The Victorian SocletyAnnual Report and Financial Statements Company Reglstration No 3940996 Annual Report and Financial Statements Year Ended 31 December 2024 The Victorian Society Campalgnlng for Vlctorlan & Edwardlan Bullt Herltage The Vlctorlan SocletyAnnual Report and Financial Statements Company Registration No 3940996 Contents PEOPLE CHAIR'S INTRODUCTION ANNUAL REVIEW THE PROBLEMAND HOW WETACKLEIT WHATHAVEWE DONE IN 20237 CONSERVATION INVOLVEMENT 12 EDUCATION 14 REPORTOF THE TRUSTEES / DIRECTORS 14 STRUCTURE, GOVERNANCEAND MANAGEMENT 15 FINANCIAL REVI EW 18 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS 18 AUDITORS 19 STATEMENTOF FINANCIAL ACTIVITIES 20 BALANCE SHEET 21 CASH FLOW STATEMENT 22 NOTES TOTHE FINANCIAL STATEMENTS 33 INDEPENDENT AUDITORS, REPORT THE VICTORIAN SOCIETY 1 Priory Gardens London W4 1 rr Telephone 020 8994 1019 Email admin@victoriansociety.org.uk Web victoriansociety.org.uk Registered Charity No 1081435 Company Registration No 3940996 Page I The Victorlan SocietyAnnual Report and Financial Statements Company Registration No 3940996 People Patron HRH The Duke of Gloucester KG. GCVO Presldent Griff Rhys Jones Vlce Presldents Sir David Cannadine Dr Rosemary Hill The Lord Howarth of Newport CBE Sir Simon Jenkins TRUSTEES AND DIRECTORS OF THE COMPANY Professor Hilary Grainger OBE, Chair (to 4 October 2024) James Grierson, Chair {f￿M 4 October 2024) Kate Davey, Atln-executive and Vice Chair Alan Davies, At*n-execufive Professor Neil Jackson, Abn-executive Dr David Low, Non-executive (to 4 Qclober 2024) Lynn Pearcy, hn8nce lestyn Roberts, MemL)ershlp ffrom 4 October2024J Steve Roman, Membership (to 4 October 2024) Henry Sainty, Legal Ben Sims, Abn-executivg Trffany Snowden, Abn-executive Kit Wedd, Non•execulive REGIONAL GROUP CHAIRS Bimiingham & West Midlands.. Stephen Hartland Manchester Kate Matyn (from 9 May 2024) Leicester.. Peter Ellis l Neil Cwtchley (¢0 Febwary 2024) (Joinl Ch8irs) Liverpool.. Tony Murphy (to Jun& 2024) W81es.' Elaine Davey Liverpool.. Rowena Beighton-Dykes (fmm June 2024) South Yorkshits.. Nigel Slack Manchester Steve Roman, Acting Chair (10 9 May 2024) West YO￿ShIre.. June DianK*nd EVENTS COMMirrEE (LONDON) Professor Neil Jackson. Chair (to 31 December 2024) Tom Ashley (from I l November 2024) Julie Ashdown OBE Joanna Banham Dr Steven Brindle Maya Donelan MBE Slmon Green (fmm 13 August 2024) Michael Hall June Lawrence Sophie Sainty Paul Waito Kit Wedd (from 11 Ilbvgmber 2024) REGIONAL EVENTS COMMITfEE Professor Neil Jackson, Chair Julie Ashdown OBE Rowena Beighton-Dykes, Liverpool (fmm 10 Sept 2024) Lucia Contrino, South Yorkshire Anthea Darfington. Manchester (from 10 Sept 2024) Elaine Davey. Wales June Diamond, West Yorkshire Terry Edgar, Liverpool (from 9 May 2024) Peter Ellis, Leicester Julia Faulkner, Manchester (to 10 September 2024) Nina Hatch, Birmingham & West Midlands Roger Hull, Liverpool June Lawrence Tony Murphy, Liverpool Steve Roman (10 4 October 2024) Nigel Slack, South Yorkshire Maria Toolan, Liverpool Page 2 The Vlctorlan Soclety Annual Report and Financial Statements Company Registration No 3940996 NORTHERN BUILDINGS COMMirrEE Alan Davies, Chalr Neil Darfington ChristineDavis June Diamond Janet Douglas Andy Foster Emily Greenaway Kate Martyn Becky Mills John Prichard Dominic Roberts Kathryn S8ther Nigel Slack Mark Watson SOUTHERN BUILDINGS COMMirrEE John Scott, Chair Tom Ashley Dr Timthy Britlain-catlin Dr Edward Diestelkamp Dr Brent Elliott Alec Forshaw Maggie Goodall Michael Hill P8t@r Howell Chartes Lawrence Edward Lewis David McDonald Benedict O'Looney Hannah Patham Heloise Palin Mark Price Dr Alleen Reid Professor Andrew Saint Teresa Sladen BIRMINGHAM & WEST MIDLANDS CASEWORK COMMIThEE Joe Holyoak. Chalr Angus Kaye Rob Allan Eva Ling Tim Brfdges Dr David Low David Cooper Gllllan Roberts Andy Foster Ba￿ara Shackley Stephen Hartland Matthew Vaughan Lewis Hobbs Mary Worsfold Jasna Jaksic STAFF Director of the Soclety James Hug hes (from 8 May 2024) Joe O'Donnell (10 7 February 2024) Conservation Advisers James Hughes (to T May 2024J Tim Bridges Connor McNelll Guy Newton (to 10 Abvémber 2024) Communications & Media Manager Marle Clements Admlnistrator Richard Seedhouse Events CO￿rdInatOr Ruth Miller BANKERS Uniiy Trust Bank plc. Nine 3rindleyplace. Bimiingham B12HB AUDITORS Begbies, 9 Bonhill Street, London EC2A 4DJ Page 3 The Victorian SocietyAnnual Report and Financial Statements Company Registration No 3940996 Chair's Introduction In this. my flrst year as Chair of the Victorian Society, l am proud to introduce our Annual Report for 2024 a year of challenge, change and significant progress. This report offers not only an account of our activities and achievements over the past twelve months but also a powerful reminder of why our work remains essential. In our 66th year. the Society continues to speak up for Victorian and Edwardian architecture, ensuring that buildings of charncter and craftsmanship are not lost to Gareless redevelopment, insensitive alteralion or decay. Despite a lown planning environment increasingly shaped by pressures for growth and deregulalion. we remain resolute in our mission.. to protect, to engage. and to educate. Our caseworf( team fa￿d another demanding year. We received 10.903 planning notifications than any previous year. Of these. 5.470 related to our period of interest. and 379 received detailed. expert responses. These numbers alone do not convey the depth of work involved some cases are resolved quickly, but others demand months of negotiation. site visits, and collaboration. more We were actively involved in numerou5 high-profile cases. including the proposed redevelopment of Liverpool Street Station, the Bromley by Bow gasholders and the Albert Dock Office in Liverpool. These cases reflect the complexity and scale of the challenges we face. They also show the strength of our partnershlps - working with fellow amenity societie5, residents and heritage groups to amplify our voice and effect change. We continue to advocate for policy change, particularty around the issue of pemitted development and local listing. We are committed to demonstrating that the reuse of historic buildings is not only important culturalty but also responsible economlcally and environmentally. This year has seen a significant boost to our communications. A major rebranding project, culminating in the launch of our new website in June, has modemised our digital presence and allowed us lo connect with wider audiences more effectively. This was only possible through the generosity of our Members and legacy donors. Our thanks go to everyone who supported this transformation. Social media remained a powerful tool for campaigning. We have established a presence on Threads and Bluesky, a strengthened presence on Linkedln and sustained engagement on Instagram. Our campaign graphics, created expertly by volunteetE, helped translate complex issues into accessible. compelling content. The impact of this visibility was felt most acutely during our Top Ten Endange￿d Buildings campaign. Wrth coverage across major national outlets and regional media, our messages reached millions. Our President. Griff Rhys Jones, onGe again proved an eloquent and