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2025-03-31-accounts

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YORK CONSERVATION TRUST LIMITED

Annual Report & Financial Statements for the year ended 31 March 2025

CONTENTS

Page

V4 Final

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YORK CONSERVATION TRUST LIMITED

Message from our Chair 5
Trustees Annual Report for the Year to 31 March 2025 7 – 18
Reference and Administrative Information 19 - 20
Independent Auditor’s Report 21 – 25
Statement of Financial Activities and Income and Expenditure Account for the 26
Year Ended 31 March 2025
Balance Sheet as at 31 March 2025 27
Statement of Cash Flows as at 31 March 2025 28
Notes to the Financial Statements Year Ended 31 March 2025 29 - 47

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YORK CONSERVATION TRUST LIMITED

MESSAGE FROM OUR CHAIR

As we reflect on the 2024/25 financial year, it is evident that this has been a period of significant strategic review and planning for the York Conservation Trust. We have undertaken and approved a comprehensive 10-year portfolio review, a process that has clarified our long-term financial objectives. The outcome will guide our activities, focusing on strategic debt repayment, optimising our assets through the selective sale of properties, and carefully building a robust contingency fund – all aimed at ensuring the Trust's long-term sustainability, particularly in today's turbulent economic and political climate.

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YORK CONSERVATION TRUST LIMITED

A particularly exciting development this year has been the fruition of our pilot engagement project at Herbert House. This significant York historic building holds special importance, as it was close to the hearts of our organisation's founders. We are optimistic that our planned submission to the National Lottery Heritage Fund will be successful, enabling us to unlock public access to this historic building and broaden our organisation's reach within the community.

I am delighted to welcome James Grierson and James Naish to the Board of Trustees. Their diverse experience and perspectives will be invaluable as we navigate the challenges and opportunities that lie ahead. We also appointed Dav Smith as our part-time Heritage Manager, whose expertise and passion will be a tremendous asset to the Trust. Dav commenced his employment with the Trust on 1 April 2025.

It is with deep sadness that I must acknowledge the recent passing of Peter Morrell. Peter was a very dedicated longstanding Trustee, and his passion for our mission, along with his financial acumen, will be sorely missed. We are exploring appropriate ways to honour Peter's extraordinary contribution to the Trust.

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

James Morrell, Chair, 4 July 2025

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YORK CONSERVATION TRUST LIMITED

TRUSTEES ANNUAL REPORT FOR THE YEAR TO 31 MARCH 2025

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YORK CONSERVATION TRUST LIMITED

The trustees present their report and the audited financial statements of the charity for the year ended 31 March 2025. 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 in 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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YORK CONSERVATION TRUST LIMITED

ACTIVITIES & ACHIEVEMENTS

Safeguarding historic buildings

The first of our objects relates to maintaining our historic buildings to ensure that they are properly conserved while also contributing to local amenity.

Although previous surveys had already highlighted a substantial list of major conservation works required over the coming years, we deliberately paused many of our plans this year to focus on completing a comprehensive portfolio review (see below). This thorough evaluation of all Trust properties has enabled us to develop a clear and sustainable strategy for resourcing and funding our most urgent conservation projects over the next decade. We have also prioritised and scheduled works to ensure the most effective and strategic use of the Trust’s resources. Nevertheless, during the year, we did carry out several large, essential, conservation projects in addition to our routine maintenance works. These included:

In addition, we recognised the financial importance of filling voids to bolster rental income and prioritised the refurbishment of apartments at:

We continue to evaluate which apartments and houses are best let under an assured shorthold tenancy and which are better suited to being utilised as furnished guest accommodation, contributing to our second object (see below).

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YORK CONSERVATION TRUST LIMITED

We also put significant effort into obtaining advance planning consents and quotations so that we are well placed to press on with planned conservation works as they fall due.

