
-
-
-
-
-
-
-
197,391
197,391
(197,391)
-
(197,391)
(88,294)
(285,685)
24,237,454
23,951,769		 Restricted
£
500
-
-
-
-
500
-
1,963
1,963
(1,463)
-
(1,463)
-
(1,463)
5,225
3,762		 Total funds
2024
£
55,594
2,265,425
222,883
10,430
(18,292)
2,536,040
97,431
3,368,213
3,465,644
(929,604)
(394,244)
(1,323,848)
-
(1,323,848)
29,938,830
28,614,982		 Total funds
2023
£
1,540
2,218,839
179,328
42,033
1,973,594
4,415,334
71,162
2,647,090
2,718,252
1,697,082
162,684
1,859,766
-
1,859,766
28,079,064
29,938,830

The statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 26 to 43 form part of these financial statements.

23

BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Heritage assets
7
Tangible assets
8
Investment assets
9
Current assets
Debtors
10
Cash at bank and in hand
11
Creditors
Amounts falling due within one year
12
Net current assets
Total assets less current liabilities
Creditors
Amounts falling due after more than one
year
13
Total net assets
Capital and reserves
Unrestricted funds
Share capital
14
Unrestricted designated fund
15
Unrestricted revaluation fund
15
Unrestricted income and expenditure
account
15
Total unrestricted funds
Restricted funds		 2024
£
367,610
1,064,042
1,431,652
838,465
130,000
23,951,769
2,162,575
2,366,876		 2024
£
26,599,927
531,329
3,446,960
30,578,216
593,187
31,171,403
2,556,421
28,614,982
28,611,220
3,762
28,614,982		 2023
£
532,654
2,407,693
2,940,347
1,370,514
130,000
24,237,454
2,556,819
3,009,332		 2023
£
26,599,927
569,535
3,841,204
31,010,666
1,569,833
32,580,499
2,641,669
29,938,830
29,933,605
5,225
29,938,830

The financial statements were authorised for issue and approved by the board on 12 July 2024 and signed on its behalf by

James R Morrell Ruth I Morrell Director & trustee Director & trustee

The notes on pages 26 to 43 form part of these financial statements.

24

STATEMENT OF CASH FLOWS AS AT MARCH 2024

Notes
Cash flows from operating activities
Net cash (absorbed) / provided by operating activities
16
Cash flows from investing activities
Net rents and interest from investments
2
Purchase of fixed assets
8		 2024
£
(1,416,167)
222,883
(18,206)		 2023
£
83,910
179,328
-
2,411,065
Net proceeds from sale of fixed assets
8		 (18,292)
Net cash provided by investing activities
Cash flows from financing activities
Repayments of borrowings
12,13
Net cash provided by financing operations
Change in cash and cash equivalents in the reporting
period
11
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
period		 186,385
(113,869)
(113,869)
(1,343,651)
2,407,693
1,064,042		 2,590,393
(1,159,740)
(1,159,740)
1,514,563
893,130
2,407,693

Charity law requires separate administration of the cash flows of endowed and other restricted funds of the charity. This constraint has not adversely affected the cash flows stated above.

25

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES

a. Organisation address and registration

York Conservation Trust Limited is a company limited by shares (00395954) registered in England and Wales and a registered charity (504302). The address of the registered office and principal place of business is De Grey House, St Leonard’s Place, York, YO1 7HE. In these notes to the financial statements, the charitable company is referred to as the charity.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The charity meets the definition of a public benefit entity under FRS 102.

We consider that there are no material uncertainties about the charity’s ability to continue as a going concern and therefore it is appropriate to prepare the financial statements on a going concern basis.

Our long-term loan facilities are renewed annually. We are not aware of any circumstances which might adversely affect the renewal of these facilities.

In applying the financial reporting framework, we have made some subjective judgments, for example in respect of significant accounting estimates. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of estimation means the actual outcomes could differ from those estimates. Any significant estimates or judgments affecting these financial statements are detailed below:

A key judgment which the charity has made that has a significant impact on the financial statements is the valuation of heritage properties. They are valued at cost together with any restoration or building costs identified prior to first let, subject to a cap of market valuation on completion of this work. We consider that this approach is likely to significantly understate the market value of our heritage properties.

