2024-12-31-accounts - The York Merchant Adventurers 1988 Charitable Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Charity registration number 700792

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK

1988 CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST CONTENTS

	Page
Legal and administrative information	1 - 2
Trustee's report	3 - 5
Statement of Trustee's responsibilities	6
Independent examiner's report	7
Receipts and payments account	8
Statement of assets and liabilities	9
Notes to the financial statements	10 - 18

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION

Trustee	The Company of Merchant Adventurers of the City of York	The Company of Merchant Adventurers of the City of York
Board of Trustee	Mr A J Barron
	Mr T P Marks
	Mr P M Shepherd	(Resigned 12 April 2024)
	Dr P A Thake
	Dr D J Tomlin
	Mr J D Barstow
	Mr J B Horsley
	Dr A Green
	Mr R Menage	(Resigned 12 April 2024)
	Mrs J Bartram	(Resigned 12 April 2024)
	Mr M Vander Weyer
	Mrs J Murray
	Mr R A Shaw
	Mr W J Derby
	Mr N D Sampson	(Resigned 1 November 2024)
	Prof S Brown
	Mr C Fordy
	Miss S Palmer
	Mr D Terry
	Mr M W Bainbridge	(Appointed 12 April 2024)
	Mr N D Peet	(Appointed 12 April 2024)
	Mrs H K Reid	(Appointed 12 April 2024)
Charity number	700792
Governor	Mr M Vander Weyer	(Appointed 12 April 2024)
	Mr J B Horsley	(Resigned 12 April 2024)
Honorary Chamberlain	Mr D Sowden FCA	(Appointed 12 April 2024)
	Mr J W Machin FCA	(Resigned 12 April 2024)
Clerk to the Company	Brigadier J E Richardson
Key Management Personnel	Brigadier J E Richardson
	Rebecca Francis - Charity Executive
Principal address	Merchant Adventurers' Hall
	Fossgate
	York
	YO19 9XD
Independent examiner	Frances Howard FCA
	Fortus Limited
	Business Advisors and Accountants
	Equinox House
	Clifton Park
	Shipton Road
	York
	YO30 5PA

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION

Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Harland & Co 18 St Saviourgate York YO1 2NS Investment advisors Sarasin & Partners LLP 100 St Paul's Churchyard London EC4M 8BU

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustee presents its report and financial statements for the year ended 31 December 2024. The Company of Merchant Adventurers of the City of York is incorporated by a Royal Charter of 1581 from Queen Elizabeth I and is the sole trustee of the registered charity numbered 700792, The York Merchant Adventurers’ 1988 Charitable Trust.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charitable Trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019".

The legal and administrative information pages form part of this report.

Objectives and activities

The primary focus of the Trust remains the promotion of enterprise education in the schools, colleges and universities of York and North Yorkshire.

The Trustee has paid due regard to guidance issued by the Charity Commission in deciding what activities the Charitable Trust should undertake.

Achievements and performance

Achievement Tankard Awards - 8th February 2024

The Company held its Tankard Awards event recognising achievements in affiliated units of the Armed Forces, University undergraduates and Cadets. During a very enjoyable evening 7 awards were distributed to deserving recipients who were supported by their units and family. Further awards to a sailor of HMS Dragon and a soldier from 1 Royal Yorks were awarded later in the year as both were engaged in critical operational matters and unable to attend. The event concluded with an informal supper hosted by the Company with the Company leadership and many members attending.

Science and Arts Discovery Lecture - 20th March 2024 & 27th November 2024

The Company delivered both Science and Arts lectures during the year as open and free to public events. Audiences of over 150 made up of Company Members, the public and university students attended both lectures. The Company entertained the speaker and guests to an informal supper at the end of the event. This is a shared funded programme in conjunction with the University of York.

Business Discovery Lecture - 6th November 2024

The Company held its inaugural Business lecture with Company Member, entrepreneur and philanthropist Mr Julian Richer giving the first lecture. This was a free to public event with a pre reception for all attending, generously supported by Mr Richer.