Promoting public knowledge and enjoyment of our historic buildings

Our second object focuses on promoting public enjoyment and knowledge 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 our tenants’ commercial and charitable activities. In addition, we have continued to promote public knowledge and enjoyment of our buildings directly by 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

Our third object is to advance education and skills in the conservation of buildings.

To support the development of building conservation skills particularly among young people, we provided a grant of £5,000 (2024: £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. A bursary of £3,000 was awarded to support a traineeship in stained glass conservation at Eden Stained Glass. We also co-sponsored bursaries for Jim Brearley-Ratcliffe, Ellie Jae Dobson and Marlene Kate Longworth, to support their William Morris Craft Fellowships with the Society for the Protection of Ancient Buildings.

During the year we also awarded two dissertation prizes of £500 each (2024: £500 each) to two students at the University of York’s Department of Archaeology, for submissions connected with historic buildings. One prize went

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to an undergraduate, Grace Carroll, in support of course fees for continued study. Her dissertation focused on All Saints Church in Huntington. The other prize went to a student who has completed an MA in Historic Building Conservation, Delara Daniali. Her dissertation focused on the evolution of timber-framed buildings in Coney Street.

In addition, we gave a grant of £1,750 (2024: £1,500) to York Design Awards towards the costs of funding their annual event.

On a more practical level:

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. In recent years 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.

During the year we completed an exhaustive review of our property portfolio, assessing each property for its heritage value, its market value and yield, and its current capital requirement costs and, in November 2024, the board adopted a new 10-year financial plan. Given a level playing field, at the end of the 10 years, trustees are confident that the Trust should have addressed its most pressing conservation needs, be debt free and be on a much sounder financial footing to deal with future challenges.

We are grateful to consultants, Dr Dav Smith and Mr Geoff Maybank for their contributions to this review.

Legacy

During the year we received payment of £125k from the estate of the late Prunella King. This was in addition to the £55k we received in the previous year. We are extremely grateful for such legacies which make such an important contribution to our work.

Archive

During the year, with the invaluable support of our volunteers, Jack Pearce, Genevieve Rainey, Miriam Samuels and Megan Slater, 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 our buildings and with the preparation of statements of significance.

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We were particularly excited to unearth some original, historic and exquisitely detailed drawings of Herbert House which will be of great use to our Framing the Future project.

FUTURE PLANS

Property portfolio

In the short-term we plan to carry out the following works:

Other significant works planned for the near to medium term include:

We are mindful of the advantages of working in partnership with others on our conservation projects. We are currently engaging with York Citizens Theatre Trust around its plans to improve access for staff and actors to the back of house areas and improved access to the Keregan Room, which is formed from the remains of the medieval vaulted stone undercroft of St Leonard’s Hospital, and Tate Wilkinson House.

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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 financial resources.

However, we are aware that 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 Herbert House and the grant from the Architectural Heritage Fund is an exemplar of 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 2025 was £150m (2024: £152m) and the total sum insured was £188m (2024: £187m).

Over the year we returned a net surplus of £1.7m (2024: £(930)k) before losses on investment properties of £(69)k (2024: £(394)k).

We are conscious of the material demands we face for ongoing conservation works, particularly on some of our larger heritage properties which are not financially self-sustaining. Given this, in recent years, we have sold a number of properties and, this year, we have put in place a 10-year financial plan to bolster our longer-term financial resilience.

The balance held as unrestricted funds as at 31 March 2025 was £30.3m (2024: £28.6m). This figure reflected all known liabilities as at the balance sheet date and there are no material uncertainties. This sum comprised assets totalling £31.7m (2024: £32.0m) and creditors totalling £1.4m (2024: £3.4m).

Of the assets, none (2024: £476k) were held as free reserves, due to a £4.3m transfer to designated funds in relation to the 10-year financial plan. At the year end, £75k (2024: £115k) was pre-contracted to material conservation projects.

