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2025-03-31-accounts

Charity registration number 1006009 (England and Wales)

Company registration number 02653428

THE HANDEL HOUSE TRUST LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

THE HANDEL HOUSE TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees The Earl of Balfour
Harry Bicket OBE
Victoria Broackes
William J Conner
Simon Daniels
Peter Kerber
Lucy Le Fanu
Simon Weil (Chairman)
The Viscountess Cobham CBE (Appointed 2 July 2024)
Martin Donnelly (Appointed 2 July 2024)
John Gracey (Appointed 20 May 2025)
President Christopher Purvis CBE
Charity number (England and Wales) 1006009
Company number 02653428
Registered office Handel Hendrix House
25 Brook Street
London
W1K 4HB
Auditor Richard Place Dobson Services Limited
Ground Floor
1 - 7 Station Road
Crawley
West Sussex
RH10 1HT
Bankers Lloyds plc
185 Baker Street
London
NW1 6XB
C. Hoare &Co.
37 Fleet Street
London
EC4P 4DQ
Investment advisors Lombard Odier
48 Dover Street
London
W1S 4FF
Ruffer
80 Victoria Street
London
SW1E 5JL

THE HANDEL HOUSE TRUST LIMITED

CONTENTS

Page
Chairman's statement for the period ended 31 March 2025 1
Trustees' report 2 - 7
Statement of Trustees' responsibilities 8
Independent auditor's report 9 - 11
Statement of financial activities 12 - 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 32

THE HANDEL HOUSE TRUST LIMITED

CHAIRMAN'S STATEMENT FOR THE PERIOD ENDED 31 MARCH 2025

FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

I am pleased to present the accounts to 31 March 2025 of The Handel House Trust.

These accounts incorporate the first full year of trading by the Trust since the completion, in May 2023, of the Hallelujah Project. There is much to be proud of, with highlights being the launch of our new education programme, our display to mark the 300[th] anniversary of the first performance of Handel’s Rodelinda and the acquisition of important Hendrix materials for our collection.

Visits have firmly recovered to pre-pandemic levels, and the feedback we receive on the quality of the experience we offer is extremely positive.

Our dedicated volunteers make a difference to every visitor’s experience of the museum, offering a friendly welcome and sharing their knowledge and passion for Handel and Hendrix. The Trustees remain incredibly grateful for their support.

As an independent charity that raises all its own funds, the support of donors and grant makers is vital to our work. The Trustees are most grateful to all those who have given donations or awarded grants to the Trust.

Trustees, staff and volunteers were deeply saddened by the death, aged 32 years old, of Bobby Bertolli in September 2024. Bobby was a much-loved member of staff, who fought a brave battle against bowel cancer for almost four years. Throughout his illness he was upbeat and determined to do the job he loved doing, and it is thanks to Bobby that our live music programme and concert series were so successful. We celebrated Bobby’s contribution to the Trust by dedicating to his memory the ‘An Electric Church’ concert in November.

These are the last accounts that I will present on behalf of the Trust. After more than 25 years on the Board, I will be stepping down as both Chairman and a Trustee in September 2025. At that point, Penelope, Viscountess Cobham CBE will become Chairman. I know that, with Penny, the Trust will be in very capable and experienced hands.

I am honoured that the Trustees have invited me to remain involved with the charity by acting as Patron and I look forward to seeing the Trust continue to thrive into the future.

On behalf of the Board of Trustees, I would like to offer renewed thanks to our staff, volunteers, donors, performers and to all those who make the museum a special, engaging and joyful place to visit, and whose dedication enables us to preserve the legacy of Handel and Hendrix on Brook Street.

..............................

S Weil

Chairman

Date:15 September 2025

page 1

THE HANDEL HOUSE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the 17 Month Period ended 31 March 2025.

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 Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

The mission of the Trust is to promote knowledge, awareness and enjoyment of Handel and his music to as wide a public audience as possible. The Trust strives to inspire, educate and inform through the interpretation of the Georgian house in Brook Street, where Handel lived and composed for 36 years, through live music performances, educational and outreach activities and collecting exhibiting and interpreting objects related to Handel's life and works. In addition, the Trust has a mission to promote the musical and cultural heritage of 23 Brook Street through its association with Jimi Hendrix who lived there in the late 20th century.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

In July 2024, the Trustees agreed a new Strategic Plan to 2029 that will focus the Trust’s work and guide how we achieve our charitable objectives. Our vision is to be the place where through music, creativity and stories people grow a sense of belonging in musical worlds of London, past and present. Trustees agreed four areas of strategic focus to achieve that vision and to guide our work:

Within these strategic priorities, we have set deliverables and milestones to complete to further our mission and vision.

The activities described in this report are organised under these priorities.

Heritage and collections

The care and development of our heritage buildings and collections underpins everything we do. We completed a significant overhaul and conservation of our Kirckman harpsichord, one of the most significant objects in our care and key to our live music performances. Specialist conservator Ben Marks gave the instrument a conservation clean, replaced some of the strings and re-quilled the jacks. Other repairs to the body of the instrument were also completed as part of this project.

During the year, we have undertaken a project to photograph and document every item in our collection and to upload this data onto a new collections management system. At 31 March this work was nearing completion.

Following an application submitted in January 2024 our status as an Accredited Museum was renewed by Arts Council England.

Our Hendrix collections have been enriched by the acquisition of a hoard of material from Anim Records, Hendrix’s management company, which was sold at auction by Patricia ‘Trixie’ Sullivan. Trixie Sullivan was assistant to Hendrix’s manager Mike Jeffrey and something of a ‘big sister’ to the acts he managed. The material offers a tantalising glimpse into Hendrix’s day-to-day life in London and on tour during the period he lived at 23 Brook Street and will be a source of new knowledge and understanding for our own curators and scholars further afield. The acquisition of the material, and a project to conserve, catalogue and digitise the material has been made possible by a grant from the National Lottery Heritage Fund.

page 2

THE HANDEL HOUSE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

Our 2023 publication Handel Hendrix House: a Souvenir Guide written by Dr David Souden was complemented with the release, in February 2024, of From Handel’s Home: the Keyboards of Handel Hendrix House , a recording of the keyboard instruments housed at the museum. Recorded by Julian Perkins and released on CD and digital download by Delphian Records, From Handel’s Home is the first survey of the instruments cared for by the Trust and was received with glowing reviews in publications including BBC Music Magazine and Gramophone . The CD is beautifully produced with photographs and descriptions of every instrument. The recording takes our instrument collection to new audiences, including non-visitors, and is a popular souvenir for museum visitors.