Our investment properties included on the balance sheet at fair value (market value) at the balance sheet date. Fair value is based on the desktop valuations attributed to the charity’s investment properties during its portfolio review process by its external advisors, which includes a Chartered Buildings Surveyor. These figures are sense-checked by an external property agent and compared with actual valuations received as part of the charity’s disposals process.

26

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES CONT’D

We do not consider that there are any other material sources of estimation uncertainty at the reporting date which have a significant risk of causing a material adjustment to the carrying amounts of our assets and liabilities within the reporting period.

g. Income

Grants and other monies received for specific restoration work are matched against the project costs in the year that the expenditure is incurred. All other income, including bank interest, is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount can be measured reliably. Rental income invoiced in the year to 31 March 2024 which relates to future periods has been deferred in the financial statements.

h. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i. Allocation of support costs

Staff costs have been apportioned between property management, governance and support costs based on staff time working in these areas. The split of property-related staff costs between the cost of raising funds and charitable activities is allocated in proportion to their respective property management costs.

Support costs, primarily staff costs, office costs and general legal costs, have been allocated between the cost of raising funds, charitable activities and governance in proportion to their related costs.

27

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES CONT’D

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include staff costs and other costs related to statutory audit, governance related legal costs and Trust meetings together with an apportionment of support costs. They

have been allocated to raising funds and charitable activities in proportion to their related costs.

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes the costs directly attributable to making the asset capable of operating as intended.

Generally, depreciation is provided on all tangible fixed assets in use at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:

Due to their exceptional nature, the costs of refurbishing York Theatre Royal incurred in 2016 are being written off over 20 years straight line.

The charity holds 71 freehold heritage properties dating from the C14th which are let commercially, residentially or as furnished guest accommodation.

All properties are included at purchase cost together with any restoration or building costs identified prior to first let, subject to a cap of market valuation on completion of this work. Any further preservation costs are released through the Statement of Financial Activities when they are carried out.

In addition, the Trust owns the Thompson Mausoleum, Little Ouseburn, North Yorkshire, which was donated to the charity in 2010.

Due to the historic nature of the land and buildings, they are deemed to have indefinite lives. Therefore, the charity values the assets at full cost with no depreciation.

Details of our heritage properties can be found on the Trust’s website www.yorkconservationtrust.org.

The charity holds historic artefacts which were purchased with the Assembly Rooms. They were professionally valued on purchase. They are not depreciated because they are classified as heritage assets with indefinite lives.

28

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES CONT’D

m. Investments

All four groups of our investment properties are freehold. They are let residentially or as furnished guest accommodation.

They are included on the balance sheet at fair value (market value) at the balance sheet date. Fair value is based on the desktop valuations attributed to the charity’s investment properties during its portfolio review process by its external advisors, which includes a Chartered Buildings Surveyor. These figures are sensechecked by an external property agent and compared with actual valuations received as part of the charity’s disposals process.

In the previous year, fair value was based on valuations carried out by reputable local estate agents in 2021, uplifted for inflation using the UK Land Registry House Price index.

Gains and losses are reflected in the Statement of Financial Activities and allocated to the appropriate funds.

Details of our investment properties can be found on the Trust’s website www.yorkconservationtrust.org.

n. Impairment

Assets not measured at fair value are reviewed at the balance sheet date for any indication that the asset may be impaired. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Statement of Financial Activities unless the asset has been previously written down in value by an amount exceeding the current impairment estimate.

o. Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity date of three months or less from the date of acquisition or opening of the deposit or similar account.

q. Creditors and provisions

Creditors 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

29

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 ACCOUNTING POLICIES CONT’D

r. Funds structure

Unrestricted funds are funds which are available for use or retention at our discretion in accordance with the charity’s objects.

Designated funds represent the written down value of our heritage buildings less the outstanding loans charged on our properties and taken out to finance conservation works on our heritage properties, and related creditors, together with any material expenditure commitments at the year end.