Of the year-end total reserves of £30.3m (2024: £28.6m), £28.1m (2024: £24.0m) were held as unrestricted designated funds and £3k (2024: £4k) 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:

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Investment performance and future plans

At the year end, within our investment property portfolio we held 12 (2024: 15) residential units and one (2024: one) furnished guest-letting unit with a combined value of £3.0m (2024: £3.4m). During the year we sold our three investment properties at Malt Shovel Court. We also held cash on deposit (including our working cash balance) of £3.4m(2024: £1.1m).

We review the performance of our investment properties on an annual basis to ensure that we are achieving returns in line with the market after allowing for the fact that we do not incur external management costs. In the year, we made a capital return on our investment properties of-2.0% (2024: -10.3%) and an income return of 2.5% (2024: 1.7%).

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. We are also mindful of the risk of placing the majority of our funds with one deposit holder and, in the coming year, plan to start managing some of our cash through the Flagstone platform to achieve greater diversity.

Reserves policy

Historically, our income has been obtained primarily from property rentals and furnished guest lets. In the past, our expectation was that, in a typical year, our income would not only cover new property purchases, the routine maintenance of our properties and our overheads but also that it would 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. To address this issue, in 2024 we completed an extensive programme of work to determine our conservation work priorities over the following ten years and, to the extent that we are able, we are designating funds to deliver on these plans. Where we anticipate a financial deviation between our aspirations and our ability to deliver on such works, works have been postponed until such time as we can afford to carry them out. Inevitably, there is a cost to such delays, either through lost income or additional expense.

Despite our best endeavours when preparing this 10 year plan, there will be times when we are financially exposed in the short term due to a host of routine operating factors that we cannot reasonably prepare for. We might experience a substantial short-term loss of income if a large commercial tenant unexpectedly vacates. We might need to renovate a flat at short notice if a residential tenant suddenly moves out. We might face an unforeseen and complex emergency repair which is in the nature of managing heritage properties. Our programme of work might be delayed due to access difficulties or planning delays. To the extent that we have not allowed for such eventualities within our 10 year programme of work, we have set aside £600k as a designated contingency fund for this period to deal with such issues.

We are also aware that our income and expenditure streams can vary due to random factors outside our control. For example, we had an unexpected drop in

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our property rental and guest accommodation income during the recent COVID19 pandemic. Similarly, should a member of staff take a prolonged period of sick leave, given our very small staff team, this could have a disproportionate effect on our finances. To allow the Trust to ride out any unpredictable variances in income and expenditure, we have set aside an undesignated cash reserve of £200k to act as a buffer until the Trust is able to reorganise its finances.

We recognise that the above policy primarily addresses our first charitable objective of providing for the conservation and preservation for the public benefit of buildings and land of significant historic interest, architectural merit or amenity value in York and North Yorkshire. We are equally committed to our other objectives of promoting public knowledge and enjoyment of our properties and advancing education and skills in buildings conservation. However, we acknowledge that, as we work through our 10-year conservation plan, we are likely to have to rely on support from grant makers and donors, both alone and in partnership with other charities, to pursue these objectives.

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 and up to 10 years ahead.

Over the next few years, we face significant costs associated with our required programme of conservation works. Recognising that these exceed our projected income from rents, we have earmarked designated funds from the proceeds of the recent disposal of some properties of lesser conservation significance. A further property disposal is anticipated in the next financial year. If this sale is delayed, this will not impact on our immediate spending plans but we may need to modify the timing of our longer-term 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, and shareholders are eligible to hold office as a trustee / director. They may be appointed and act as such subject to becoming a member within two months of their appointment. However, share ownership is not a prerequisite to becoming a trustee / director and up to three non-family trustees / directors can be appointed. This helps us improve the diversity and skill set of the board.

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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 they 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 20 to the financial statements.

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. All new trustees receive a welcome pack and we are currently developing a dedicated trustee handbook.

Trustees are encouraged to participate in relevant seminars / training sessions, including those on charity governance and finance, 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 policies and reviewing their development 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.