November 2024 saw the dressing of Handel Hendrix House for Christmas with festive decorations inspired by its musical past. The displays were complemented by a series of evening events featuring live performances by the Meyer Dancers, who delighted audiences with their 60s ‘go-go’ dancing and fabulous outfits.

In February 2025 we opened a temporary display to celebrate the 300[th] anniversary of the first performance of Handel’s great opera Rodelinda . The centrepiece of the display was a portrait, generously loaned by a private collection, by John Vanderbank of the castrato Senesino depicted playing the character Bertarido in the opera’s original 1725 run. The exhibition also included an original libretto, on loan from the Foundling Museum, an 18[th] -century wallet on loan from the Schorr Collection and items from our own collection. Visitors could enjoy listening to musical extracts from the recent recording of Rodelinda by The English Concert. This display was a fitting tribute to one of Handel’s most important and best-loved operas, which was the third that he wrote in Brook Street. We are most grateful to the exhibition lenders, The English Concert and Linn Records and Mr Richard Hopkin, who generously supported the exhibition.

Visitors and Audiences

Total visits, including attendance at concerts and events, for the period were 24,484 (2023: 9,439). In comparing these figures, it should be noted that the figure for 2023 counts visits from 18 May – 31 October only. We are delighted that so many people are engaging with our heritage and programme.

Live music has been a vital element in our programme over the period. Our programme of informal performances during visiting hours has shared Handel and Hendrix’s music with new audiences and given a platform to many musicians to showcase their talents. This programme has received support from the Chapman Charitable Trust, the Garrick Trust and The Thistle Trust (whose generous support enabled musical performance every day during summer 2024).

Handel Hendrix House After Dark, which ran from November 2023 – February 2024 celebrated our re-opening with atmospheric, music-filled late openings on Friday. The candlelit museum was mesmerising for visitors, who enjoyed contrasting performances from Baroque and contemporary music artists during the same evening. The line-up for the series included Palisander, Intessa Duo, Incantati, Flutes and Frets, and Ese, Emily Elbert, Eddy Smith and William Rees.

We also experimented with new programming ideas. In September Handel’s kitchen came to life when food historians Marc Meltonville and Robert Hoare presented a weekend of Georgian cookery. Dressed in 18[th] -century costume the cooks prepared dishes from Hannah Glasse’s 1747 publication The Art of Cookery Made Plain and Easy. Visitors asked questions and talked to Marc and Robert as they prepared dishes ranging from syllabubs to chicken curry. At an evening event, visitors could sample the hot chocolate made the 18[th] -century way: with port wine.

Concerts of baroque and contemporary music have also delighted our audiences. We were pleased to launch a new series of gigs in the Hendrix Flat, the Jimi Sessions, which included performances with Francesca Ter-Berg, Caleb Kunle, and Intessa Duo. The Baroque programme offered performances by Endelienta Baroque, Venice Music Project, The English Concert, Adrian Butterfield with Silas Wollston, Laurence Cummings OBE, Steven Devine, John Kitchen MBE, Nathaniel Mander, and Sir Mark Padmore CBE among many others.

The Trust staged two large-scale offsite performances, too. In November 2024 we held the second ‘An Electric Church’ event at St Pancras Old Church to celebrate the legacy of Jimi Hendrix. This sold-out evening of music featured performances by the lively Spanish Guitar duo Zorito and Gorillaz bassist Seye Adelekan. In February, in collaboration with The Royal Academy of Music, we presented ‘An Evening With Rachel Podger’ in which the renowned baroque violinist coached and directed an ensemble of students in a programme of concerti and arias. This performance was generously supported by Maecenas.

Finally, we were pleased to host performances by our friends at the London Handel Festival, particularly showcasing emerging talent in their ‘Stars of the Future’ festival strand.

page 3

THE HANDEL HOUSE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

Education programming has been central to the Trust’s activities since the museum first opened in 2001. Our programming in this area was paused first by the COVID-19 pandemic and then by the Hallelujah Project building works. Using a generous grant from The Linbury Trust we were able to, first, appoint a Learning & Communities Manager in April and then to launch a new schools programme in October 2024.

To launch the new programme, we were excited to deliver a unique project for school instrumentalists. Inspired by a contemporary account of a rehearsal of Handel’s Music for the Royal Fireworks that took place in Handel’s house in April 1749, we gathered together 100 young people from several schools to rehearse and record a movement from the Fireworks in the museum. The young musicians, spread over two floors, were held together by the baton of Ollie Mansfield ably assisted by students from The Royal Academy of Music’s Open Academy programme. The day was rounded off with a sharing concert at St George’s Church.

A highlight of the day was a surprise visit by soprano Katherine Jenkins OBE, who spoke to the students about their music making and joined a celebratory photograph that was featured in The Financial Times . The day resulted in a film of the young people’s performance, which can be viewed on our website. We are grateful to all the young people involved in this project, to the musical director and coaches, to Katherine Jenkins and to The Thistle Trust, for making the project possible through a donation.

The learning programme offers a distinctive suite of workshops for students from primary school to ‘A’ Level, with the activities led by professional musicians. All activities include an exploration of the heritage of 23 and 25 Brook Street, which becomes a source of information and inspiration for the young people.

Resources

Delivering our mission requires careful stewardship and development of our human and physical resources. In summer 2024 we completed a quinquennial state of the fabric report, giving a detailed overview of our buildings, M&E and services, with a prioritised and costed list for repairs, servicing and replacement. This report will guide our maintenance strategy in the coming years.

We continue to recruit, retain and invest in our corps of volunteers. Numbering around 45, our volunteers make our work possible by acting as front of house guides to the museum. Volunteers have completed a number of visits to peer attractions and have been pleased to give reciprocal tours to volunteers from other organisations.