tireless advocate. taking our cause to television, radio and print media with humour. passion. and clarity. We know there is much wort( to do in expanding and diversrfying our supporter base, and this will be a key focus going forward - particularty with the sUPPOrt of a new Membership Manager and Fundraising Manager, thanks to a successful NLHF grant. These two roles are a vital investment in our long-term sustainability, allowing u5 to strengthen relationships. grow income and better support our members. Page4 The Victorian Soclety Annual Report and Financial Statements Company Registration No 3940996 Education and outreach thriv8d this year. Our events calendar was more vibrant than ever, from virtual lectures and reading groups to in-person tours and study days. A particular highlight was our programme marking the bic8nt8nary of G. E. Street. alongside the publication of a special issue of The Victorian devoted to hls work. ThSs wes one of three outstanding Issues in 2024. each a test8ment to the editorial excellence of Jeremy Mu550n and the generosity of our contributors. Our Annual General Meeting, held in Bradford under glorious autumn skles and organis&d impeccably by the Society's West Yorkshire Regional Group, reminded us of the richn8ss and regional diversity of our architectural heritage and of the value of coming together as a community. Volunteers remain at the heart of everylhSng we do. Whether wnning regional groups, organlsing events, or contributing to our publlcatlons, their dedlcation contlnues to inspire. Our conservation commilte8S alone contributed over 900 hours of expert advice in 2024. This is truly a shared endeavour. We are 81s0 deeply grateful to those who remembered the Society in their wills. Legacy income remains essential to our work and, in 2024, we received four legacles totalling over £88,000. These gifts underpin not just our current activities, but our ambition for the future. Looking ahead to 2025, we are excited to publish our next monograph on Matthew Digby Wyatt and a special journal on architectur81 dynasties. Our AGM will head to Oxford, promising another weekend of enrichment and exploration. The important mission, the enormous expertise and passion of so many people and the sheer frfendliness of the Society have impressed me greatly in my first year. All of us build on the efforts of Ihe people who have made the Society what it is today. and I pay tribute to the late Peter Hirschmann, former Chair of the West Yorkshire Group and to the wonderful work done over so many years by fomier trustees David Low and Steve Roman. I finish by th8nking my predecessor Professor Hilary Grainger for her huge contribution lo the Society and for the insight and warmth with which she welcomed me as h@r successor. James Grlerson Chair Page 5 The Victorlan SocletyAnnual Report and Financial Statements Company Registration No 3940996 Annual Review The problem and how we tackle it Thanks to our campaigns over the past sixty years, more people than ever understand and value our Victorian and Edwardian heritage. Yet, we cannot rest on our laurels. Grade l-listed Victorian and Edwardian buildings slill see changes which simply would not be proposed for buildings of a similar importance from earlier pertods. Many very good Victorian and Edwardian buildings such as schools, hospitals and domestic buildings are still being lost or altered insensitively. Increasingly, in appropriate circumstances we make the case that wasteful demolition, rath&r than reuse, must stop if the UK is to reach net zero carbon targets. Buildings need advocates who take the long-temi view. Local people may stand up for them, but they benefit enomKJusly from the support of the Victorian Society's knowledge and expertise. The Society encourages people to appreciate and understand their buildin9S. to ensure that change is infomied and that future generations can enjoy what is special about them, Much historic interest can be lost through cumulative chang8S to accomrmdate seemingly urgent. but often short-temi, requirements. Our membe ensure we have specialist staff on hand lo go through thousands of planning applications a year to make Ihe case for the best possible outcomes. We review our aims, objectlves and activities each year, having regard to the Charity Commission's general guidance on publk benefft when plannlng our future activities to ensure that they are carried out for the benefit of the public. We report on our work in 2024 to achieve our constitution's charitable objects, set out below. By involving and educating the public, we increase the likelihood of saving buildings for present and future generations. CONSERVATION: to save Victorian and Edwardian heritage from needless destruction or disfigurement. INVOLVEMENT: to awaken public interest in, and appreciation of, the best of Victorian and Edwardian arts, architecture, crafts and design. EDUCATION: to encourage the study of these and of related social history and to advise owners and public authorities on the preseNation and repair of Victorian and Edwardian buildings and how they can, if necessary. be adapted. Page 6 The Victorian SocietyAnnual Report and Financial Statements Company Registration No 3940996 What have we done in 2024? Conservation Headllne numbers 10,903 notificalions received {2023: 10,384. 2022: 10,580. 2021: 9,009) 5,470 (500/0) identified as our perlod (2023: 5,6301549/0); 2022: 4,965 (470/0). 2021: 4,731 (530/0)) 379 detslled responses made12023: 465. 2022: 557. 2021: 525) Savlng bulldlngs We want to help local planning authorlties, or d8nominations Ihat have been exempted from local planning control, make better decisions about Victorian and Edwardian built heritsge. Commenting on planning. listed building or faculty applications is a vital way of achieving this. Over the course of the year we employed an average of 2.7 full-time*quivalent conservation advisers for church and secular work (includlng, for part of the year, with the support of temporary extemal caseworkers) (2023.. 3.4). This includes the two days per week of our Birmingham and West Midlands Conservation Adviser, paid for by a legacy from a fomier member, Mary Heath. We rely on volunteers around the country for a great deal of our work. including in our regional groups in Bimiingham and Leicester, which respond to applications in their areas, buoyed by considerable local knowledge. Local authorities are required to notrfy us of the oulcomes of listed bu ilding consent applications that they have consulted us on. However, so few do this that il is impossible for us to compile meaningful statistics on the results of applications on which we comment. Mere counling of cases on which we have commented does not reveal the true extent of our work, as some cases can be dealt with quickly while othets require many meetings and site visits to be resolved. Nevertheless, the figures are impressive. In 2024 we received 10,903 notifications of proposals to historic buildings. Of these, 5,470 (50°/,) related to Victorian or Edwardian buildings, each of which our staff must investigate to see rf it is of concem to us. We gave detailed responses to 379. Overall, this works out as our 2.7 full-time-equivalenl staff each having to look at 2,026 applications identffied as in our period a year, or 39 a week. The reduction in overdll responses compared to 2023 is representative of a number of staff changes through the year, and with it a greater burden to process a vast workload. Interestingly, the number of notifications the Society receives still continues to rise. It is a testament to the caseworkers, professionalism and dedication that they have been able to maintain high standards in the face of an ever4ncreasing caseload. Included in the figures above are the 891 notifications received for proposed works to listed (and unlisted) religrous buildings that f811 under the ecclesiastical exemption, the overwhelming majority of which have some element within our period of interest (2023.. 