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 high-level strategic risk register and a more detailed operational risk register, both of which are updated at least annually. Risk Committee oversees this process, approving the operational risk register and recommending the strategic risk register to the board.

We recognise, however, that we can only manage risk, we cannot eliminate it. We consider that the three 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 20 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:

Approved by trustees on 4 July 2025 and signed on their behalf by James R Morrell, Chair of trustees.

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REFERENCE AND ADMINISTRATIVE INFORMATION

Company registration no 00395954
Charity registration no 504302
Registered ofce De Grey House
St Leonard’s Place
York
YO1 7HE
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
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 AND ADMINISTRATIVE INFORMATION CONT’D

Trustees Charles H E Butler Appointments committee Patricia A Butler Vanessa R M Butler Risk committee Anna E Gawthorp James R J Grierson From 18 October 2024 Chair & Appointments James R Morrell committee Jeremy S Morrell Risk Committee Margaret A Morrell Appointments committee Olivia H Morrell Appointments committee Ruth I Morrell Risk committee James E Naish From 18 October 2024 Staff Guy F J Bowyer Secretary / chief executive Richard T Fearnley Assistant building manager Tony S Leonard Buildings manager Kelly J Storrer 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 2025 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 18, 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-for-auditors/ Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.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

4 July 2025

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STATEMENT OF FINANCIAL ACTIVITIES AND INCOME & EXPENDITURE ACCOUNT FOR YEAR ENDED MARCH 2025

Note
Income from
Donations and legacies
2
Charitable activities
2
Investments
2
Other
2
Net gains / (losses) 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		 Unrestricte
d
undesignat
ed
£
125,082
2,205,101
285,048
263,887
1,459,864
4,338,982
81,738
2,355,432
2,437,170
1,901,812
(69,091)
1,832,721
(4,348,104)
(2,515,383)
4,659,451
2,144,068		 Unrestricte
d
designated
£
-
-
-
-
-
-
-
162,513
162,513
(162,513)
-
(162,513)
4,348,104
4,185,591
23,951,769
28,137,360		 Restricte
d
£
20,000
-
-
-
-
20,000
-
20,606
20,606
(606)
-
(606)
-
(606)
3,762
3,156		 Total
funds
2025
£
145,082
2,205,101
285,048
263,887
1,459,864
4,358,982
81,738
2,538,551
2,620,289
1,738,693
(69,091)
1,669,602
-
1,669,602
28,614,982
30,284,584		 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

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

The notes on pages 29 to 47 form part of these financial statements.

26

YORK CONSERVATION TRUST LIMITED

BALANCE SHEET AS AT 31 MARCH 2025

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		 2025
£
293,751
3,364,626
3,658,377
521,216
130,000
28,137,36
0
1,814,068
200,000		 2025
£
24,540,526
488,749
3,036,134
28,065,409
3,137,161
31,202,570
917,986
30,284,584
30,281,428
3,156
30,284,584		 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

The financial statements were authorised for issue and approved by the board on 4 July 2025 and signed on its behalf by

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

The notes on pages 29 to 47 form part of these financial statements.

27

YORK CONSERVATION TRUST LIMITED

STATEMENT OF CASH FLOWS AS AT MARCH 2025

Notes
Cash fows from operating activities		 2025
£
(97,770)
285,048
(9,171)
3,519,265
341,735
4,136,877
(1,738,523)
(1,738,523)
2,300,584
1,064,042
3,364,626		 2024
£
(1,416,167)
Net cash (absorbed) / provided by operating activities
16
Cash fows from investing activities 222,883
(18,206)
(18,292)
-
Net rents and interest from investments
2
Purchase of fxed assets
8
Net proceeds from sale of fxed assets: heritage
properties
7
Net proceeds from sale of fxed assets: investment
properties
9
Net cash provided by investing activities 186,385
Cash fows from fnancing activities (113,869)
Repayments of borrowings
13
Net cash provided by fnancing operations
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
period
11		 (113,869)
(1,343,651)
2,407,693
1,064,042

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.