We are delighted that, during the period, two new Trustees joined the Board. Penelope, Viscountess Cobham CBE, and Martin Donnelly bring invaluable experience to the Board.

During the period, the Trustees resolved to amend the Trust’s Articles of Association to more accurately reflect our care of the Hendrix flat and his London story and the wider musical heritage of Brook Street.

Financial sustainability (incorporating the Financial Review)

Growing the number of visits, increasing commercial income and fundraising are crucial to our financial sustainability, as is the income provided by our investments. Visitor income grew in line with the number of visits to £255,189 (2023: £98,768). Lower spend per head by visitors and flat demand for private hire of the museum meant trading income did not perform as well as had been hoped, reaching £63,464 (2023: £36,995). In the absence of a major capital project, we were pleased that fundraising contributed a total of £433,585 (2023: £771,385). A claim for Museums and Galleries Exhibition Tax Relief for the Hallelujah Project exhibitions contributed £170,051.

Total income was £982,079 (2023: £981,811). The comparison between the two years reflects the higher fundraising income achieved in 2023 owing to the Hallelujah Project campaign.

Expenditure on raising funds and charitable activities also reflects both the long accounting period and that we are now fully operating as a museum. We are investing in marketing to raise the profile of the museum and our brand, with demonstrable results in awareness and consideration. Expenditure on raising funds was £334,946 (2023: £231,250).

Charitable activities included exhibition making, live music and other programming and the care and development of our heritage and collections. Expenditure included some unforeseen and urgent repairs to lead roofs, lift and humidifier. Total expenditure on charitable activities was £1,434,701 (2023: £904,846).

Whilst we grow our audience, fundraising and commercial activities at the Trust and meet increasing staffing and running costs, the museum is currently carrying an operating deficit which is funded by the capital in our investments. This resulted in a net unrestricted fund balance of £75,251 (-£177,751).

page 4

THE HANDEL HOUSE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

The Trust retains funds in investments of £2,376,639 as an expendable endowment (2023: £2,733,167) and the balance sheet shows a net current assets position of £44,830 (2023: £174,305), both of which demonstrate the financial health of the Trust.

Handel Hendrix Enterprises Ltd, a company incorporated as a wholly owned subsidiary of the Trust under the provisions of the Companies Act 2006, was incorporated on 31 March 2023 in anticipation of increased non-primary purpose trading. Handel Hendrix Enterprises has not yet commenced trading and its accounts will be filed separately with Companies House.

Reserves policy

The Trust has a designated fund of £9,753,186 (2023: £10,086,995) representing the museum’s heritage assets and fixed assets. The heritage assets transferred to the Trust in 2019 from the Handel House Collections Trust represent some £1,410,263 (2023: £1,340,175) of this. The other substantial part of this represents the value of a 999-year lease on the building and the investment portion of which has been adjusted to fair value as noted above. The board’s policy is to maintain a minimum of three months’ operating expenditure in free reserves, which is between £260,000 and £300,000 at current estimates. The Trust considers free reserves to be unrestricted funds not including the designated funds above. These currently total balance of £75,251. Until such time free reserves can be rebuilt from operating surpluses now that the museum is operational, the Trust may draw from endowment funds if needed.

Having produced detailed forecasts and scenario planning, the board considers that the strong reserves position and availability of funds is a sufficient buffer whilst the charity grows income and reduces costs to return to an operating surplus.

It has reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus it continues to adopt going concern basis accounting preparing annual financial statements.

Fundraising regulator and compliance

Fundraising at the Trust is led by the Director with the close involvement of the Trustees. Fundraising performance and methods of engagement of donors and prospective donors are regularly discussed at Board meetings. The Trust does not use professional fundraisers and has not worked with a commercial participator during the year. The Director is aware of his responsibilities under the Code of Fundraising Practice. Proactive fundraising is done through applications to charitable foundations or companies and through tailored approaches to individuals who have generally expressed an interest in our work. We protect more vulnerable members in our community of supporters by not issuing appeals using direct marketing methods or telephone fundraising, and we limit our communications in general to an amount a supporter would reasonably expect to receive to keeр informed about the charity's activities.

No complaints were received by the charity or a person acting on its behalf about fundraising activities carried out by the charity (2023 - none).

Major risks

The Finance Committee is responsible for analysing the type and level of risk at Handel House. Every board meeting agenda includes a review of the major risks to which the Trust is exposed, summarised in an Over-arching Risk Register. The key risks identified by the Register include:

The Board met regularly to discuss and monitor the risks above.

page 5

THE HANDEL HOUSE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

Structure, governance and management

The Handel House Trust Limited, also known as Handel Hendrix House or Handel House ("the Trust" "the House"), is a company limited by guarantee and as such is governed by its Articles of Association as updated on 17 February 2014. It was incorporated on 11 October 1991. It is also a registered charity.

The trustees, who are also the directors for the purpose of company law, and who served during the 17 Month Period and up to the date of signature of the financial statements were:

The Earl of Balfour Harry Bicket OBE Victoria Broackes William J Conner Simon Daniels Peter Kerber Lucy Le Fanu Simon Weil (Chairman) The Viscountess Cobham CBE (Appointed 2 July 2024) Martin Donnelly (Appointed 2 July 2024) John Gracey (Appointed 20 May 2025) Jane Ridley (Resigned 20 May 2025) Michael Ridley (Resigned 20 May 2025)

Recruitment and appointment of trustees

Trustees are elected by the Members at meetings during the year and casual vacancies may be filled by the existing trustees. All newly appointed trustees are sent an induction pack that includes information about the Trust and their role. There is a Nominations Committee that reviews the tenure of Board members, the skills that are required on the Board and the succession policy. It makes recommendations to the Board on possible future appointments. An information pack is sent to new trustees, which includes an outline of their duties and the organisation's expectations of its Board members.

The Finance Committee meets periodically to review the investment strategy and performance. It also oversees the audit and reviews risk in advance of each Board meeting.