Restricted funds are funds where the income can only be used for a specific purpose. The aim and use of each restricted fund is set out in the notes to the financial statements.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction date and subsequently measured at their settlement value except for bank loans which are subsequently measured at amortised cost using the effective interest method.

The charity contributes to defined contribution pension schemes on behalf of all staff members and operates an auto-enrolment scheme with NEST. The assets of the NEST scheme are invested and managed independently of the finances of the charity. The charge for pension costs included in the financial statements represents the employer contributions payable by the charity in the period.

u. Taxation

The charity is considered to pass the tests set out in Schedule 6, Paragraph 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 11, Chapter 3 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income and gains are applied exclusively to charitable purposes.

Transactions with related parties are disclosed in the notes to these financial statements. The Trust’s policy is for trustees, staff and advisors to declare an interest and exempt themselves from all relevant discussions and decisions which may involve a transaction with a related party or in which they may have a conflict of interest.

When employees have rendered service to the charity, short term employee benefits to which the employees are entitled are recognised at the amount expected to be paid in exchange for that service.

30

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

2 INCOME AND ENDOWMENTS

Donations and legacies
Legacy: from the estate of the late Prunella King
Grants: restricted
Donations: restricted
Donations: unrestricted
Charitable activities
Rental income
Tenant recharges
Room hire
Furnished guest accommodation
Investments
Rental income
Furnished guest accommodation
Bank interest
Other
Grants: unrestricted
Dilapidations
Sundry income
Net (losses) / gains on disposal of heritage assets (note 7)
Total income		 2024
£
54,958
-
500
136
55,594
1,982,455
142,189
2,566
138,215
2,265,425
109,900
31,986
80,997
222,883
5,000
5,000
430
10,430
(18,292)
2,536,040		 2023
£
-
1,500
40
1,540
1,975,328
101,220
-
142,291
2,218,839
108,007
33,138
38,183
179,328
5,000
36,800
233
42,033
1,973,594
4,415,334

Other than the restricted grants in donations and legacies noted above, all the above income was unrestricted.

31

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

3 ANALYSIS OF EXPENDITURE

Current year

Expenditure
Property
management costs:
unrestricted
Property
management costs:
restricted
Staff costs
Legal and
professional fees
Auditor’s
remuneration
Office costs
Depreciation
Loss on disposal of
assets
Loan interest
Allocation of support
costs
Allocation of
governance costs
Total expenditure
2024
Total expenditure
2023		 Cost of
raising
funds
£
82,639
-
7,967
-
-
-
932
-
91,538
4,800
96,338
1,093
97,431
71,162		 Charitable
activities
£
2,641,794
1,963
253,766
21,363
-
-
48,117
-
197,391
3,164,394
166,009
3,330,403
37,810
3,368,213
2,647,090		 Governance
costs
£
-
-
11,227
3,539
13,525
8,672
-
-
-
36,963
1,940
38,903
(38,903)
-
-		 Support
costs
£
-
-
45,741
4,137
-
115,508
7,363
-
-
172,749
(172,749)
-
-
-
-		 Total 2024
£
2,724,433
1,963
318,701
29,039
13,525
124,180
56,412
-
197,391
3,465,644
-
3,465,644
-
3,465,644
-		 Total 2023
£
2,074,367
1,680
349,552
35,260
12,885
55,388
57,853
-
131,267
2,718,252
-
2,718,252
-
-
2,718,252

Other than the property management costs noted, all the above expenditure was unrestricted.

32

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

3 ANALYSIS OF EXPENDITURE (CONT’D) Prior year

Expenditure
Property
management
costs:
unrestricted
Property
management
costs: restricted
Staff costs
Legal and
professional fees
Auditor’s
remuneration
Office costs
Depreciation
Gain on disposal
of assets
Loan interest
Allocation of
support costs
Allocation of
governance costs
Total
expenditure
2023		 Cost of
raising
funds
£
59,341
-
8,379
-
-
-
-
-
67,720
2,448
70,168
994
71,162		 Charitable
activities
£
2,015,026
1,680
284,729
28,531
-
-
57,853
-
131,267
2,519,086
91,044
2,610,130
36,960
2,647,090		 Governance
costs
£
-
-
11,906
2,022
12,885
9,817
-
-
-
36,630
1,324
37,954
(37,954)
-		 Support
costs
£
-
-
44,538
4,707
-
45,571
-
-
-
94,816
(94,816)
-
-
-		 Total 2023
£
2,074,367
1,680
349,552
35,260
12,885
55,388
57,853
-
131,267
2,718,252
-
2,718,252
-
2,718,252

Other than property management costs noted, all the above expenditure was unrestricted.