28

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES

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.

a. Basis of preparation

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.

b. Public benefit entity

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

c. Going concern

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.

d. Key judgements and estimates

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.

29

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES CONT’D

d. Key judgements and estimates cont’d

Our investment properties included on the balance sheet at fair value (market value) at the balance sheet date. Fair value is based on desktop valuations attributed as at 31 March 2024 to the charity’s investment properties, uplifted as at 31 March 2025 in line with the Office for National Statistics house price statistics as applied to York. The desktop valuations were determined during the Trust’s portfolio review process by its external advisors, which included a Chartered Buildings Surveyor, and were sense-checked by an external property agent and compared with actual valuations received as part of the charity’s property disposals process.

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.

e. Income

Grants and other monies received for specific works 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 2025 which relates to future periods has been deferred in the financial statements.

f. 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.

30

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES CONT’D

g. 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.

h. Allocation of support costs 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.

i. Tangible fixed assets and depreciation

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.

j. Heritage assets

The charity holds 67 freehold heritage properties (2024: 71) 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 conservation 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.

31

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES CONT’D

k. Heritage assets cont’d

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.

k. Investments

All three 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 at the balance sheet date. Fair value is based on desktop valuations attributed as at 31 March 2024 to the charity’s investment properties, uplifted as at 31 March 2025 in line with the Office for National Statistics house price statistics as applied to York as at 28 February 2025. The desktop valuations were determined during the Trust’s portfolio review process by its external advisors, which included a Chartered Buildings Surveyor, and were sense-checked by an external property agent and compared with actual valuations received as part of the charity’s property disposals process.

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.

l. 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.

m.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.

n. Bank and cash in hand

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.

32

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES CONT’D

o. 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.

p. 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 loan 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 and funds set aside in the current year to finance conservation projects specifically identified by the portfolio review.

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.

q. Financial instruments

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 the bank loan which has been subsequently measured at amortised cost using the effective interest method.

r. Pension scheme

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.

s. 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.

33

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

1 ACCOUNTING POLICIES CONT’D

t. Related party transactions and conflicts of interest

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.

u. Employee benefits

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.

34

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

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 gains / (losses) on disposal of heritage assets (note 7)
Total income		 2025
£
124,916
20,000
-
166
145,082
1,907,145
161,192
9,401
127,363
2,205,101
106,332
30,721
147,995
285,048
5,000
233,002
25,885
263,887
1,459,864
4,358,982		 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

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

35

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

3 ANALYSIS OF EXPENDITURE Current year

Expenditure
Property
management costs:
unrestricted
Property
management costs:
restricted
Staf costs
Legal and
professional fees
Auditor’s
remuneration
Ofce costs
Depreciation
Loss on disposal of
assets
Loan interest
Allocation of
support costs
Allocation of
governance costs
Total expenditure
2025
Total expenditure
2024		 Cost of
raising
funds
£
58,720
3,701
8,016
6,200
-
-
-
76,637
4,138
80,775
963
81,738
97,431		 Charitable
activities
£
1,821,622
16,299
236,005
99,425
-
-
44,272
-
162,513
2,380,136
128,520
2,508,656
29,895
2,538,551
3,368,213		 Governance
costs
£
-
-
8,617
602
14,135
5,923
-
-
-
29,277
1,581
30,858
(30,858)
-
-		 Support
costs
£
-
-
49,336
-
-
77,424
7,479
-
-
134,239
(134,239)
-
-
-
-		 Total 2025
£
1,880,342
20,000
301,974
106,227
14,135
83,347
51,751
-
162,513
2,620,289
-
2,620,289
-
2,620,289
-		 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