The Board reviews its own performance on an annual basis. The Board and the Director assess how the Board functions as a whole and, where appropriate, makes changes. The Chairman also reviews with each of the trustees their performance and contribution and the possible further development of their skills. The Chairman's performance is similarly reviewed by a colleague on the Board.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure

The work of the Trust is overseen by a board of trustees who meet at regular intervals to provide strategic direction and monitor and review the work of the Trust. During the year the board met six times. Board meetings include members of staff as appropriate. The day-to-day running of the Trust was carried out by the permanent staff of the Trust under the leadership of the Director, who reported to the chairman and the board. Salaries of key managers on the staff are agreed by the Finance Committee with reference to comparable salaries paid in the sector. The Trust is also grateful for the support of volunteers who give considerable time and assistance in running the museum.

Connected Charities

The Handel House Trust continues to work closely with its other connected charity, the Handel House Foundation of America, USA. The Foundation provides fundraising and other support for Handel House Trust Limited. Handel House Foundation of America currently has Simon Weil as a common trustee with the Handel House Trust Ltd. Further details of transactions and balances with these connected entities are given in the notes to the financial statements.

page 6

THE HANDEL HOUSE TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

The Trustees' report was approved by the Board of Trustees.

.............................. Simaw Werf Simon Weil (Chairman) Trustee Date: 15 September 2025

page 7

THE HANDEL HOUSE TRUST LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

The trustees, who are also the directors of The Handel House Trust Limited for the purpose of company law, are responsible for preparing the Trustees' 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 17 Month Period which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that 17 Month 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 Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

page 8

THE HANDEL HOUSE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE HANDEL HOUSE TRUST LIMITED

Opinion

We have audited the financial statements of The Handel House Trust Limited (the ‘Charity’) for the 17 Month Period 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 Charity 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 Charity’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

page 9

THE HANDEL HOUSE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HANDEL HOUSE TRUST LIMITED

Responsibilities of trustees

As explained more fully in the statement of Trustees' responsibilities, the trustees, who are also the directors of the Charity for the purpose 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 Charity’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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We have made enquiries of management, and trustees, regarding the procedures relating to identifying, evaluating and complying with

  1. laws and regulations and whether they were aware of any instances of non-compliance;

  2. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

  3. the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

Discussion among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas:

  1. management override of control - we reviewed management accounts and journals to discover any evidence of management override.

  2. revenue recognition - this was tested substantively for all types of income, we also performed analytical testing over the balance.

  3. estimated residual life of building - we reviewed the building for signs of impairment and recent valuation information to confirm the buildings were included within the accounts accurately.

We obtained an understanding of the legal and regulatory framework that the Charitable Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Charitable Company. The key laws and regulations we considered in this context included the UK Companies Act, Charities Act, data protection regulations, health and safety and employment legislation.

Discussion was had with management and the trustees and amongst the engagement team to gain an understanding of the entities current activities, authorisation procedures and effectiveness of the control environment. Our understanding was tested during the audit work and the systems and controls in place were found to be operating effectively.

The engagement partner has reviewed the team selected to undertake the engagement and ensure that they have sufficient competence and are capable of identifying and recognising non-compliance with laws and regulations. No non-compliance was identified.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.

page 10

THE HANDEL HOUSE TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HANDEL HOUSE TRUST LIMITED

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Place Dobson Services Limietd Chartered Accountants

16 September 2025............................ Ground Floor 1 - 7 Station Road Crawley West Sussex RH10 1HT

Richard Place Dobson Services Limited is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

page 11

THE HANDEL HOUSE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

Current financial 17 Month Period Unrestricted Unrestricted
funds
funds
general
designated
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
3
343,403
-
Charitable activities
4
259,404
-
Other trading activities
5
63,464
-
Investments
6
53,908
-
Other income
7
170,051
-
Total income
890,230
-
Expenditure on:
Raising funds
8
309,847
-
Charitable activities
9
1,354,711
-
Total expenditure
1,664,558
-
Net gains/(losses) on
investments
14
4,577
-
Net income/(expenditure)
(769,751)
-
Transfers between funds
1,071,630
(333,809)
Net movement in funds
11
301,879
(333,809)
Reconciliation of funds:
Fund balances at 1 November 2023
As originally reported
(177,751)
10,086,995
Prior 17 Month Period adjustment
(48,877)
-
Fund balances at 1 November 2023
(226,628)
10,086,995
Fund balances at 31 March 2025
75,251
9,753,186		 Restricted
Endowment
funds
funds
2025
2025
£
£
90,182
-
1,667
-
-
-
-
-
-
-
91,849
-
25,099
-
79,990
-
105,089
-
-
368,702
(13,240)
368,702
(12,591)
(725,230)
(25,831)
(356,528)
2,448
2,733,167
104,000
-
106,448
2,733,167
80,617
2,376,639		 Total
Total
2025
2023
As restated
£
£
433,585
771,385
261,071
100,068
63,464
36,995
53,908
73,363
170,051
-
982,079
981,811
334,946
231,250
1,434,701
904,846
1,769,647
1,136,096
373,279
(74,414)
(414,289)
(228,699)
-
-
(414,289)
(228,699)
12,644,859
12,928,681
55,123
-
12,699,982
12,928,681
12,285,693
12,699,982

The statement of financial activities includes all gains and losses recognised in the 17 Month Period. All income and expenditure derive from continuing activities.

page 12

THE HANDEL HOUSE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

Prior financial year Unrestricted Unrestricted Restricted Endowment Total
funds funds funds funds
general designated
funds
2023 2023 2023 2023 2023
As restated As restated As restated
Notes £ £ £ £ £
Income and endowments from:
Donations and legacies 3 262,594 - 508,791 - 771,385
Charitable activities 4 100,068 - - - 100,068
Other trading activities 5 36,995 - - - 36,995
Investments 6 73,363 - - - 73,363
Total income 473,020 - 508,791 - 981,811
Expenditure on:
Raising funds 8 183,250 - 48,000 - 231,250
Charitable activities 9 788,183 - 116,663 - 904,846
Total expenditure 971,433 - 164,663 - 1,136,096
Net gains/(losses) on 14 (25,301) - - (49,113) (74,414)
investments
Net income/(expenditure) (523,714) - 344,128 (49,113) (228,699)
Transfers between funds (237,172) 1,291,762 (1,054,590) - -
Net movement in funds 11 (760,886) 1,291,762 (710,462) (49,113) (228,699)
Reconciliation of funds:
Fund balances at 1 November 2022
As originally reported 534,258 8,795,233 816,910 2,782,280 12,928,681
Prior 17 Month Period adjustment - - - - -
As restated 534,258 8,795,233 816,910 2,782,280 12,928,681
Fund balances at 31 October 2023 (226,628) 10,086,995 106,448 2,733,167 12,699,982

