Chris Green wrote:
Since the newsletter reaches virtually only people who have an interest in heraldry (of whom we are prime examples!), it is hardly going to bring in much in the way of passing trade.
Nevertheless, when an partner/director/employee/Herald/Pursuivant in a business acts for or does something for that business, it can hardly be classed as being without recompense. It's good PR so its done on behalf of the business by someone with a direct roll in that business to benefit that business. It really can't be classed in the same light as the volunteers who put together newsletters for societies who gain nothing financially by the acts of the society.
York benefits financially from the profits of the College. In producing the newsletter he is acting on behalf of the College; ergo he and his masters benefit from it.