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

36

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

3 ANALYSIS OF EXPENDITURE (CONT’D) Prior year

Expenditure
Property
management
costs: unrestricted
Property
management
costs: restricted
Staf costs
Legal and
professional fees
Auditor’s
remuneration
Ofce costs
Depreciation
Gain on disposal of
assets
Loan interest
Allocation of
support costs
Allocation of
governance costs
Total expenditure
2024		 Cost of
raising
funds
£
82,639
-
7,967
-
-
-
932
-
91,538
4,800
96,338
1,093
97,431		 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		 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

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

37

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

4 STAFF COSTS

STAFF COSTS
Total cost of all paid staf
Gross salaries and wages
Employer’s national insurance
Employer’s pension contributions		 2025
£
240,495
20,656
40,823
301,974		 2024
£
272,509
25,325
20,867
318,701

None of the trustees received any remuneration or benefits during the year (2024: none).

The average weekly number of employees during the year was 6 (2024: six). In both 2025 and 2024, all staff were employed in an administrative capacity.

During the year, one employee earned between £70,000 and £79,999 (2024: none) and no employee earned between £60,000 and £69,999 (2024: one).

One higher paid employee accrued benefits under a money purchase scheme (2024: one). In the year, contributions under a money purchase scheme paid on behalf of the higher paid employee totalled £10,768 (2024: £4,533).

The key management personnel of the charity are the chief executive officer, finance manager and operations manager. Total employee emoluments of the key management personnel, including employer’s national insurance and pensions, were £188,891 (2024: £239,914).

5 NET INCOME

5 NET INCOME
This is stated after charging
Auditor’s remuneration
Depreciation
6 AUDITOR REMUNERATION
Audit of the fnancial statements
Other services		 2025
£
14,135
51,751
2025
£
14,135
375
14,510		 2024
£
13,525
56,412
2024
£
13,525
4,588
18,113

38

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

7 HERITAGE FIXED ASSETS

Cost or valuation
1 April 2024
Additions
Disposals
31 March 2025
Impairment
1 April 2024
Additions
Disposals
31 March 2025
Net book values
31 March 2025
31 March 2024
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
-
(2,059,401)
25,285,269
819,613
-
-
819,613
24,465,656
26,525,057
-
24,465,656
24,465,656		 Total
£
27,419,540
-
2,059,401
25,360,139
819,613
-
-
819,613
24,540,526
26,599,927
57,000
26,542,927
26,599,927

The charity owns 67 freehold heritage properties (2024: 71) dating from the C14th and the Thompson Mausoleum, Little Ouseburn, North Yorkshire. All have conservation and preservation interest.

During the current year, the Trust disposed of properties at 4-8 Walmgate, 1 Museum Street and 8 Colliergate.

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 £621k at the year-end (2024: £602k)

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

The charity acquired historic artefacts with the purchase of The Assembly Rooms. They were valued for insurance purposes by Tennants on 21 June 2024 at £244k.

39

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

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		 2025
£
-
2,059,401
-
2,130,183
3,519,265
-
1,459,864		 2024
£
-
-
18,292
-
18,292
-
-
(18,292)		 2023
£
-
-
437,471
-
437,471
2,411,065
-
1,973,594		 2022
£
-
-
-
-
8,000
8,000
-
-
-		 2021
£
-
-
-
-
-
-
-
-
-

During the current year, the Trust disposed of properties at 4-8 Walmgate, 1 Museum Street and 8 Colliergate.

8 FIXED ASSETS

Cost
1 April 2024
Additions
Disposals
31 March 2025
Depreciation
1 April 2024
Provision for the year
Disposals
31 March 2025
Net book values
31 March 2025
31 March 2024		 Fixtures
and fttings
£
905,608
3,420
-
909,028
389,778
44,272
-
434,050
474,978
515,830		 Plant and
equipment
£
34,396
5,751
(2,646)
37,501
18,897
7,479
(2,646)
23,730
13,771
15.499		 Total
£
940,004
9,171
(2,646)
946,529
408,675
51,751
(2,646)
457,780
488,749
531,329

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

40

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

9 INVESTMENTS

At valuation
1 April 2024
Revaluation
Loss on disposal
Proceeds of disposal
31 March 2025		 Properties
£
3,446,960
(61,866)
(7,225)
(341,735)
3,036,134

The Trust owns investment properties at 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 £1.2m (2024: £1.3m).