page 13

THE HANDEL HOUSE TRUST LIMITED

BALANCE SHEET

AS AT 31 MARCH 2025

2025 2023
as restated
Notes £ £ £ £
Fixed assets
Tangible assets 16 8,603,961 8,801,942
Heritage assets 17 1,410,263 1,340,175
Investments 18 2,226,639 2,383,560
12,240,863 12,525,677
Current assets
Stocks 19 9,510 12,417
Debtors 20 146,257 172,237
Cash at bank and in hand 48,447 147,326
204,214 331,980
Creditors: amounts falling due within one 21
year (159,384) (157,675)
Net current assets 44,830 174,305
Total assets less current liabilities 12,285,693 12,699,982
The funds of the Charity
Endowment funds 24 2,376,639 2,733,167
Restricted income funds 25 80,617 106,448
Unrestricted funds - general 27 75,251 (226,628)
Unrestricted funds - designated funds 26 9,753,186 10,086,995
12,285,693 12,699,982

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the 17 Month Period ended 31 March 2025, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the 17 Month Period in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 15 September 2025.

..............................

Simon Weil (Chairman)

Trustee

Company registration number 02653428 (England and Wales)

page 14

THE HANDEL HOUSE TRUST LIMITED

STATEMENT OF CASH FLOWS

FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
33
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed assets
Purchase of heritage assets
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from/(used in) investing activities
Net cash generated from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of 17 Month
Period
Cash and cash equivalents at end of 17 Month Period		 2025
£
(54,427)
153,463
(16,088)
(263,301)
793,500
53,908		 2023
£
£
(765,934)
(1,135,046)
-
(229,940)
(251,719)
1,482,714
73,363
667,055
-
(98,879)
147,326
48,447		 £
(680,624)
(60,628)
-
(741,252)
888,578
147,326

page 15

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

1 Accounting policies

Charity information

The Handel House Trust Limited is a private company limited by guarantee without share capital

1.1 Reporting period

On 17 September 2024, the Trustees resolved to change the Trust’s financial year end from 31 October to 31 March, effective from 31 March 2025. The rationale for this change was to improve our business planning by moving the peak summer trading period from the end to the beginning of the financial year and to facilitate benchmarking with similar organisations, the majority of whom adopt a 31 March year end.

1.2 Accounting convention

The financial statements have been prepared in accordance with the trustee's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of investments at fair value]. The principal accounting policies adopted are set out below.

1.3 Prior period adjustment

During the period the Trustees reviewed the treatment of depreciation on the leasehold improvements. This review highlighted that depreciation was being charged at a rate which would write off the leasehold improvements over too short a period. It was decided to adjust the depreciation rate over the life of the lease. This led to an adjustment to the prior years depreciation charged to the statement of financial activities of £55,125 and increased the net book value of the related assets by the same amount.

It was identified that restricted income related to The Library Trust had been recognised and included within the unrestricted fund, rather than being included as restricted income leading to a restricted fund balance to carry forward at the end of the previous accounting period of £104,000. The statement of financial activities for the previous accounting period has now been amended to transfer £104,000 from unrestricted funds to restricted funds.

1.4 Going concern

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

1.5 Charitable funds

Unrestricted funds are the general funds of the charity, which may be used at the trustees' discretion in accordance with the charitable objects.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are grants and donations received that can only be used for the particular purpose stipulated by the donor and are separately recognized in the financial statements according to their respective restrictions.

Grants and donations that are intended to form part of the capital funds of the charity are credited to a fund called an expendable endowment. The donors have indicated that they wish the capital to be retained by the charity and the interest used for its charitable purposes.

page 16

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.6 Income

All income is included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Voluntary income including grants and donations are recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably. Grants of the general nature that are not conditional on delivering certain levels of service are included in donations and legacies.

Income from the shop and commercial hires are accounted for when receivable and allocated to other trading activity.

Investment income is accounted for when receivable.

Admission fees to the museum and exhibition and events income are accounted for on receipt and accounted for as charitable activities.

For legacies, entitlement is taken on a case by case basis as the earlier of the date when the charity is aware that probate has been granted, and either: -

In estimating the value of legacies at the year end, the trustees have exercised their judgement based on the available information and the appropriate application of the Charities SORP.

Income is deferred only when conditions for its receipt have not been met.

Tangible gifts are included in the financial statements, both as income and expenditure, or an addition to fixed assets, at the estimated value of the gift to the charity. The time given by volunteers is not valued in the financial statements.

1.7 Expenditure

All expenditure is recognised on an accruals basis and has been classified under headings that aggregate all costs related to the category. Wherever possible expenditure is directly attributed to areas of activity. Costs attributable to a specific area of activity are identified as support costs and are allocated to the Statement of Financial Activities on the basis of staff time or usage of the building.

Expenditure on raising funds comprise fundraising and marketing expenditure.

Expenditure on charitable activities includes services supplied that are identifiable as wholly or mainly in support of the charity's objectives as shown in the notes to the financial statements.

Governance costs, which are included within expenditure on charitable activities, comprise the costs of compliance with constitutional and statutory requirements and include certain staff costs, auditor's remuneration, trustees indemnity insurance and legal and professional fees.

1.8 Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Assets with an initial cost of more than £1,000 are capitalised and included at cost or, if gifted, their value to the charity at the time of the gift.

page 17

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Depreciation is charged at cost less estimated residual value over their useful lives on the following bases:

Buildings incl. Learning & exhibitions Over 50 years to an estimated residual value of £4m Long leasehold property Over the life of the lease Computers and Office Equipment Over 4 years reducing balance Museum fittings Over 4 to 20 years reducing balance

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.

Capital expenditure on buildings including exhibitions and education includes the cost of materials externally contracted services.