891,. 2022: 870. 2021: 857). We have a fomial role in the planning system in England & Wales. The Secretary of State's direction in Arrdngemgnts for handling hgn.tage applications - notifKation lo Historic England and National AtrBnity So¢ielies and the Sec￿tary of State (England) Direction 2021 requires that we must be notified of all applications for Listed Building Consent that involve an element of demolition. When detemilning applications, local planning authorities must take our advice into account but they are not obliged to follow it. This was underlined in 2020 by a decision of the High Court to quash a planning permission due to Bimiingham City Council's failure to disclose our objection to the planning committee an important endorsement of Ihe value of our expert advice. We also have a fomal and very active role in the various listed building control procedures set up by those Christian denominations which have chosen to retain their exemplion from nomal listed building regulations. Page7 The Victorian SocletyAnnual Report and Financial Statements Company Registration No 3940996 We try to influence proposals before they are submitted, through pre-application discussions with owners and parishes. When opposing a proposal, we work in partnership with resldents and oth8r Interested parties, rf appropriate. We hope that publlclslng our position on cases will increase awareness of the need to work sensitively with historic buildings. Our SuC￿$S cannot be measured by counting rejected listed building consent applications, as over 90 % of applications for listed building consent are approved. Indeed. their approval may well be as a result of our int8Nention leading to revised designs. We do not comment on every notification received. We respond when th@ proposals are damaging to historic character and when our expert input might result in a less destruclive outcome. Our responses highlight each site's historic and architectural importance and explain why the proposals are detrimental. The experience of our conservation advisers, buildings committees and other specialists means we deliver considered responses drawing on an exceptional breadth of knowledge. The sorts of proposals we often comment on continue lo include: th8 demolition of unlisted buildings in conservation areas. redundancies of churches, schools. pools, hospitals and town halls and subsequent neglect or alteration. church extensions, re-orderings and subdlvisions; and the impact of tall buildings. We also make spot listing requests for unlisted buildings. Our worf( is best understood by reading the case reports published in each issue of our magazine, The VKtorian, 2024 highlights included continued collaboration with the London Gasketeers, supporting the successful listing of dozens of historic gas lamps in Westminster. In Liverpool the Society opposed inappropriate plans to extend the Grade l-listed fomier Albert Dock Office. The Bromley by Bow gasholders represent the mosl remarkable collection of listed gasholders nationally, and the Society engaged in a multi-phase process of consullalion on proposals lo redevelop the site comprehensively. The Society has also been engaged in pre-application consultation on a revised scheme for the redevelopment of Liverpool Street Station. which has raised considerable concem. A full application is expected in 2025. Church casework- now in the capable hands of Connor McNeill - remains hugely busy and a vital aspect of the Society's casewoth. 2024 has seen a large number of proposals affecting church buildings and has seen us engaging in especially significant proposals at st David's, Exeter, and St James, Christleton (the latter a fine, near-complete Bullerfield church). Additionally. the Society has been successful in getting a number of buildings listed, including St Mary's church, Crossway Green (Thomas Vale, 1882); St John's church. Beck Row (J. D. Wyatt, 18754). and Christ Church, Gosport (Henry Woodyer, 1865). We also secured the upgrading of Deptford Town Hall from Grade11 to Il". We receive a grant from Historic England, which covers a small proportion of the cost of our listed buildlngs casework. While this funding has been extended, it does not reflect the huge rise in inflatlon over a number of yeats. We are very grdteful for thls support, but we are concerned that our grant is now being extended only for short periods, making it difficult to plan and compounding the difficulties caused by this grant having redU￿d in real tems over the last decade. We also receive a modesi grant from Cadw, the Welsh Govemment's historic environment service. Influenclng pollcy We influence government policies on planning and the historic environment which have an impact on Victorian and Edwardian buildings and conservation 8reas. We do this Ihrough our participation in the Joint Committee of National Amenity Societies and as a member of The Heritage Alliance - our Director sils on the Alliance's Spatial Planning Advocacy Group. Wrth a new Government seemingly intent on prioritising growth and building. we expect a number of significant policy issues to arise in the coming months. Looking ahead Given the trend of previous years. we expect that casework numbers will continue to rise. Caseworkers will continue to Carefully prioritise cases to which to respond. Liverpool Street Station is expected to go 'live' in the coming year, which will undoubtedly occupy signrficant casework resource. In addition, we intend once more lo raise the ongoing issue of pemitted development rights (in respect of demolltion of unlisted buildings) and, relatedly, local listing. Page 8 The Victorian Soclety Annual Report and Financial Statements Company Registration No 3940996 Involvement Headllne numbers 2,548 members X (formerly Twitter) followers.. 28,800 Facebook followers.. 10,500 Thread5: 4.012 Bluesky: 2,700 Instagram followers.. 9,322 Linkedln followers: 2,683 A focus for Interested people The Society provides a focus and community for those interested in Victorian and Edwardian heritage ar)d arts. Membership numbers were stable at 2,548 in 2024 (2,531 in 2023; 2,746 in 2022., 2,721 in 2021). As ever, w8 welcome suggestions on how we might become better at both attracting and retaining new members. The public engage with and support us in several important ways, including by contributing financially to our work. Many members generously give us additional donations during the year and sign Grfl Aid declarations to maximise the value of their donations and membership subscriptions. In 2024. Gift Aid added £26.38012023'. £23,875., 2022: £31.595,' 2021: £22.050) to ourfunds. Remembering Ihose who remembered the Society We are privileged to have been remembered in four legacies in 2024, lotalling £88,593. (2023.. six, tolalling £61 ,972,' 2022.. five, lotalling £267,000. 