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2025-12-31-accounts

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 2025

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 - 19

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
Dr P A Thake (Resigned 11 April 2025)
Dr D J Tomlin
Mr J D Barstow
Mr J B Horsley
Dr A Green
Mr M Vander Weyer
Mrs J Murray (Resigned 11 April 2025)
Mr R A Shaw
Mr W J Derby (Resigned 11 April 2025)
Prof S Brown
Mr C Fordy
Miss S Palmer
Mr D Terry
Mr M W Bainbridge
Mr N D Peet
Mrs H K Reid
Mr J Crawford (Appointed 11 April 2025)
Ms O Morrell (Appointed 11 April 2025)
Mr M Lawrence (Appointed 11 April 2025)
Cllr C Cullwick (Appointed 11 April 2025)
Charity number 700792
Governor Mr R A Shaw (Appointed 11 April 2025)
Mr M Vander Weyer (Resigned 11 April 2025)
Honorary Chamberlain Mr D Sowden FCA
Clerk to the Company Brigadier J E Richardson
Key Management Personnel Miss L E Marshall
Mrs R Francis
Principal address Merchant Adventurers' Hall
Fossgate
York
YO19 9XD
Independent examiner Jacqueline Helen Senior 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 2025

The Trustee presents its report and financial statements for the year ended 31 December 2025. 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 - 5th February 2025

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 six awards were distributed to deserving recipients who were supported by their units and family. A further award to a sailor of HMS Dragon was awarded later in the year as he was 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 - 9th March 2025 & 18th November 2025

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 - 13th November 2025

The Company held its Business Lecture with Mr Archie Norman. This was a free to public event with a post lecture reception with members and guests.

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 1000 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) for 40 pupils. 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 third year the Company sponsored the Apprentice of the Year within the York Press Business Awards and continued its presentation of the ‘Merchants Prize’ for the best apprentice in Derwent Training and a first award to York College. It will consider expansion to another college of further education in 2026. The Company delivered three Business Breakfast events, free to attendees ranging from start up and young entrepreneurs to established enterprises. Company Members offered advice and mentoring to these new businesses.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Financial review

Total income in the year was £95,217 (2024: £97,606). Of this £250 (2024: £40,720) was restricted. Expenditure in the year totalled £94,099 (2024: £64,149), resulting in a surplus of £1,118 (2024: surplus of £33,457). After investment gains of £3,391 (2024: gains of £8,314) the result for the year is a surplus of £4,509 (2024: surplus of £41,771).

Fundraising events during the year included a Burns' Night fundraiser, a Race Day at York Races and a Company Beer Festival. The Beer Festival developed the successful initiative started in 2023 and has become the major fundraiser and income stream for this trust and will be repeated in 2026.

Donations and Legacies

There were no material donations or legacies made in this financial year.

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 £248,786 which is unrestricted funds less fixed assets. (2024: £219,243).

Investment policy

The Trustee's policy is to create a return from a balance of income and capital growth which it achieves from a portfolio of investments with an overall medium risk profile. The performance of the Investment Manager and the risk profile of the investments is overseen by the Investment Committee. The Trust’s investments have been managed by Sarasin & Partners LLP since 2014 and was reviewed in 2021 confirming their continued suitability. There is no immediate, foreseen, requirement for these funds.

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 2025.

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 and with York College.

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 4th 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 4th February 2026.

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.

Appointment of the Court of Assistants

The Court of Assistants consists of 19 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.

THE COMPANY OF MERCHANT ADVENTURERS OF THE CITY OF YORK 1988 CHARITABLE TRUST TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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. Governance and controls are maintained by the Chamberlain and Clerk who authorise all payments from the Trust; the Clerk authorising payments below £500 with the Chamberlain all above.

The Trustee's report was approved by the Trustee on 16 March 2026 and signed on behalf of the Trustee.

Mr R A Shaw 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 2025

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:

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 2025.

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:

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.

Jacqueline Helen Senior FCA

Fortus Limited Business Advisors and Accountants

Equinox House Clifton Park Shipton Road YO30 5PA York

Dated: 16 March 2026

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 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments
Donations and legacies
2
13,590
-
Other trading activities
3
76,472
250
Investments
4
5,515
-
Other income
5
50
-
Total income
95,627
250
Expenditure
Raising funds
6
63,620
345
Charitable activities
7
5,795
24,556
Total expenditure
69,415
24,901
Net gains/(losses) on
investments
67
-
Net income/(expenditure) for the
year
26,279
(24,651)
Other recognised gains and losses
Other gains or losses
12
2,881
-
Net movement in funds
29,160
(24,651)
Fund balances at 1 January
2025
220,935
40,532
Fund balances at 31
December 2025
250,095
15,881		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
13,590
10,557
40,500
76,722
41,205
220
5,515
5,124
-
50
-
-
95,877
56,886
40,720
63,965
34,507
787
30,351
18,541
10,314
94,316
53,048
11,101
67
-
-
1,628
3,838
29,619
2,881
8,314
-
4,509
12,152
29,619
261,467
208,783
10,913
265,976
220,935
40,532		 Total
2024
£
51,057
41,425
5,124
-
97,606
35,294
28,855
64,149
-
33,457
8,314
41,771
219,696
261,467

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 2025

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds		 2025
£
1,100
160,711
161,811
(12,885)		 £
1,309
115,741
117,050
148,926
265,976
15,881
250,095
265,976		 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

The financial statements were approved by the Trustee on 16 March 2026 and signed on behalf of the Trustee.