1.9 Heritage assets

The assets consist of a collection of musical instruments, works of art, books, music scores and other documents relating to Handel's life and works. Some items from the collection are on display to the public in the house. Others are in store and available to be viewed on request. The charity manages these assets by way of an internal register and regularly reviews them to ensure they are adequately safeguarded and preserved. Items of particular interest in the collection include:

• Portrait of Wilem De Fesch by Andrea Soldi

These items are held at their insured valuation in the accounts, which is the Trustees best estimate of fair value. The items are managed and inspected regularly by staff. New acquisitions take place only if the Trustees deem the item of significant value to the collection.

1.10 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using their closing quoted market price. Realised and unrealised gains and losses are shown in the statement of financial activities together as net gains on revaluation and disposals of investment assets. Investments held in the cash liquidity funds are classified within current assets.

The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the Trust is that of volatility in the investment markets due to wider economic condition & the attitude of investors to investment risk.

Quoted investments are held at fair values based on closing market price, with gains and losses included in the SOFA in the period in which they arise. Historic cost is disclosed in the investment note to the accounts.

1.11 Impairment of fixed assets

At each reporting end date, the Charity 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).

page 18

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.12 Stocks

Stock is included in the financial statements at the lower of cost and net realisable value and represents the shop stock.

1.13 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14 Financial instruments

The Charity 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 Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.15 Employee benefits

The cost of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

page 19

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.17 Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange rate differences are taken into account in arriving at the net incoming resources.

2 Critical accounting estimates and judgements

When preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets and liabilities. Use of available information and application of judgment are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

The key assumptions made by the Trustees in this respect are as follows:

a) Estimate of fair values of the heritage assets

b) Estimated residual value of the leasehold property at £4m.

As stated in the policies above, the fair values of the Heritage assets are based on the most recent insured valuations. The Trustees this is the most appropriate method considering that the nature of these assets, and their intrinsic value to the museum.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations from individuals
63,294
51,051
Legacies
190,000
-
Grants
12,500
38,754
Handel House Foundation
of America
77,609
377
343,403
90,182
Income from charitable activities
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Charitable activities
Admission fees
255,189
-
Exhibitions and events
1,876
1,667
Education
2,339
-
259,404
1,667		 Total
Unrestricted
Restricted
funds
funds
2025
2023
2023
£
£
£
114,345
45,805
404,791
190,000
143,597
-
51,254
4,000
104,000
77,986
69,192
-
433,585
262,594
508,791
Total
Unrestricted
Restricted
funds
funds
2025
2023
2023
£
£
£
255,189
98,768
-
3,543
1,300
-
2,339
-
-
261,071
100,068
-		 Total
2023
£
450,596
143,597
108,000
69,192
771,385
Total
2023
£
98,768
1,300
-
100,068

4 Income from charitable activities

page 20

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2023
£ £
Shop income 48,161 21,385
Commercial Hires 15,303 15,610
Other trading activities 63,464 36,995

6 Income from investments

Unrestricted Unrestricted
funds funds
2025 2023
£ £
Income from listed investments 53,739 73,330
Other income 169 33
53,908 73,363
Other income
Unrestricted Unrestricted
funds funds
2025 2023
£ £
Other income 170,051 -

7 Other income

8 Expenditure on raising funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Fundraising and publicity
Commercial Hires
8,162
-
Investment management
fees
60,023
-
Fundraising
134,622
25,099
Shop costs
107,040
-
309,847
25,099		 Total
Unrestricted
Restricted
funds
funds
2025
2023
2023
£
£
£
8,162
11,903
-
60,023
19,327
-
159,721
57,331
48,000
107,040
94,689
-
334,946
183,250
48,000		 Total
2023
£
11,903
19,327
105,331
94,689
231,250

page 21

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

8 Expenditure on raising funds

(Continued)

£25,099 of raising fund expenditure spent in 2024 (2023: £48,000) was in respect of restricted funds.

9 Expenditure on charitable activities

Direct costs
Support		 Museum
runnung
expenses
Education
Exhibitions
and events
Governance
costs
2025
2025
2025
2025
£
£
£
£
958,494
51,056
28,136
17,843
350,239
-
-
28,933
1,308,733
51,056
28,136
46,776		 Total
2025
£
1,055,529
379,172
1,434,701

£79,990 (2023: £116,663) of expenditure on charitable activities was in respect of restricted funds.

Previous year:
Direct costs
Support		 Museum
runnung
expenses
Education
Exhibitions
and events
Capital
project costs
Governance
costs
2023
2023
2023
2023
2023
£
£
£
£
£
493,440
6,407
62,110
239,540
6,266
122,516
-
-
9,935
19,755
615,956
6,407
62,110
249,475
26,021		 Total
2023
£
807,763
152,206
959,969

10 Support costs allocated to activities

Staff
IT Costs
Maintenance
Finance
Other costs
Governance Costs
Analysed between:
Museum runnung expenses
Capital project costs
Governance costs		 2025
£
47,709
33,734
57,871
38,339
172,586
28,933
379,172
350,239
-
28,933
379,172		 2023
£
15,097
34,596
47,290
19,717
15,751
19,755
152,206
122,516
9,935
19,755
152,206

page 22

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

10
Support costs allocated to activities
Governance costs comprise:
Audit fees
Legal and professional
11
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets		 (Continued)
2025
2023
£
£
14,350
15,537
14,583
4,218
28,933
19,755
2025
2023
£
£
14,350
15,537
44,946
18,102		 (Continued)
2025
2023
£
£
14,350
15,537
14,583
4,218
28,933
19,755
2025
2023
£
£
14,350
15,537
44,946
18,102
19,755
2023
£
15,537
18,102

12 Trustees

Simon Daniels is Director of the Charity and is also a Trustee. During the 17 month period Simon received a total renumeration of £120,417 (2023 - £82,500) for his role as Director. This role is also in accordance with the articles as stated above.

None of the other Trustees received remuneration or benefits, in this period or the previous year, for their services as Trustees.