2021 '. five. totalllng £236,213.) We are extremely grateful to all those who remembered us in their will in 2024 and in previous years. Profound thanks also to all those who are planning on supporting us in this way. While legacy Income cannot be relied upon or budgeted for, it has been crucial in sustaining the Society. partlcularly over the last f8w especially challenging years. Legacy income remains vital to our operatlons and also enables special projects that would othetwise be unaffordable, That's why we need people to remember us when writing their wills. There can also be tax advantages for estates by supporting a chaiity in this way. If you are interested in supporting our work by joining. making a donatlon, or remembering us in your will, ple8se telephone 020 8747 5890 or email admin@victoriansociety.org.uk. Volunteering Donations of time and expertise are invaluable to the Society. As the expert voice on Victorian and Edwardian architecture, we rely on volunteers around the country for their specialist knowledge and their willingness and ability to help get things done. Volunteers contribute their expertise by assessing applications for listed building consent in our buildings committees, they organise our educational programmes, Ihey sustain our vital Regional Groups, support our publications and, as Injstees, they oversee the Society's strategic d irection. They are a Iso invaluable event stewards, letter-stuffers, slamp-fixers and washer-uppers. Our committee members alone contribute well over 900 hours of free advice per year. The Victorian Society relies heavily on the invaluable support of its volunteers. Needless to say. more volunteers are always welcome. We remain especially keen to find a new librarian, as well as to fill other inleresting voluntary roles to support the varied woth of the Society. Page 9 The Vlctorian SocietyAnnual Report and Financial Statements Company Registration No 3940996 Soclal medla Social media remained a vital tool for communication and campaigning in 2024. The volatility of platfoms was evldent, but our adaptability ensured continued success. New accounts launched on Threads and Bluesky In 2023 proved prescient. As users left X (fomiedy Twitter>, our Bluesky following surged by an extraordinary 2,7720/0, drawing in historians, academics. and heritage professionals. Threads saw a 1240 increase. and Instagram continued steady growth at 20.6°/o. In contrast. our following on X declined by 800 to 28.800. Efforts to revitalise our Linkedln presence were rewarded with a 600/u growth in followers. Volunteers Clark Patient and Marta Naufflova contributed digital design work for key campaigns including Liverpool Street Slation, the Top Ten Endangered Buildings, and various lecture seties. Rebranding and New Webslte Led by our Media and Communications Manager, 2024 saw the successful completion of a major rebranding initiative and the launch of a new WO￿lPresS website. Volunteer Jesse Freedman provided expert guidance throughout. and Twstee David Low oversaw the project on behalf of the board. The carefully chosen design agency, Toast Design in Banbury. proved an ideal partner. Following a teaser campaign designed by volunteer Clarf( Patient, the new site and branding launched on 11 June. It received strong coverage in outlets such as Thinl Sector, Civil Society, and c￿alIve Boom and was met with widespread acclaim. Ongoing support from Toast ensures the site remains fit for purpose. The project was made possible by generous member donations and a legacy gift without which this critical update to our communications tools would not have been possible. Newsletters We issued 11 public newsletters and 11 members-only event bulletins. The subscriber base for the free newsletter rose to 6,827, including members and sUPPOrters from across the UK 8nd abroad. Popular contenl includes casework updates, upcoming events, news, and properties for sale. Our event bulletins provide timely notice of walks, talks, and visits, especially those announced at short notice. Community Engagement and Parterships Our campaign to save Liverpool Street Station continued with great mmentum. Thanks to our members, generous response to the 2023 appeal, £9,000 was raised. The revitalised campaign committee included representatives from five national amenity societies. literary and archaeology groups, and other charities. This collaboratlon resulted in 2,153 objections being submitted to the City of London Corporatlon. In May, Sellar and Network Rail announced revisions to their plans. By October, Networf( Rail had assumed full control, commissioning architect ACME and unveiling new plans which sadly adopted a very similar approach. However, after review. the amenity societies raised considerable opposition to the revised plans. Throughout, our President, Griff Rhys Jones. remained a central figure appearing in national media. writing OPHeds, and encouraging public engagement. The Society relumed to the Historic Buildings. Parks and Gardens event at Westminsterfs QEII Cenlre. with free entry offered to newsletter readers. This provided a welGome opportuniiy to engage with member6 and heritage professionals. and to showcase our expanding list of publications. Top Ten Endangered Buildings Launched during a pre-eleGtion period, our 2024 Top Ten Endangered Buildings campaign nevertheless achieved exceptional media reach across print, broadcast. and digital outlets. President Griff Rhys Jones introduced the campaign live on Good Moming Bntain from the Essex Kursaal, and appeared on BBC Radio 4's Today programme and subsequent news bulletins. Conservation Adviser Connor McNeill was featured on ITV National News and Channel 5 News, Page 10 The Vlctorlan SocletyAnnual Report and Financial Statements Company Registration No 3940996 The campaign's regional impact was equalty strong. 