Mr R A Shaw 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 2025

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.

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 2025

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.

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 2025

2 Donations and legacies

Unrestricted
Unrestricted
Restricted
funds
funds
funds
2025
2024
2024
£
£
£
Donations and gifts
4,677
745
-
Donations made by individuals and corporations
973
-
40,500
Members' donations
7,940
9,812
-
13,590
10,557
40,500		 Total
2024
£
745
40,500
9,812
51,057
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Fundraising events 76,472 250 76,722 41,205 220 41,425

4 Investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Equity investment income 2,956 2,872
Interest receivable 2,559 2,252
5,515 5,124
5 Other income
Unrestricted Total
funds
2025 2024
£ £
Other income 50 -

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 2025

6 Raising funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Fundraising events
63,403
345
Investment management
217
-
63,620
345		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
63,748
34,507
787
217
-
-
63,965
34,507
787		 Total
2024
£
35,294
-
35,294

7 Charitable activities

Charitable Charitable
Expenditure Expenditure
2025 2024
£ £
Advancement of education 24,870 23,776
Share of support costs (see note 8) 4,491 4,119
Share of governance costs (see note 8) 990 960
30,351 28,855
Analysis by fund
Unrestricted funds 5,795 18,541
Restricted funds 24,556 10,314
30,351 28,855

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 2025

8 Support costs

2025
Support costs
Governance
costs
£
£
Depreciation
383
-
IT costs
470
-
Administration charge from
1944
3,000
-
Staff training
628
-
Advertising and marketing
-
-
Printing and stationery
10
-
Independent examiner's fee
-
990
4,491
990
Analysed between
Charitable activities
4,491
990		 2024
2025
Support costs
Governance
costs
£
£
£
383
224
-
470
957
-
3,000
2,000
-
628
-
-
-
907
-
10
31
-
990
-
960
5,481
4,119
960
5,481
4,119
960		 2024
£
224
957
2,000
-
907
31
960
5,079
5,079

9 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.

10 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Total 1 1
Wages and salaries 21,357 20,673
Social security costs 2,396 1,803
Other pension costs 803 773
24,556 23,249
The total paid to key management personnel during the year was £24,556 (2024: £23,249).

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

11 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 Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

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 2025

12 Other gains
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Realised gain on investment assets 67 -
Unrealised gain on investment assets 2,881 8,314
2,814 8,314
13 Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2025 1,916
At 31 December 2025 1,916
Depreciation and impairment
At 1 January 2025 224
Depreciation charged in the year 383
At 31 December 2025 607
Carrying amount
At 31 December 2025 1,309
At 31 December 2024 1,692

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 2025

14 Fixed asset investments

Listed
investments
Cash held in
fund
£
£
Valuation
At 1 January 2025
109,965
89
Additions
750
(750)
Gains on investment assets
2,881
-
Cash movement
-
2,956
Disposals
(150)
-
At 31 December 2025
113,446
2,295
Carrying amount
At 31 December 2025
113,446
2,295
At 31 December 2024
109,965
89		 Total
£
110,054
-
2,881
2,956
(150)
115,741
115,741
110,054

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

Historical cost at 31 December 2025 £81,473 (2024: £78,666)

Investments at fair value comprise:
Fixed Income
UK Equities
Global Equities
Property
Alternative Investments
Liquid Assets		 2025
£
8,740
6,070
77,462
4,205
13,579
5,685
115,741		 2024
£
11,812
3,699
78,982
3,783
9,558
2,220
110,054
15
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income		 2025
£
1,100
-
1,100		 2024
£
732
1,846
2,578

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 2025

16
Creditors: amounts falling due within one year
Note
Trade creditors
Other creditors
Accruals
Deferred income
17
17
Deferred income
Balance brought forward
Release in year
Deferred in year
At 31 December 2025		 2025
£
3,121
5,680
991
3,093
12,885
2025
£
2,455
(2,445)
3,093
3,093		 2024
£
1,490
5,318
960
2,455
10,223
2024
£
3,000
(3,000)
2,455
2,455

Deferred income relates to advance receipts for events and tankards.

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 2025

18 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 2025 31 December
2025
£ £ £ £
Lecture fund 532 250 (345) 437
Charity Executive fund 40,000 - (24,556) 15,444
40,532 250 (24,901) 15,881
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

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.

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 2025

19 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2025
2025
£
£
Fund balances at 31 December 2025 are represented by:
Tangible assets
1,309
-
Investments
115,741
-
Current assets/(liabilities)
133,045
15,881
250,095
15,881
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		 Total
2025
£
1,309
115,741
148,926
265,976
Total
2024
£
1,692
110,054
149,721
261,467

20 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.

21 Related party transactions

During the year an administration charge of £3,000 (2024: £2,000) and a wages charge of £24,556 (2024: £23,249) 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 £5,679 was due to the 1944 Charitable Trust. (2024: £5,318).

During the year the 1988 Charitable Trust received no additional donations (2024: £40,000) 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 2025 (2024: £nil) to the 1988 Charitable Trust in the year.