13 Employees

The average number of employees during the 17 month period was 11 (2023: 8). The number of employees on the basis of full-time equivalents, was as follows:


of full-time equivalents, was as follows:
2025 2023
Number Number
Capital Project - 3.6
Museum running 5.5 0.6
Education 0.8 0.2
Raising funds 2.2 1.2
Events 0.1 0.2
Support 0.5 0.1
Total 9.1 5.9

page 23

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

13
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2025
2023
£
£
485,481
251,045
45,653
20,816
16,404
8,369
547,538
280,230		 (Continued)
2025
2023
£
£
485,481
251,045
45,653
20,816
16,404
8,369
547,538
280,230
280,230

The number of employees whose annual remuneration was more than £60,000 is as follows:


follows:
2025 2023
Number Number
£80,000 - £90,000 1 1
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2025 2023
£ £
Aggregate compensation 179,685 154,484

The key management personnel comprise of the trustees, the Director and the Deputy Director. The total benefits received by key management are shown above.

14 Gains and losses on investments

Unrestricted Endowment Total Unrestricted Endowment Total
funds funds funds funds
2025 2025 2025 2023 2023 2023
Gains/(losses) arising on: £ £ £ £ £ £
Sale of investments 4,577 368,702 373,279 (25,301) (49,113) (74,414)

15 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

page 24

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

16 Tangible fixed assets

Buildings incl.
Learning &
exhibitions
Long leasehold
property
Assets under
construction
£
£
£
Cost
At 1 November 2023
4,321,233
4,378,173
-
Additions
18,349
-
5,401
Disposals
-
-
-
Transfer to heritage assets
-
-
-
At 31 March 2025
4,339,582
4,378,173
5,401
Depreciation and impairment
At 1 November 2023
253,011
105,193
-
Depreciation charged in the 17 Month Period
5,913
10,716
-
At 31 March 2025
258,924
115,909
-
Carrying amount
At 31 March 2025
4,080,658
4,262,264
5,401
At 31 October 2023
4,068,221
4,272,980
-		 Museum fittings
Computers &
office equipment
£
£
£
205,260
257,803
5,510
-
30,677
-
(151,260)
(2,203)
-
(54,000)
-
-
-
286,277
5,510
-
7,373
459
-
26,660
1,657
-
34,033
2,116
-
252,244
3,394
205,260
250,430
5,051		 Total
£
9,167,979
54,427
(153,463)
(54,000)
9,014,943
366,036
44,946
410,982
8,603,961
8,801,942

page 25

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

17 Heritage assets

At 1 November 2023
Purchases
Transfer from fixed assets
At 31 March 2025		 £
1,340,175
16,088
54,000
1,410,263

In 2019 the charity was donated a large collection by the Handel House Collection Trust of Handel memorabilia and artifacts, all of which are available for display and preservation at the museum. These items were valued for insurance purposes after donation and held at this valuation as the Trustees best estimate of fair value. More detail on the contents of these assets is in the accounting policies to the accounts.

18 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 November 2023
2,356,690
Additions
263,301
Valuation changes
373,279
Movement in cash
-
Disposals
(766,631)
At 31 March 2025
2,226,639
Carrying amount
At 31 March 2025
2,226,639
At 31 October 2023
2,356,690
Historical cost:
31 March 2025: £1,085,736
31 October 2023: £1,616,492
19
Stocks
Finished goods and goods for resale		 Cash in
portfolio
£
26,870
-
-
(26,870)
-
-
-
26,870
2025
£
9,510		 Total
£
2,383,560
263,301
373,279
(26,870)
(766,631)
2,226,639
2,226,639
2,383,560
2023
£
12,417

page 26

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

20
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
21
Creditors: amounts falling due within one year
Notes
Other taxation and social security
Deferred income
22
Trade creditors
Other creditors
Accruals
22
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the 17 Month Period:
Deferred income at 1 November 2023
Resources deferred in the 17 Month Period
Deferred income at 31 March 2025
23
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
526
15,003
130,728
146,257
2025
£
-
434
74,851
6,041
78,058
159,384
2025
£
434
2025
£
434
-
434
434
2025
£
16,404		 2023
£
-
34,478
137,759
172,237
2023
£
7,882
-
49,204
1,752
98,837
157,675
2023
£
-
2023
£
-
-
-
-
2023
£
8,369

page 27

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

23 Retirement benefit schemes

(Continued)

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

24 Endowment funds

Endowment funds represent assets which must be held permanently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

At 1 November
2023
£
Expendable endowments
Expendable Endowment - Investments
2,483,167
Expendable Endowment - Donation
250,000
2,733,167
Previous year:
At 1 November
2022
£
Expendable endowments
Expendable Endowment - Investments
2,532,280
Expendable Endowment Donation
250,000
2,782,280		 Transfers
Gains and
losses
At 31 March
2025
£
£
£
(625,230)
368,702
2,226,639
(100,000)
-
150,000
(725,230)
368,702
2,376,639
Transfers
Gains and
losses
At 31 October
2023
£
£
£
-
(49,113)
2,483,167
-
-
250,000
-
(49,113)
2,733,167		 31 March
2025
£
2,226,639
150,000
2,376,639
2,733,167

(A) The Expendable Endowment arise from a Trust Deed dated 22 December 2000 upon creation of the company and is a separate unrestricted fund. The purpose of the fund is to provide a base from which income, including capital gains, may be generated to enable the trust to meet the future running costs of the museum. Investment income is allocated to unrestricted funds.

(B) A new endowment was created in 2017 from a combination of £250,000 received from the legacy of Alexander Mackenzie of Orde, matched by a grant from the Heritage Lottery Fund. This will be held to sustain the financial security of the Trust after the repossession of the lower floor of 25 Brook Street which was originally planned for December 2021, and the resulting loss of rental income. This fund is also a separate unrestricted fund.

page 28

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

25 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 November
2023
£
Art Fund
2,448
The Linbury Trust
104,000
The Hallelujah Capital Project
-
Handel House Friends of America
-
Roth Costanzo Event
-
Rachel Podger Event
-
Thistle Trust
-
Garrick Charitable Trust
-
The Chapman Charitable Trust
-
The National Lottery Heritage
Fund: T Sullivan Archive
-
106,448
Previous year:
At 1 November
2022
£
The Linbury Trust
-
Capital Project Development Phase
814,462
Art Fund
2,448
816,910		 Incoming
resources
Resources
expended
Transfers
At 31 March
2025
£
£
£
£
-
-
(2,448)
-
-
(33,500)
-
70,500
21,197
(11,080)
-
10,117
377
(377)
-
-
24,660
(24,660)
-
-
4,361
(4,361)
-
-
25,000
(25,000)
-
-
2,500
(2,500)
-
-
2,000
(2,000)
-
-
11,754
(1,611)
(10,143)
-
91,849
(105,089)
(12,591)
80,617
Incoming
resources
Resources
expended
Transfers
At 31 October
2023
£
£
£
£
-
-
104,000
104,000
508,791
(164,663)
(1,158,590)
-
-
-
-
2,448
508,791
(164,663)
(1,054,590)
106,448		 31 March
2025
£
-
70,500
10,117
-
-
-
-
-
-
-
80,617
106,448

Capital project development phase: This fund was set up to support the development phase of the capital project Handel & Hendrix in London which completed and reopened in May 2023 at which point the remaining funds were transferred to the general fund at the point of the asset capitalisation.

page 29

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

26 Unrestricted funds - designated funds

These are unrestricted funds which are material to the Charity's activities.