During the current year, three investment properties at Malt Shovel Court, which were let residentially, were disposed of for £342k as part of a block disposal with 4-8 Walmgate.

The baseline for the valuation of our investment properties was a desktop valuation carried out in the previous year during the Trust’s portfolio review process by its external advisors, which included a Chartered Buildings Surveyor. It was sense-checked by an external property agent and compared with actual valuations received as part of the charity’s property disposals. The valuation has been uplifted as at 31 March 2025 in line with the Office for National Statistics house price statistics as applied to York as at 28 February 2025.

10 DEBTORS

10 DEBTORS
2025
£
Amounts falling due within one year
Rent debtors
256,515
Prepayments
21,146
Accrued income
12,500
Other debtors
3,590
Other taxes
-
293,751
11 ANALYSIS OF CASH AND CASH EQUIVALENTS
2025
£
At bank
3,364,626		 2024
£
301,476
27,439
23,532
-
15,163
367,610
2024
£
1,064,042

41

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

12 CREDITORS DUE WITHIN ONE YEAR

Amounts falling due within one year
Bank loans (secured)
Rents received in advance
Trade creditors
Other taxes and social security costs
Other creditors
Pension contributions
Accruals		 2025
£
25,649
277,782
127,074
41.353
12,168
3,390
33,800
521,216		 2024
£
125,737
313,305
326,503
6,984
96
1,329
64,511
838,465

At the year end, tenant bonds totalling £216k (2024: £246k) were held in designated bank accounts and were not included in cash at bank and in hand.

13 CREDITORS DUE AFTER ONE YEAR

3 CREDITORS DUE AFTER ONE YEAR
2025 2024
£ £
Amounts falling due after more than one year
Bank loan (secured) 917,986 2,556,421

The loan is secured on the following properties: The Assembly Rooms, 13/14 Fossgate, 15/16 Fossgate, 14/16 Lendal, Morrell Yard. The loan is 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 fve years
More than fve years
4 CALLED UP SHARE CAPITAL
Allotted, called up and fully paid
130,000 Ordinary Shares of £1 each		 2025
£
25,649
27,408
94,023
796,555
943,635
2025
£
130,000		 2024
£
125,737
134,501
324,414
2,097,506
2,682,158
2024
£
130,000

14 CALLED UP SHARE CAPITAL

42

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

15 FUNDS

Fund balances at 31 March 2025 are represented by:

Fixed
assets
Current
assets/
liabilities
Long term
liabilities
2025
£
£
£
£
Unrestricted funds
Designated funds
26,251,341
2,804,005
(917,986)
28,137,360
Undesignated funds
1,814,068
330,000
-
2,144,068
28,065,409
3,134,005
(917,986)
30,281,428
Restricted funds
Thompson Mausoleum
-
3,156
-
3,156
28,065,409
3,137,161
(917,986)
30,284,584
und balances at 31 March 2024 are represented by:
Fixed
assets
Current
assets/
liabilitie
s
Long
term
liabilitie
s
2024
£
£
£
£
Unrestricted funds
Designated funds
26,525,05
7
16,867
(2,556,421)
23,951,76
9
Undesignated funds
4,053,159
572,558
-
4,625,717
30,578,21
6
589,425
(2,556,421)
28,611,22
0
Restricted funds
Thompson Mausoleum
-
3,762
-
3,762
30,578,21
6
593,187
(2,556,421)
28,614,98
2		 2024
£
23,951,769
4,625,717
28,611,220
3,762
28,614,982

Fund balances at 31 March 2024 are represented by:

Designated funds at 31 March 2025 are represented by:

Heritage assets Balance at
1 April 2024
£
23,951,769		 Income/
expenditure
£
(162,513)		 Transfer
£
4,348,104		 Balance at
31 March 2025
£
28,137,360

Designated funds at 31 March 2024 are represented by:

Balance at
1 April 2023		 Income/
expenditure		 Transfer Balance at
31 March 2024
£ £ £ £

43

YORK CONSERVATION TRUST LIMITED

Heritage assets 24,237,454 (197,391) (88,294) 23,951,769

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

15 FUNDS (CONT’D)

Undesignated funds at 31 March 2025 are represented by:

Share capital
Income and
expenditure
Revaluation reserve
Undesignated assets		 Balance at
1 April 2024
£
130,000
2,366,876
2,162,575
4,659,451		 Net income/
(expenditure)
£
-
1,901,812
(69,091)
1,832,721		 Transfer
£
-
(4,068,688)
(279,416)
(4,348,104)		 Balance at 31
March 2025
£
130,000
200,000
1,814,068
2,144,068

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

The undesignated fund has remained in credit throughout the year (2024: the fund remained in credit). During the year, £4,348,104 was transferred from undesignated funds to designated funds (2024: £88,294). The year-end balance on the designated funds represents the written down value of our heritage buildings less the outstanding loan 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 and funds set aside in the current year to finance conservation projects specifically identified by the portfolio review.

Restricted funds at 31 March 2025 are represented by:

Thompson
Mausoleum
Grant from City of
York Council under its
LEAD project
Restricted funds		 Balance at
1 April 2024
£
3,762
-
3,762		 Income
£
-
20,000
20,000		 Expenditure
£
606
20,000
20,606		 Balance at
31 March 2025
£
3,156
-
3,156

44

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

15 FUNDS (CONT’D)

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

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.

During the year the Trust received £20k from the City of York Council under their Local Energy Advice Demonstrator (LEAD) Project, to deliver retrofit assessments and heritage statements for some of our residential properties. The funds were spent in full during the year.

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

Net (expenditure) / income
Losses / (gains) on investment properties
Net income/(expenditure) for the reporting period
Adjustments for:
Depreciation charges
(Gains)/losses on disposal of fxed and heritage 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
7 ANALYSIS OF CHANGE IN NET DEBT
At 1 April
2024
£
Cash at bank and in hand
1,064,042
Debt due within 1 year
(125,737)
Debt due after 1 year
(2,556,421)
(1,618,116)		 2025
£
1,669,602
69,091
1,738,693
51,751
(1,459,864)
(285,048)
73,859
-
(217,161)
(97,770)
Cash fows
£
2,300,584
100,088
1,638,435
4,039,107		 2024
£
(1,323,848)
394,244
(929,604)
56,412
18,292
(222,883)
165,044
-
(503,428)
(1,416,167)
At 31 March
2025
£
3,364,626
(25,649)
(917,986)
2,420,991

17 ANALYSIS OF CHANGE IN NET DEBT

45

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

18 CAPITAL COMMITMENTS

Future capital commitments not otherwise included in these accounts:

2025 2024
£ £
Contracted for 75,000 115,000

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 2025 (2024: £0).

During the year, travel and subsistence totalling £4,089 (2024: £6,628) were reimbursed to seven (2024: eight) trustees and catering and travel costs of £1,781 (2024: £1,435) 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 previous financial year ended 31 March 2024. This was an arm’s length transaction at market value of £605.

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 totalling £5,000 (2024: £5,500) were made to York Foundation for Conservation and Craftsmanship of which James Grierson, trustee, and Jonathan Bryant, chief executive officer up to 30 September 2023, are trustees. They did not participate in any decisions relating to the Trust’s funding of the organisation. Ruth Morrell, trustee, attended the YFCC bursary judging days in both 2024 and 2025, interviewing candidates shortlisted by YFCC for bursaries and assisting with deciding who should be recipients of YCT sponsored funding.

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.

46

YORK CONSERVATION TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

22 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
£
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

47