33

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

4 STAFF COSTS

STAFF COSTS
Total cost of all paid staff
Gross salaries and wages
Employer’s national insurance
Employer’s pension contributions		 2024
£
272,509
25,325
20,867
318,701		 2023
£
297,499
30,283
21,770
349,552

None of the trustees received any remuneration or benefits during the year (2023: none).

The average weekly number of employees during the year was 6 (2023: six). In both 2024 and 2023, all staff were employed in an administrative capacity.

During the year, no employee earned between £90,000 and £99,999 (2023; one) and one employee earned between £60,000 and £69,999 (2023: one).

One higher paid employee accrued benefits under a money purchase scheme (2023: two). In the year, contributions under a money purchase scheme paid on behalf of the higher paid employee totalled £4,533 (2023: £13,584).

The key management personnel of the charity are the chief executive officer, conservation architect, finance manager and operations manager. During the year, there was a change in chief executive officer and the conservation architect took over the role. He was not replaced in his capacity as conservation architect. Total employee emoluments of the key management personnel, including employer’s national insurance and pensions, were £239,914 (2023: £272,897).

5 NET INCOME

5 NET INCOME
This is stated after charging
Auditor’s remuneration
Depreciation
6 AUDITOR REMUNERATION
Audit of the financial statements
Other services		 2024
£
13,525
56,412
2024
£
13,525
4,588
18,113		 2023
£
12,855
57,853
2023
£
12,855
-
12,855

34

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

7 HERITAGE FIXED ASSETS

Cost or valuation
1 April 2023
Additions
Disposals
31 March 2024
Impairment
1 April 2023
Additions
Disposals
31 March 2024
Net book values
31 March 2024
31 March 2023
Valuation
Cost including restoration charges and
after impairment charge
Total		 Historic
artefacts
£
74,870
-
-
74,870
-
-
-
-
74,870
74,870
57,000
17,870
74,870		 Freehold
properties
£
27,344,670
-
-
27,344,670
819,613
-
-
819,613
26,525,057
26,525,057
-
26,525,057
26,525,057		 Total
£
27,419,540
-
-
27,419,540
819,613
-
-
819,613
26,599,927
26,599,927
57,000
26,542,927
26,599,927

The charity owns 71 freehold heritage properties dating from the C14th and the Thompson Mausoleum, Little Ouseburn, North Yorkshire. All have conservation and preservation interest.

The heritage properties are let commercially, residentially or as furnished guest accommodation. The mausoleum was donated to the charity in 2010.

Due to the nature of the property, the Mausoleum is deemed to have no market value. The building was valued for insurance reinstatement purposes at £602k at the year-end (2023: £576k)

Details of these properties can be found at www.yorkconservationtrust.org

The charity acquired historic artefacts with the purchase of The Assembly Rooms. These were professionally valued in at £115,000 in 2003 as part of the purchase arrangement. Since then, a number of disposals have been made.

35

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

7 HERITAGE FIXED ASSETS CONT’D

Five-year financial summary of heritage asset transactions

Additions: purchases
and restoration
Properties
Artefacts
Total additions
Disposal costs
Properties
Artefacts
Total disposal costs
Disposals proceeds
Properties
Artefacts
Net total proceeds		 2024
£
-
18,292
-
18,292
-
-
(18,292)
-		 2023
£
-
-
437,471
-
437,471
2,411,065
-
1,973,594		 2022
£
-
-
-
8,000
8,000
-
-
-		 2021
£
-
-
-
-
-
-
-
-
-		 2020
£
380,999
-
380,999
-
-
-
-
-
-

Costs totalling £18k (2023: £0) were incurred relating to sales of properties made in the previous year and the abortive sale of properties during the year, some of which have been subsequently sold after the year end.