At 1 November
2023
£
Designated Fixed Assets Fund
8,746,820
Designated Heritage Assets Fund
1,340,175
10,086,995
Previous year:
At 1 November
2022
£
Designated Fixed Assets Fund
7,684,998
Desiignated Heritage Asset Fund
1,110,235
8,795,233		 Transfers
At 31 March
2025
£
£
(403,898)
8,342,922
70,089
1,410,264
(333,809)
9,753,186
Transfers
At 31 October
2023
£
£
1,061,822
8,746,820
229,940
1,340,175
1,291,762
10,086,995		 Transfers
At 31 March
2025
£
£
(403,898)
8,342,922
70,089
1,410,264
(333,809)
9,753,186
Transfers
At 31 October
2023
£
£
1,061,822
8,746,820
229,940
1,340,175
1,291,762
10,086,995
9,753,186
31 October
2023
£
8,746,820
1,340,175
10,086,995

The designated Fixed Assets Fund represents the net book value of the fixed assets of the charity and the property.

The Heritage Assets Fund represents the heritage assets gifted to the Charity from the closure of the Handel House Collections Trust in 2019. The object of this fund is to designate and ring fence the value of these assets within the charity.

27 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 November
2023
£
General funds
(226,628)
Previous year:
At 1 November
2022
£
General funds
534,258		 Incoming
resources
£
890,230
Incoming
resources
£
473,020		 Resources
expended
£
(1,664,558)
Resources
expended
£
(971,433)		 Transfers
£
1,071,630
Transfers
£
(237,172)		 Gains and
losses
At 31 March
2025
£
£
4,577
75,251
Gains and
losses
At 31 October
2023
£
£
(25,301)
(226,628)		 Gains and
losses
At 31 March
2025
£
£
4,577
75,251
Gains and
losses
At 31 October
2023
£
£
(25,301)
(226,628)
31 October
2023
£
(226,628)

General Funds are available for use in the furtherance of the objects of the charity in accordance with its reserve policy.

page 30

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

28
Analysis of net assets between funds
Unrestricted
Unrestricted
funds
funds
general
designated
funds
2025
2025
£
£
At 31 March 2025:
Tangible assets
261,038
8,342,923
Heritage assets
-
1,410,263
Investments
-
-
Current assets/(liabilities)
(185,787)
-
75,251
9,753,186
Unrestricted
Unrestricted
funds
funds
general
designated
funds
2023
2023
£
£
At 31 October 2023:
Tangible assets
55,123
8,746,819
Heritage assets
-
1,340,175
Investments
-
-
Current assets/(liabilities)
(281,751)
1
(226,628)
10,086,995		 Restricted
Endowment
funds
funds
2025
2025
£
£
-
-
-
-
-
2,226,639
80,617
150,000
80,617
2,376,639
Restricted
Endowment
funds
funds
2023
2023
£
£
-
-
-
-
-
2,383,560
106,448
349,607
106,448
2,733,167		 Total
2025
£
8,603,961
1,410,263
2,226,639
44,830
12,285,693
Total
2023
£
8,801,942
1,340,175
2,383,560
174,305
12,699,982

page 31

THE HANDEL HOUSE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE 17 MONTH PERIOD ENDED 31 MARCH 2025

29 Related party transactions

Personal donations were made by Trustees of £100,347 (2023 - £152,027) and Trustees expenses totalled £Nil (2023 - £Nil).

Simon Weil is a partner of Charles Russell Speechlys LLP, who were paid £13,733 for legal services (2023 - £Nil) as an arms length transaction during the year. There were no outstanding balances as at 31 March 2025 (2023 - £7,678).

During the 17 month period The English Concert were paid £29,340 (2023: £Nil) for performances. Trustee Simon Weil is also a Trustee of the English Concert. Trustee Harry Bicket is Artictic Director at The English Concert.

There were no other related party transactions or Trustee expenses (2023 - none).

30 Connected Charities

Handel House Foundation of America is a connected charity which provides fundraising and other support for Handel House Trust Limited. As shown in Note 2, The Handel House Trust Limited received donations of £77,986 (2023: £23,139) from the Foundation.

Handel Hendrix Enterprises Ltd is a connect company. There were no related party transactions with the company as it is dormant.

31 Company limited by gurantee

The Trust is a company limited by guarantee. In the event of the Trust being wound up, the liability in respect of the guarantee is limited to £1 per member of the Trust. The Trust had 10 members as at March 31 2025 (2023 :10 members)

32 Ultimate Controlling Party

The charity is under the control of the Trustees (Directors for the purpose of Company Law), with each Trustee holding equal status.

33 Cash absorbed by operations 2025 2023
£ £
Deficit for the 17 Month Period (414,289) (228,699)
Adjustments for:
Investment income recognised in statement of financial activities (53,908) (73,363)
(Gain)/loss on disposal of investments (373,279) 74,414
Depreciation and impairment of tangible fixed assets 44,946 18,102
Movements in working capital:
Decrease/(increase) in stocks 2,907 (817)
Decrease/(increase) in debtors 25,980 (45,709)
Increase/(decrease) in creditors 1,275 (424,552)
Increase in deferred income 434 -
Cash absorbed by operations (765,934) (680,624)

The Charity had no material debt during the year.

34 Analysis of changes in net funds

page 32