88C London filmed drone footage of Cormont Road School, while coverage appeared in The fimes, The Independent, Daily Express, Daily Mail, and Country Lrfe, 8mong oth8rs. BBC News Online and Tlme Out published galleries of all ten sit@s, and local media extensivety covered each building. ConseNation advisers gave inteNiews to six regional radio stations, with others mentioning the campaign without interviews. Posts across our six social media platfoms. bolstered by national media groups, achieved significant reach and engagement. Press Coverage Beyond the Top Ten, the Society continued to attract substantial media interest. Our campaign to list Westminsterfs gas lamps was widely reported. with Connor McNeill appearing on ITV London News and the Society featured in Daily Telegraph. Historic England's decision to list the lamps prompled celebratory coverage. We retumed to efforts to save Temple Moore's Apuldram Rectory, with features in Tre Daily Mail. The Times and The Sun. Stories highlighting the potential loss of George Eliot's family fannstead appeared in The Times. Daity Mail and Museums & Hen'tagg Adviser. Media coverage in March noted the 2.100 objections submitted to the Liverpool Street redevelopment, with features in Building Des￿n, Evening Standard and BBC News Online. President Griff Rhys Jones supported the campaign to save Colchesterfs Jumbo water tower, appearing on BBC Radio Essex and in regional outlets. The publication of our G. E. Street monograph drew positive reviews in Church fimes, Dalhousie French Studies and The Vict017an Web. and was named one of Country Life's Top Ten Architecture Books of the Year. Our AGM in Bradford received enthusiastic coverage in local and regional media, including the Bradfoffl Telegraph & Argus, Yorkshire Post, BBC Radio Leeds and BBC News Online. Personnel changes in the national office were marked in Country Life, Museums and Hen'tage, Herftage Allian￿ and The Chiswick Calendar, with inteNiews introducing our new Dlrector and Chair. The year closed with coverage of our second monograph, The Rogue Goths, in Country Life and The Londonist, with further reviews expected in early 2025. Anticipalion of new Liverpool Street plans drew national attention, including 8 sharp critique from Simon Heffer in The Daily Telegraph, and coverage across BBC News Online, Building Deswn. Evening Standanl, and Daily EXp￿ss. Director James Hughes appeared on BBC Radio London's Breakfast programme, and our President on Drivetime Grffl Rhys Jones also wrote for Spitalfields Lrfe and was inteNiewed by The fimes to dose the year. Looklng ahead Following a perrod of public dormancy. the Liverpool Street Station campaign is expected to be a key focus of 2025 in lobbying, fundraising and press. Despite the challenging political environment, we intend again to pursue the issue of permitted development rights. Excitingly, following a successful bid to the NLHF for a grant. the Society will be welcoming two new members of staff to fill two entirely new roles." a Metnbership Manager and a Fundt2ising Manager. This is a hugely exciting opportunity for the Society. with these positions aiming lo support and augment the various activities of the Society and to make it a more resilient organisation. Pagell The Victorlan SocietyAnnual Report and Financial Statements Company Registration No 3940996 Education Headllne numbers 99 events, organised by volunteers (2023". 95; 2022: 45) 3,542 tlckets sold for events (2023: 2,739; 2022: 2,540) Talks, conferences, vlslts and study days 2024 witnessed a vlbrant increase in both onllne and in-person events. Our wlnter lecture series, held vlrtually, examined the influence of British architecture across the fomier Empire, featuring distinguished speakers from around the globe. A selection of individual online lectures further enriched the programm8, delving into topics such as parks, steam waterworks. and the Welsh industrial landscape. A special programme marking the bieentenary of G. E. Street was eurated by Professor Neil Jackson. offering members an engaging exploration of the architect's diverse oeuvre. A hybrid lecture delivered joinlly by Peter Howell and Neil Jackson reached audiences both at Priory Gardens and online. while a weekend tour in Yorkshire provided the opportunity to visit and reflect on Street's churches. Walks and visits continued to thrive. Highlights included a memberswonly hard-hat tour of the Maison Dieu in Dover, arranged by Julie Ashdown, and a visit lo the future sile of the Museum of London at Smithfield Market. Maya Donelan coordinated captivating visits to the Royal Albert Hall, the RIBA Drawings Collection and Hampton Court Palace. Steven Brindle led a detailed tour of Liverpool Street Station. Tony Wolfenden Introduced the suburb of Merton Park, and Paul Waite explored Sir Edwln Lutyens. work across London. Outside the capital, members enjoyed an aftemoon in Surrey, guided by Charfes O'Brien and Henry Salnty, and a visit to the church of St Mary, Tofts, uniquely situated on MOD land. Our short story reading group, under the thoughtful direction of June Lawrence, continues to flourish. In- person lectures at St Mary Abbots are also thriving, offering members a valued opportunily to gather and engage. Our final lecture series of the year, on the theme of art and design in Victorian architecture. was wamily received. The Annual General Meeting took place in Bradford and was expertly coordinated by the West Yorkshire Regional Group. Members enjoyed a series of enriching visits under the golden light of October sunshine. Regional groups also organised a varied programme of local walks and talks. helping members to connect with architectural heritage in their own communities. We remain deeply grateful to the national and ￿gIOnal events committees, whose dedication has ensured a rich and varied calendar throughout the year. inally, 2U24 marked the final year of Professor Neil Jackson's tenure as Chair of the Events Committee. We extend our sincere thanks for his outstanding leadership of the events committee at both national and regional levels. We now wamily welcome Michael Hall as Chair for 2025 and bok forward to the year ahead under his guidance. The Vlctorlan In 2024, the Society published three issues of The Victorian, each offering a rich array of articles exploring the architecture, design, and cultural legacy of the Victorian and Edwardian eras. The March issue was a G. E. Street bicentenary special edition, with contributions from Neil Jackson, Andrew Saint, Peter Howell. Kathryn Fery and David Brownlee, reassessing aspects of Street's astonishing architectural legacy. Intedeaved were fasclnating articles by Rowena Beighton-Dykes on the women of the Della Robbia factory, Birkenhead. and Sara Tenneson wrrting on the significance of George Devey as a garden designer. Page12 The Victorian SocietyAnnual Report and Financial Statements Company Registration No 3940996 In July, the Victorian focused on the history and nature of the Victorian and Edwardian High Street. highlights of which included articles by Ptolemy Dean, Kathryn Morrison. Johanna R08the, Luke Honey. Lynn Pearson and Moses Jenkins. The Society's annual Top Ten Endangered Buildings campaign also featured. Novemberfs edition was a p8ean to the rich and varied built h8ritage of Wales, with articles from Rob Scourfield on Welsh chapels,. Geraint Talfan Davies on The Cyfarthfa Foundation., David Gwyn on the new Worfd Heritage Site - The Slate Landscape of North Wales; and Elaine Davey on the sculptor Sir William Goscombe John. Society President Griff Rhys Jones and Vice President Sir Simon Jenkins were amng those who chose their favourite Welsh buildings for the opening article. In addition. David Beevers provided an amusing account of the colourful endeavours of the Cambridge University Victorian Society of the 1960s. co-founded by the late Gavin Stamp and Richard Wildman. Throughout 2024, The Victorian continued to infonn and inspire. combining scholarfy insight with accessible writing. We remain grateful to our contributors and lo our members. whose support makes ils publication possible. as