8 FIXED ASSETS

Cost
1 April 2023
Additions
Disposals
31 March 2024
Depreciation
1 April 2023
Provision for the year
Disposals
31 March 2024
Net book values
31 March 2024
31 March 2023		 Fixtures and
fittings
£
901,094
4,514
-
905,608
341,103
48,675
-
389,778
515,830
559,991		 Plant and
equipment
£
35,468
13,692
(14,764)
34,396
25,924
7,737
(14,764)
18,897
15,499
9,544		 Total
£
936,562
18,206
(14,764)
940,004
367,027
56,412
(14,764)
408,675
531,329
569,535

All fixed assets are used in the furtherance of the charity’s objectives.

36

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

9 INVESTMENTS

At valuation
1 April 2023
Revaluation
Additions
Disposals
31 March 2024		 Properties
£
3,841,204
(394,244)		 Properties
£
3,841,204
(394,244)

-
-
3,446,960

The Trust owns investment properties at Malt Shovel Court, Morrell Cottages and Morrell Yard, which are let residentially and Trinity Cottage which is let as furnished guest accommodation. The combined historic cost of all the investment properties was £1.3m (2023: £1.3m).

During the year, a review of the whole property portfolio was carried out. The board was satisfied that the year-end desktop valuations attributed to the Trust’s investment properties by its external advisors, which include a Chartered Buildings Surveyor, were materially correct. These figures were sense-checked by an external property agent and compared with actual valuations received as part of the Trust’s disposals process.

10 DEBTORS

2024
£
Amounts falling due within one year
Rent debtors
301,476
Prepayments
27,439
Accrued income
23,532
Other taxes
15,163
367,610
11 ANALYSIS OF CASH AND CASH EQUIVALENTS
2024
£
At bank
1,064,042
12 CREDITORS DUE WITHIN ONE YEAR
2024
£
Amounts falling due within one year
Bank loans (secured)
125,737
Rents received in advance
313,305
Trade creditors
326,503
Other taxes and social security costs
6,984
Other creditors
96
Pension contributions
1,329
Accruals and deferred income
64,511
838,465		 2023
£
267,522
222,150
20,495
22,487
532,654
2023
£
2,407,693
2023
£
154,358
290,354
584,378
10,035
230,010
1,725
99,654
1,370,514

37

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

12 CREDITORS DUE WITHIN ONE YEAR CONT’D

At the year end, tenant bonds totalling £246k were held in designated bank accounts and were not included in cash at bank and in hand. At the previous year end, £230k was held in cash and bank which related to tenant bonds. These were recognised in other creditors at the previous year end.

13 CREDITORS DUE AFTER ONE YEAR

3 CREDITORS DUE AFTER ONE YEAR
2024 2023
£ £
Amounts falling due after more than one year
Bank loans (secured) 2,556,421 2,641,669

The loans are secured on the following properties: The Assembly Rooms, 56 Bootham, 66 Bootham, Brereton Corner, Brereton Cottage, Brereton House, 13/14 Fossgate, 15/16 Fossgate, 14/16 Lendal, Morrell Yard, 1 Museum Street, 111 Walmgate. The loans are repayable as follows:

Bank loans repayable as follows
Within one year
More than one year but not more than two years
More than two years but not more than five years
More than five years
4 CALLED UP SHARE CAPITAL
Allotted, called up and fully paid
130,000 Ordinary Shares of £1 each		 2024
£
125,737
134,501
324,414
2,097,506
2,682,158
2024
£
130,000		 2023
£
154,358
160,010
439,999
2,041,660
2,796,027
2023
£
130,000

14 CALLED UP SHARE CAPITAL

38

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

15 FUNDS

Fund balances at 31 March 2024 are represented by:

Unrestricted funds
Designated funds
Undesignated funds
Restricted funds
Thompson Mausoleum		 Fixed
assets
£
26,525,057
4,053,159
30,578,216
-
30,578,216		 Current
assets/
liabilities
£
16,867
572,558
589,425
3,762
593,187		 Long term
liabilities
£
(2,556,421)
-
(2,556,421)
-
(2,556,421)		 2024
£
23,951,769
4,625,717
28,611,220
3,762
28,614,982		 2023
£
24,237,454
5,696,151
29,933,605
5,225
29,938,830

Fund balances at 31 March 2023 are represented by:

Unrestricted funds
Designated funds
Undesignated funds
Restricted funds
Thompson Mausoleum		 Fixed
assets
£
26,525,057
4,485,609
31,010,666
-
31,010,666		 Current
assets/
liabilities
£
354,066
1,210,542
1,564,608
5,225
1,569,833		 Long term
liabilities
£
(2,641,669)
-
(2,641,669)
-
(2,641,669)		 2023
£
24,237,454
5,696,151
29,933,605
5,225
29,938,830

Designated funds at 31 March 2024 are represented by:

Balance at
1 April 2023
Income/
expenditure
Transfer
£
£
£
Heritage assets
24,237,454
(197,391)
(88,294)
esignated funds at 31 March 2023 are represented by:
Balance at
1 April 2022
Income/
expenditure
Transfer
£
£
£
Heritage assets
23,003,374
(131,267)
1,365,347		 Balance at
31 March 2024
£
23,951,769
Balance at
31 March 2023
£
24,237,454

Designated funds at 31 March 2023 are represented by:

39

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 15 FUNDS (CONT’D)

Undesignated funds at 31 March 2024 are represented by:

Share capital
Income and
expenditure
Revaluation reserve
Undesignated assets		 Balance at
1 April 2023
£
130,000
3,009,332
2,556,819
5,696,151		 Net income/
(expenditure)
£
-
(730,750)
(394,244)
(1,124,994)		 Transfer
£
-
88,294
-
88,294		 Balance at 31
March 2024
£
130,000
2,366,876
2,162,575
4,659,451

Undesignated funds at 31 March 2023 are represented by:

Share capital
Income and
expenditure
Revaluation reserve
Undesignated assets		 Balance at
1 April 2022
£
130,000
2,546,150
2,394,135
5,070,285		 Net income/
(expenditure)
£
-
1,828,529
162,684
1,991,213		 Transfer
£
-
(1,365,347)
-
(1,365,347)		 Balance at 31
March 2023
£
130,000
3,009,332
2,556,819
5,696,151

The undesignated fund has remained in credit throughout the year (2023: the fund remained in credit). During the year, £88,294 was transferred from undesignated funds to designated funds (2023: £1,365,347). This year-end balance on the designated funds represents the written down value of our heritage buildings less the outstanding loans charged on our properties and taken out to finance conservation works on our heritage properties, and related creditors, together with any material expenditure commitments at the year end.

Restricted funds at 31 March 2024 are represented by:

Thompson
Mausoleum
Donations towards
new memorial
benches in St
Anthony’s Gardens
Restricted funds		 Balance at
1 April 2023
£
5,225
-
5,225		 Income
£
-
500
500		 Expenditure
£
1,463
500
1,963		 Balance at
31 March 2024
£
3,762
-
3,762

40

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

15 FUNDS (CONT’D)

Restricted funds at 31 March 2023 are represented by:

Thompson
Mausoleum
Lord Mayor’s Own
(York) Scout Group
Restricted funds		 Balance at
1 April 2022
£
5,405
-
5,405		 Income
£
-
1,500
1,500		 Expenditure
£
180
1,500
1,680		 Balance at
31 March 2023
£
5,225
-
5,225

The charity took over the assets of the Thompson Mausoleum Limited in 2010. The balance of the monies received are to be spent on the upkeep of the Thompson Mausoleum, Little Ouseburn, North Yorkshire.