Enterprise Education

The Company delivered its full range of Enterprise Education events over the year:

Merchant Adventurers' Experience for 8-11 year old primary school children of York. This initiative saw over 800 children visit to use the Hall as a primary learning resource to study topics of history, commerce, medicine, music, drama and social studies. Early successful visits provided traction to fill the available programme. While there is a standard programme, the Hall varies subject matters to better support the current curriculum emphasis. This programme will be repeated, fully funded including transportation, by the 1988 Charitable Trust.

Merchant Adventurers' Enterprise Partnership for secondary school pupils of York. A business masterclass was delivered in partnership with the already established Independent State School Partnership of York (ISSP). The Enterprise Partnership delivered a bespoke business and commerce extra-curricular programme, with Company Members acting as advisors and mentors, alongside formal teaching in both school and industry settings. The course was enhanced with a public speaking and presentation module to aid development of these critical communication skills. Students visited off-site businesses to learn and discover the stories behind commercial success and attended a presentation evening pitching syndicate business ideas to a critical audience. This programme will be repeated, fully funded by the 1988 Charitable Trust.

Business Achievement and Recognition

The Company continued its support programme for the York business community. The Company sponsored a business faculty prize for the University of York and a Business Innovation award for York St John University. For the second year the Company sponsored the Apprentice of the Year within the York Press Business Awards and made its first presentation of the ‘Merchants Prize’ for the best apprentice in Derwent Training. It will expand to another college of further education in 2025.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Financial review

Total income in the year was £97,606 (2023: £60,128). Of this £40,720 (2023: £519) was restricted. Expenditure in the year totalled £64,149 (2023: £60,813), resulting in a surplus of £33,457 (2023: deficit of £685). After investment gains of £8,314 (2023: gains of £5,090) the result for the year is a surplus of £41,771 (2023: surplus of £4,405).

Fundraising events during the year included a Burns' Night fundraiser and a Company Beer Festival. The Beer Festival developed the successful initiative started in 2023 and will be repeated in 2025.

Donations and Legacies

The anonymous donation of £50,000 received in 2018 from a Member of the Company specifically to fund the employment of a parttime Charity Executive was expended by May 2024. The post continued to be funded directly from the fund until the year end. A new donation of £40,000 has been received from the Company to sustain this post for a further 20 months. The increase in use of this fund was directed by the Court to employ the Charity Executive for 2.5 days per week, rising from 0.5 days, to support the increased Enterprise education activity.

Reserves policy

Noting that the Trust has no forward commitment of funds, the Trustee considers that the 1988 Trust need only maintain a reserve sufficient to have the flexibility to meet on-going demands on its resources together with the possibility of higher expenditure if the occasion warrants. A minimum figure of £50,000 has been set on the reserve.

Current free reserves stand at £219,243 which is unrestricted funds less fixed assets. (2023: £208,783).

Investment policy

The policy is to maintain the real value of a reserve fund able to continue the Charity’s enterprise education activities; the investment risk is commensurate with this. The Trust’s investments have been managed by Sarasin & Partners LLP since 2014. Performance has continued to improve with losses in 2022 being subsequently recovered. There is no immediate foreseen requirements for these funds but they allow expansion of the education initiatives if decided.

Risk management

The Trustee has conducted a review of the major risks to which the charity is exposed. Where significant risks were identified, systems have been established to mitigate those risks. A comprehensive risk register is maintained by the Clerk and the Company’s Officers. The risk register was agreed by the Audit committee during review in December 2024.

Restricted funds

The Trust has two restricted funds, one of which provides funding for the Trust’s Charity Executive, referred to above, and the second provides funding for the Arts and Science Discovery Lectures.

Plans for future periods

The Company has delivered a full and vibrant programme of enterprise education activity while renewing its fundraising strategy. Following success through sponsorship of the primary, secondary and university sectors, it expanded to support the further education sector with a Merchant Adventurers’ prize for the best apprentice of the year in Derwent Training based in Malton.

The Company will continue to deliver a ‘Merchant Adventurer Experience’ series of visits for York school children between the ages of 8 and 11. The Company will repeat The Merchant Adventurers' Enterprise Partnership for secondary school pupils of York for a 3rd year. The Company will deliver a faculty prize for Business to York St John University, sponsor a University of York Business Award and continue to sponsor the York Press Business Awards. The Trust is committed to continue its support for the Armed Services and will present Tankards at its next Prize Giving evening on 6th February 2025.