well as to the impeccable editorship of Jeremy Musson. Publlcations 2024 saw the release of the latest in the Society's pioneering series of mnographs on Victorian and Edwardian architects. Titled The Rogue Goths, and written by fomier Society churches conservation adviser Edmund Harris, the book is devoted to a fascinating but hitherto poorly covered episode of C19 Gothic revival arch itecture. Looking ahead 2025 will see our AGM visit Oxford in September for an edifying weekend of talks and visits to some of Oxford's extraordlnsry C19 and early C20 buildings. The next in our pioneering series of monographs on Victorian and Edwardi8n archttects is also to be published: Matthew Duby Watt, by Robert Thome., and a new Joumal on architecturdl dynasties will also be printed and circulated to members. A typically rich and varied programme of events is also being developed, including by the Society's active Regional Groups. Page 13 The Victorian SocietyAnnual Report and Financial Statements Company Registration No 3940996 Report of the Trustees l Directors for the year ending 31 December 2024 Structure, governance and management Structure The Victorian Society is a registered charity and a company limited by guarantee which is registered in England. It is govemed by a memorandum and articles of association. Governance The Society is managed by a Board of Trustees. All the Trustees are also the Directors of the charitable company for the purposes of the Companies Act, and vice versa. Each Trustee has a deslgnated executive or nonexecutive role. All Trustees are required to be members of the Society. Trustees are recruited on the basis of skills needs identified by the Board of Tnjstees. A variety of methods is used to identify suitable candidates. Trustees are elected by the members of the Sociely at the Annual General Meeting. normally for a term of office of three years. Trustees are automatically ellgible for re•election for one further consecutive term and, if the Board of Trustees so approves their candidature, are eligible for re*lection to further consecutive temis of office. The Board of Trustees has the power to Co-opt members during the year but these members must stand for election al the next Annual General Meeting. Trustees are given an induction pack on joining the Board and are encouraged to identify gaps in their knowledge, which are then addressed by briefings or other training delivered to some or all of the tNstees as appropriate. The role of each Trustee is defined in a job description. The Board has reviewed the Charlty Govemance Code for smaller charities, which sets out best practice principles and recommended practice for good govemance. The princlples address organisational purpose. leadership. integrity: decision-making, risk and control,. board effectiveness., diversity,. and openness and accountability. The Board is satisfied that il is meeting the principles and key outcomes of the Code although, given the small size of the Society and the Trustee Board, in some areas there is rather less formality than is called for by the Code. As an example. while the Board and the Director of the Society work closely together and are therefore clear about what Is delegated to the Director. this is not set out in a fomial frdmework. Management The Board of Trustees currently comprises ten members and meets fomally six times 8 year. Members of the Board, indlvidually or in small groups, also act to take forward the Society's plans. Day404ay management of the Society is deleg8ted to the Director of the Society who, while not a director of the charitsble company. attends meetings of the Board of Trustees. The Society benefits from a Northem Buildlngs Committee, a Southem Buildings Committee and a Bimingham & West Midlands Casework Committee, each comprised of experts who meet to advise the Society on archltectural and casework matters. The remuneration of the Director of the Society and other employees is reviewed each year by the Trustees. Rlsk management The mafft)r risks to which the Society is exposed, as identified by the Trustees. have been reviewed during the year and the Trustees are satisfied that systems have been established to mitigate those risks. The principal financial risks facing the Society relate to a recurring deficit from its ongoing operdtions and ils significant financial investments. These are considered in more detail on the following pages. Page 14 The Victorian SocSetyAnnual Report and Financial Statements Company Registration No 3940996 Financial review Income and expenditure Net movement In resources 2024 2023 Deficlt on recurrlng Items Non-recun7ng items Branding and website project, net Website write-off Non-recurring donations Non-recurring gtsnts Non-reeurring staff costs (net) Gain on sale of fumiture Legacies Surplusl(Deficit) before valuation adjustrnents Net (lossesyg8ins on investments Surplusl{Deficit) for the year (77) (97) (2) (2) (8) 248 (43) 20 89 62 213 {11 216 1) In summary, the reduction in the deficlt on a recurring basis is due in large part to decreased recurring staff costs, reduced gas and electricity costs and higher interest income, offset by a reduction in general donations and signiftcant repair and redecoration costs. The Trustees continue to target improving the undedying result. We discuss the factors affecting each of income and expenditure in more detail below. Income 2024 2023 Total Comprising.. Subscription income Donations Grants wlhoul perfomRncerfelated condition Legacies Rental income Other Investment income Grants with performan¢e-relaled conditions Educational events and pUblicat￿On$ Other 690 435 Total Income up 59% 156 153 36 24 62 Stable Dec￿ase 58% Increase 9380A Increase 440A Stable Increase 300/0 Stable InC￿aSe 21Y n/a 249 89 19 30 47 85 23 46 70 Donations increased signrficantly in 2023 and the trustees believe that the reduction this year to a mre normal level is possibly due to many of those received in 2023 being intended for our Liverpool Street Station campaign but not identified as such. We recognised four legacies in 2024 (2023: six}, including two for which the funds were received in whole or in part only in January 2025 so are included in debtors at the end of the year. Our increased interest income was due in large part to increased cash balances. Our underlying grant income subject to performance-related conditions was stable. However, as detailed earfier in this report and in Note 2 to the accounts, we were awarded a grant of £243,000 by the the National Heritage Lottery Fund. Although only half of Ihe funds were received in 2024, under our accounting pollcy the entire amount is recognised as Income this year which, since related expenditure was not incurred until 2025, boosted our Income and surplus for the year. This will, however, mean that the expenditure funded by this grant will depress our results in 2025 and 2026. We also received two other grants, totalling £5,570, restricted for use in pu blications. Page 15 The Victorian SocletyAnnual Report and Financial Statements Company Registration No 3940996 Flnancial revlew {continued) Income from educational events and publications (shown gross) aris8s from events, the sale of