16 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
Net (expenditure) / income
Losses / (gains) on investment properties
Net (expenditure) / income for the reporting period
Adjustments for:
Depreciation charges
Losses / (gains) on disposal of assets
Returns from investments and interest
Decrease in debtors
Decrease in short term deposits
(Decrease) / increase in creditors
Net cash (absorbed) / provided by operating activities		 2024
£
(1,323,848)
394,244
(929,604)
56,412
18,292
(222,883)
165,044
-
(503,428)
(1,416,167)		 2023
£
1,859,766
(162,684)
1,697,082
57,853
(1,973,594)
(179,328)
35,268
100,000
346,629
83,910

17 ANALYSIS OF CHANGE IN NET DEBT

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1 April
2023
£
2,407,693
(154,358)
(2,641,669)
(388,334)		 Cash flows
£
(1,343,651)
28,621
85,248
(1,229,782)		 At 31 March
2024
£
1,064,042
(125,737)
(2,556,421)
(1,618,116)

18 CAPITAL COMMITMENTS

Future capital commitments not otherwise included in these accounts:

2024 2023
£ £
Contracted for
115,000		 518,475

41

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

19 CONTINGENT LIABILITY

A contingent liability exists in respect of restricted donations totalling £2,658,068 which were received from the Arts Council of England in 2015/16 and related to the refurbishment of York Theatre Royal which was subsequently completed. As a pre-requisite of the funding, a twentyyear charge was put in place by Arts Council England. At the end of the period the charge will be revoked provided certain conditions laid out by the Arts Council have been met.

20 RELATED PARTY TRANSACTIONS

No remuneration was paid to any of the trustees in 2024 (2023: £0).

During the year, travel and subsistence totalling £6,628 (2023: £3,194) were reimbursed to eight (2023: seven) trustees and catering and travel costs of £1,435 (2023: £3,019) were met on their behalf.

Jonathan Bryant who was chief executive officer until 30 September 2023 was a member of the key management personnel and rented a flat for a short period during the year. This was an arm’s length transaction at market value of £605 (2023: £6,900).

Occasionally we rent our properties or make grants to organisations with which our trustees or staff members are involved or are connected to. This is not unexpected given the nature of the heritage properties which we own, and that trustees and staff are expected to bring relevant experience in the specialist area in which we work. All such conflicts are declared and managed according to our articles of association and conflict of interest policy.

During the year a grant of £5,500 (2023: £4,750) was made to York Foundation for Conservation and Craftsmanship of which Jonathan Bryant, chief executive officer up to 30 September 2023, is a trustee. He did not participate in any decisions relating to the Trust’s funding of the organisation.

21 VOLUNTEERS

We recognise the invaluable support of volunteers and plan to broaden the scope of their involvement in future years. Individual contributions are noted in the Annual Report.

22 POST BALANCE SHEET EVENT

In May 2024 we completed on the sale of 4-8 Walmgate and our three investments properties at Malt Shovel Court as part of our planned programme of disposals. The sales proceeds totalled £2.05m. The carrying value of all the properties sold at the year-end was £1.23m.

42

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024

23 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES AND INCOME & EXPENDITURE STATEMENT

Income from
Donations and legacies
Charitable activities
Investments
Other
Net gains on disposal of
heritage assets
Total income
Expenditure on
Raising funds
Charitable activities
Total expenditure
Net income/(expenditure)
before gains on
investments
Gains on investments
Net income/(expenditure)
Transfer between funds
Net movement in funds
Reconciliation of funds
Total funds brought
forward
Total funds carried
forward		 Unrestricted
Undesignated
£
40
2,218,839
179,328
42,033
1,973,594
4,413,834
71,162
2,514,143
2,585,305
1,828,529
162,684
1,991,213
(1,365,347)
625,866
5,070,285
5,696,151		 Unrestricted
designated
£
-
-
-
-
-
-
131,267
131,267
(131,267)
-
(131,267)
1,365,347
1,234,080
23,003,374
24,237,454		 Restricted
£
1,500
-
-
-
1,500
-
1,680
1,680
(180)
-
(180)
-
(180)
5,405
5.225		 Total funds
2023
£
1,540
2,218,839
179,328
42,033
1,973,594
4,415,334
71,162
2,647,090
2,718,252
1,697,082
162,684
1,859,766
-
1,859,766
28,079,064
29,938,830

43