Structure, governance and management

The charity was formed by a Deed of Trust dated 9 May 1988. The control and management of the charity is vested in the Governor and Court of Assistants who are elected annually by the Company. The Court of Assistants, which meets four times per year, administers the charity. It is advised by more frequent, regular meetings of the Officers of the Company and the Company’s charity committee. There is a sub-committee of the Court of Assistants advising on investments and a separate audit sub-committee. The clerk is appointed by the Trustee to supervise the day to day operations of the trust.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Appointment of the Court of Assistants

The Court of Assistants consists of 20 members of the Company elected to support the Governor in accordance with the Royal Charter of 1581. These members are elected annually at the Company's Charter Day Court, held in April, and they are the charity trustees of The Company of the Merchant Adventurers of the City of York as defined in the Charities Act 2011.

Induction and Training

On being invited to stand for election, new members of the Court receive a detailed letter explaining the responsibilities of each elected member and copies of the minutes of meetings held in the previous year. All newly elected members attend a detailed briefing by the Governor of the Company, as Chairman of the Court of Assistants, assisted by the Clerk to the Company, prior to their first meeting.

Financial Management

Quarterly management accounts and cash flow forecasts are produced by the Clerk using Xero accounting software. Management accounts and cash flow forecasts are scrutinised monthly by the Honorary Chamberlain and quarterly by the Company’s Officers and Court of Assistants.

The Trustee's report was approved by the Trustee on 11 April 2025 and signed on behalf of the Trustee.

Mr M Vander Weyer

Governor

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST

STATEMENT OF TRUSTEE'S RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Trust and of the incoming resources and application of resources of the Charitable Trust for that year.

In preparing these financial statements, the Trustee is required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustee is responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Trust and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. It is also responsible for safeguarding the assets of the Charitable Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEE OF THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK

I report to the Trustee on my examination of the financial statements of The Company of Merchant Adventurers of the City of York (The Charitable Trust) for the year ended 31 December 2024.

Responsibilities and basis of report

As the Trustee of The Charitable Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Charitable Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1 accounting records were not kept in respect of the Charitable Trust as required by section 130 of the 2011 Act; or
2 the financial statements do not accord with those records; or
3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Frances Howard FCA

Fortus Limited Business Advisors and Accountants Equinox House Clifton Park Shipton Road YO30 5PA York

Dated: 11 April 2025

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income Donations and legacies 2 10,557 40,500 Other trading activities 3 41,205 220 Investments 4 5,124 - Total income 56,886 40,720 Expenditure Raising funds 5 34,507 787 Charitable activities 6 18,541 10,314 Total expenditure 53,048 11,101 Net income/(expenditure) for the year 3,838 29,619 Other recognised gains and losses Other gains or losses 11 8,314 - Net movement in funds 12,152 29,619 Fund balances at 1 January 2024 208,783 10,913 Fund balances at 31 December 2024 220,935 40,532	Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 51,057 17,957 519 41,425 37,923 - 5,124 3,729 - 97,606 59,609 519 35,294 34,617 - 28,855 2,714 23,482 64,149 37,331 23,482 33,457 22,278 (22,963) 8,314 5,090 - 41,771 27,368 (22,963) 219,696 181,415 33,876 261,467 208,783 10,913	Total 2023 £ 18,476 37,923 3,729 60,128 34,617 26,196 60,813 (685) 5,090 4,405 215,291 219,696

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

All income and expenditure is derived from continuing activities.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

Notes Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Income funds Restricted funds 17 Unrestricted funds	2024 £ 2,578 157,366 159,944 (10,223)	£ 1,692 110,054 111,746 149,721 261,467 40,532 220,935 261,467	2023 £ 100 129,514 129,614 (8,647)	£ - 98,729
				98,729 120,967
				219,696
				10,913 208,783
				219,696

The financial statements were approved by the Trustee on 11 April 2025 and signed on behalf of the Trustee.