publications and advertising income. Both events income and related expenses increased in 2024 but with a n8t Increas8 of 240/0 in the surplus after direct expenditure (see Note 38 to the accounts). Live events are popular with members, and will always form a part of our programme, and our successful programme of online events continued during the year. The sale of publications generated increased income. with our book on George Edmund Street being particulady popular and those on French Archilecture, Pugin and Rickards also selling well. Our latest, Rogue Goths, was published late in the year and is already selling Expenditure 2024 2023 Total Comprising.. Architectural conservation Educational activities Fundraising Although total expenditure rose by 70/0, excluding non-recurring items and event C05t5 (discussed above) recurring expenditure fell by 20/0. Recurring staff costs were down, as we had a three-month period with no director following the departure of our previous director (with a related non-recurring cost of £42,795) and a shortfall in our usual number of caseworkers, whereas we had been fully staffed in 2023. We did not issue a Joumal in 2024, also reducing costs, and managed to stablis8 our gas and electricity costs at a lower level than previously. Increasing costs, however, we had to incur around £11.000 of repair and redecoration costs to Priory Gardens. 476 446 Total expenses up 7/0 247 175 54 292 132 22 IncTrase 33Yo InC￿aSe 1450/0 Balance sheet Net assets 2024 2023 Total net assets 2,476 2,260 Increase 100/0 Unrestricted funds.. Tanglble fixed assets Intangible fixed assets Deposits and other investments Cash balances Other net assetsl(liabilities) 1,179 1,181 stable Increase 733/ Increase 20/ts Decr68se 19Yo n/a Decrease 1 % 352 366 50 1.954 344 451 1,979 Restrfcted and Endowmenl funds.. Deposits, inveslments and cash other net assetsl(liabilities) 401 121 522 281 Increase 43L/Io n/a 281 The significant increase in restricted and endowment funds relates to the National Heritage Lottery Fund grant, of which half was received during the year and half is held within debtors. Page16 The Vlctorlan SocietyAnnual Report and Financial Statements Company Registration No 3940996 Financial review (contlnued) Unrestrlcted funds Unrestricted funds represent the Society's day to day operating finances. Overall, unrestricted funds decreased by 1°kn, reflecting the deficit for the year. Just under two-thirds of the total is represented by tangible f￿ed assets, largely the freehold property in Priory Gardens. The market value of this property is estimated to exceed the cost by a substantial amount. however no formal valuation has been obtained because this would incur undue cost to the Society. The level of unrestricted reserves held which are not designated or invested in the Society's tangible and intangible assets. and are therefo￿ available to finance general spending. is £768.004 (2023- £795.0261. The deposits, other investments and cash balances are placed in accounts with a range of terrrts. Investment decisions a￿ made taking into account the short- and longer-tetm cashflow needs of the SoGiely and its planned activities. The Trustees continue to place great importance on the capital security of the Society's funds. This, and the benefits of liquidity, are cu￿entlY considered to outweigh the inflationary risk of holding cash. By utilising deposit accounts with a number of different institutions, the investments are largely covered by the FSCS bank deposit guarantee scheme, which is a key method of managing investment risk. Since the Society's funds are invested with banks and building societies, the Trustees are unable to influence the social, environmental or ethical policies of the providers used. Reserves policy For Ihe Society to function successfully, it must maintain an adequate level of unrestricted reseNes that can be used to finance the Society's day to day operations and provide a precautionary reseNe in case of fluctuations in the future level of income. particularly in view of the deficit on a recurring basi5 disclosed above. In considering the adequacy of the Society's rese￿es. the Trustees focus on its 'free' unreslricled reseNes which, as disclosed above, were £768.004 at 31 December 2023 (2023: £795,026}. The Trustees consider it prudent that the level of precautionary reserve should not be less than a yearfs expected fulure expenditure {excluding events expenditure since this is income%enerating). plus an allowance for ongoing property refurbishment. At 31 December 2024, the Society's free unrestricted reserves were adequately in excess of this level. However, since we continue to report a recurring deficit, the Trustees continue to explore actions that can be taken both to increase income and to reduce expenditure. Restrlcted and endowment funds Of the £2.476.246 total funds held at the balance sheet date, £403,838 are restricted and £118.649 are endowment funds (2023: £2,260,066 total funds, of which £164,841 restricted. £116,028 endowment). The restricted and endowment funds are invested so as to reflect the Society's obligations under each of the funds, as well as the requirements of liquidity management and wishing to a￿pt limited financial risk. The restricted funds are invested in cash deposits. The endowment funds are invested in CCLA (Churches. Charities and Local Authorities Investment Management Limited) Charities Investment Fund Income Units. This is a balanced managed fund which should, over time. generdte both a steady income and some capital growth. The CCLA inCo￿OrateS environmental, social and govemance (ESG) considerations into its investment strategy. Page17 The Victorian SocietyAnnual Report and Financial Statements Company Registration No 3940996 TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustoes. who are Directors for the purposes of company law, are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Practice (United Kingdom Accounting Standards> and applicable law. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the company's financial activities for the year and of its financial position at the end of the year. In preparing Ihose financial statements. the Directors are required to: select suitable accounting policies and apply them Gonsistently., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the company will continue in business. The Dlrectors are responsible for keeping adequate accounting records that are sufflclent to show and explain the company's transactions and discbse with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confim that, as far as each Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware and that each Trustee has taken all the steps that he ought to have taken as a Trustee in order to make himself aware of any relevant audit inf0m￿tIon and to establish that the charity's auditors are aware of that infomiation. AUDITORS Begbies are the Society's auditors and a resolution proposing their reappointment will be put to the annual generdl meeting. The report was approved by the Board of Trustees on 13 May 2025 and signed on its behalf by James Grierson. Chair Page18 The Vlctorlan SocietyAnnual Report and Flnancial Statements