Mr M Vander Weyer Trustee

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

The Company of Merchant Adventurers of the City of York is a charity registered with the Charity Commission for England and Wales.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charitable Trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Charitable Trust is a Public Benefit Entity as defined by FRS 102.

The Charitable Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Charitable Trust.

The financial statements have been prepared under the historical cost convention with fixed asset investments remeasured at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustee has a reasonable expectation that the Charitable Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustee continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustee in furtherance of charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

All income is included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Where a funder specifies that income must be used in future accounting periods it is carried forward as deferred income.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure includes any VAT.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource.

10 -

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies (continued)

1.6 Tangible fixed assets

All assets costing more than £1,000 are capitalised.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings

5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Listed investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the period.

1.8 Impairment of fixed assets

At each reporting end date, the Charitable Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.10 Financial instruments

The Charitable Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charitable Trust's balance sheet when the Charitable Trust becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

11 -

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2 Donations and legacies

Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 745 - Donations made by individuals and corporations - 40,500 Members' donations 9,812 - 10,557 40,500	Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 745 4,497 - 40,500 - 519 9,812 13,460 - 51,057 17,957 519	Total 2023 £ 4,497 519 13,460
		18,476

3 Other trading activities

	Unrestricted	Restricted	Total	Unrestricted
	funds	funds		funds
	2024	2024	2024	2023
	£	£	£	£
Fundraising events	41,205	220	41,425	37,923

4 Investments

Equity investment income Interest receivable Raising funds Unrestricted Restricted funds funds 2024 2024 £ £ Fundraising events 34,507 787 34,507 787	Unrestricted Unrestricted funds funds 2024 2023 £ £ 2,872 2,740 2,252 989 5,124 3,729 Total Unrestricted Total funds 2024 2023 2023 £ £ £ 35,294 34,617 34,617 35,294 34,617 34,617	Unrestricted Unrestricted funds funds 2024 2023 £ £ 2,872 2,740 2,252 989 5,124 3,729 Total Unrestricted Total funds 2024 2023 2023 £ £ £ 35,294 34,617 34,617 35,294 34,617 34,617
		3,729
		Total 2023 £ 34,617
		34,617

5 Raising funds
12 -

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Charitable activities

Advancement of education Share of support costs (see note 7) Share of governance costs (see note 7) Analysis by fund Unrestricted funds Restricted funds Support costs 2024 Support costs Governance costs £ £ Depreciation 224 - IT costs 957 - Administration charge from 1944 2,000 - Staff training - - Advertising and marketing 907 - Printing and stationary 31 - Independent examiner's fee - 960 4,119 960 Analysed between Charitable activities 4,119 960	Charitable Expenditure Charitable Expenditure 2024 2023 £ £ 23,776 23,576 4,119 1,720 960 900 28,855 26,196 18,541 2,714 10,314 23,482 28,855 26,196 2023 2024 Support costs Governance costs 2023 £ £ £ £ 224 - - - 957 390 - 390 2,000 1,200 - 1,200 - 130 - 130 907 - - - 31 - - - 960 - 900 900 5,079 1,720 900 2,620 5,079 1,720 900 2,620	Charitable Expenditure Charitable Expenditure 2024 2023 £ £ 23,776 23,576 4,119 1,720 960 900 28,855 26,196 18,541 2,714 10,314 23,482 28,855 26,196 2023 2024 Support costs Governance costs 2023 £ £ £ £ 224 - - - 957 390 - 390 2,000 1,200 - 1,200 - 130 - 130 907 - - - 31 - - - 960 - 900 900 5,079 1,720 900 2,620 5,079 1,720 900 2,620
		26,196
		2,714 23,482
		26,196
		2023 £ - 390 1,200 130 - - 900
		2,620
		2,620

7 Support costs

8 Trustee

No member of the Court of Assistants or any person connected with it received any remuneration or reimbursement of expenses during the year or in the prior year.

13 -

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

9 Employees

The average monthly number of employees during the year was:

	2024	2023
	Number	Number
Total	1	1
Wages and salaries	20,673	19,800
Social security costs	1,803	1,686
Other pension costs	773	730
	23,249	22,216

The total paid to key management personnel during the year was £23,249 (2023: £22,216).

There were no employees whose annual remuneration was £60,000 or more during the current or prior year.

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Tax ation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Other gains or losses

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Gain/(loss) on investment assets	8,314	5,090
Tangible fixed assets
	Fixtures	and fittings
		£
Cost
Additions		1,916
At 31 December 2024		1,916
Depreciation and impairment
Depreciation charged in the year		224
At 31 December 2024		224
Carrying amount
At 31 December 2024		1,692

12 Tangible fixed assets

14 -

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

13 Fixed asset investments

Listed investments Cash held in fund £ £ Valuation At 1 January 2024 95,989 2,740 Additions 7,000 (7,000) Gains on investment assets 8,314 - Investment income - 3,011 Brought forward correction (1,338) 1,338 At 31 December 2024 109,965 89 Carrying amount At 31 December 2024 109,965 89 At 31 December 2023 95,989 2,740	Total £ 98,729 - 8,314 3,011 -
	110,054
	110,054
	98,729

The investments consist of listed accumulation units in common investment funds specifically for charities. Income is reinvested without payment of tax.

Historical cost at 31 December 2024 was £78,666 (2023: £75,655)

Investments at fair value comprise: Fixed Income UK Equities Global Equities Property Alternative Investments Liquid Assets	2024 £ 11,812 3,699 78,982 3,783 9,558 2,220 110,054	2023 £ 13,220 19,698 46,626 3,594 8,995 6,596
		98,729

14 Debtors Amounts falling due within one year: Trade debtors Prepayments and accrued income	2024 £ 732 1,846 2,578	2023 £ 100 -
		100

15 -

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

15 Creditors: amounts falling due within one year

Note Deferred income 16 Trade creditors Other creditors Accruals 16 Deferred income Balance brought forward Release in year At 31 December 2024	2024 £ 2,455 1,490 5,318 960 10,223 2024 £ - 2,445 2,455	2023 £ - 1,685 6,062 900 8,647 2023 £ 3,000 (3,000) -

Deferred income relates to advance receipts for events and tankards.

16 -

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

17 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

			Movement	in funds
		Balance at	Income	Expenditure	Balance at
	1	January 2024			31 December
					2024
		£	£	£	£
Lecture fund		691	720	(879)	532
Charity Executive fund		10,222	40,000	(10,222)	40,000
		10,913	40,720	(11,101)	40,532
			Movement	in funds
		Balance at	Income	Expenditure	Balance at
	1	January 2023			31 December
					2023
		£	£	£	£
Lecture fund		1,438	519	(1,266)	691
Charity Executive fund		32,438	-	(22,216)	10,222
		33,876	519	(23,482)	10,913

The Lecture fund relates to donations made to help in meeting the costs of the annual Science Discovery and Arts Lectures.

The Charity Executive fund relates to donations towards the salary of a charity executive.

17 -

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

18 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted funds Restricted funds 2024 2024 £ £ Fund balances at 31 December 2024 are represented by: Tangible assets 1,692 - Investments 110,054 - Current assets/(liabilities) 109,189 40,532 220,935 40,532 Unrestricted funds Restricted funds 2023 2023 £ £ Fund balances at 31 December 2023 are represented by: Investments 98,729 - Current assets/(liabilities) 110,054 10,913 208,783 10,913	Total 2024 £ 1,692 110,054 149,721
	261,467
	Total 2023 £ 98,729 120,967
	219,696

19 Controlling party

The Charitable Trust is under the control of The Company of Merchant Adventurers of the City of York, as detailed on page 1.

20 Related party transactions

During the year an administration charge of £2,000 (2023: £1,200) and a wages charge of £23,249 (2023: £22,216) was paid to the 1944 Charitable Trust. The 1944 Charitable Trust is also under the control of The Company of Merchant Adventurers of the City of York.

At the year end £5,318 was due to the 1944 Charitable Trust. (2023: £6,062).

During the year the 1988 Charitable Trust received a £40,000 donation from The Company of Merchant Adventurers of the City of York, which was restricted for use as part of the Charity Executive fund.

Members of the Court of Assistants pay an annual donation but no additional donations in 2024 (2023: £nil) to the 1988 Charitable Trust in the year.

18 -