Company Re8iStratlon No 3940996 STATEMENTOF FINANCIALACTIVITIES FOR THEYEAR ENDED 31 DECEMBER 2024 Unrestrlctsd funds Restricted funds Total 2024 Total Endowment 2023 Notes INCOME ANDENDOWMENT FROM: Donations and Legacies Subscriptions Donations Grants Legacies Investment Rental income Dividends and interest Charitable actlvities Grants Educational event5 and publications Other 156,427 15,204 156,427 15.311 248,570 88,593 153,250 36,388 24,000 61.972 107 248,570 88,593 19,250 25,868 19,250 30,069 17,925 22,693 4,201 47,024 47,024 46,165 84,476 119 84,476 119 70,184 2,591 3b Total income 389,937 299,902 689,839 435,168 EXPENDITURE ON Raisingfvnds (54,5541 154,554) 122,2321 Charitableoctivitie5 Architectural conservation Education 1200,2311 {173,916) 147,0241 {5701 1247,2551 {174,4861 1291,8301 1131,7881 Total expendlture 1428,7011 147,594} (476,2951 1445,8501 Net gains/llosses) on investments Net income/(expenditure) 15 (38.749 2,621 2,621 2,636 216,180 9,923 17591 252.308 Transfers between funds Net Movement in funds 13,311 (25,438) 113,3111 238,997 2.621 216,180 17591 RECONCILIATION OF FUNDS Brought forward at l January Carried forward at 31 December 1,979,197 1.953.759 164,841 403.838 116,028 118,649 2,260,066 2,476,246 2,260.825 2260￿66 TheAccounting Policies and the Notes on pages 22 to 31 form part of thesefinancial statements. The 2023 statement of financial activities has been restated to move grant incomeof £24,000 without performance conditions from Incomefrom charitable activitiesto Incomefrom donation5 and legacies. Note 6 analyse5 the 2023 net income/lexpenditure) between Unrestricted, Restricted and Endowment funds and ha5 also been restated, Page 19 The Vlctorian SocietyAnnual Report and Financial Statements Company Registration No 3940996 BALANCESHEETasat 31 DECEMBER 2024 Unrestrlcted furKIs Restrlcted Total 2024 Total Endowment 2023 Notes TANGIBLE FIXED ASSEtS 1Th￿ANGIBLEASSErs INVESTMENfs 1,178,358 7,397 108 1,185,863 1.178,358 7,397 118,757 1,304,512 1,181A07 2,764 116,121 1.300,292 118,649 118,649 CURRENT ASSEf5 Stock Debtors Investments Cash at bankand in hand 5,635 66,467 351,750 366,019 789,871 5,635 187,967 448.086 552,021 1,193,709 3,346 35,552 436,410 522,993 io 121,500 96,336 186,002 403,838 998,301 CURRENTLIABILITIES Amountsfallingduewithin oneyear 11 {21,975} 121,975 138,5271 NEf CURRENf ASSETS 767,896 403,838 1,171,734 959,774 TOTAL ASSEfs LESS CURREiiir LIABILITIESAND NEfASSErs 1,953,759 403,838 118,649 2,476,246 2,260.066 Represented by: FUNDS Unrestricted Restricted Endowment 12 13 14 15 1,953,759 1,953,759 403,838 118,649 2,476.246 1.979,197 164.841 116.028 2,260,066 403,838 118,649 118,649 1,953,759 403,838 TheAccounting Policies and the Notes on pages 22 to 31 form part of thesefinancial statements. Approved bythe Board ofTrustees on 13 May 2025 and signed on its behalf by JarnesGrierson, Chalr Page20 The Victorian Society Annual Report and Financial Statements Company Registration No 3940996 CASH FLOW STATEMENT for the year ended 31 DECEMBER 2024 Total Total 2024 2023 Cash flows from operating activities.. Net cash provided by operating activities 18,745 161,5271 Cash flows from investing activities: Dividends and interest on investments {Increase)/Decrease in investments that are not cash equivalents Purchase of intangible12023- tangible) assets Net cash {ab50rbed)/provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalent5 at the beginning of the reportln8 period Cash and cash equivalent5 at the end of the reportlng perlod 29,747 14,0861 {7,7871 17,874 21,184 2,320 12,0691 21,435 36,619 140,0921 706,631 746,723 743,250 706,631 Note to the cash flow statement Net incomefor the reporting period Adjustments for.. Amortisation and scrapping of intangible asset Depreciation of tangible assets Unrealised {gains)/losses on investments Dividends and interest on investments (Increase)/decrease in stocks Ilncrease)/decrease in debtors Increase/ldecrea5e) in creditors Net cash provided by operating activities 216,180 17591 3,153 3,049 12,6361 130,0691 {2,289) {152,0901 116,5521 18,745 676 3,858 19,9231 122,6931 11,6811 21,217 152,2221 161,5271 Reconciliation to bolance sheet Cash at bank and in hand Current asset investments that are cash equivalents Total cash and cash equivalents Current asset investments that are not cash equivalents 552,021 191,229 743,250 256,857 1,000,107 522,993 183,638 706,631 252,772 959,403 There was no net debt at 31 December 2024 {2023: none}. Page 21 The Victorian SocietyAnnual Report and Financial Statements Company Registration No 3940996 NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng Pollcles l a l Basis of Preparation Thesefinantial statements have been drawn up underthe historical cost convention, as rnodified bythe revaluation of investmentsto market value. Thefinancial statements have been prepared in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities, (the Charities SORP {FRS 102} Revised), UK accounting standards, including Financial Reporting Standard 102 'The Financial Reportingstandard applicablein theUK and Republic of Ireland'{FRS 1021 and thecompanies Act 2006. The Society is a publ ic benefit entity and has therefore applied the relevallt public benefit requirements of FRS 102. The financial statement5 are prepared on a going concern basis and thetrustees consider that there are no material uncertainties about the Society's ability to conti nue as a goi ng concern. Note 15 contains further analysis of the sufficiency of the Society's reserves. Thefinancial statements are prepared in 5terlin& which is thefunctional currency ofthesociety. { b ) Companystatus The Society is a charitable company limited by guarantee and incorporated in England & Wales. In the event of the society being wound up, the liability in respect of the guarantee is limited to £1 per member. The registered office is I Priory Garden5, London, W4 Irr. Ic l Fund accounting The Society has three types of funds, unrestricted, restricted and endowment. The unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Society. Restricted funds are funds that areto be used in accordance with specific restrictions imposed by the providers of the funds. Expendable endowment funds are intended to be used primarily to generate income. The income from the investments in the endowment fund is shown as unrestricted income. Details of the restricted and endowment funds are set out in the notes to the financial statements below. I d ) Recognition of income Subscriptions, donations, grants and other forms of voluntary income aredealt with when the Society is legally entitled to the income and the amount can be quantified with reasonable accuracy. Grants that do not contain any performance-related conditions are classified as income from donations and legacie5' grants with such conditions are classified as i ncome from charitable activities. Legacies are recognised when it is probable that they will be received. Legacies and gifts of property, furniture and reference book5are recorded at theirvalueat the dateof receipt. Sales of literature and advertising, and interest income, are dealt with on an accruals basi5. Subscri ptions are treated as donations and are therefore recognised as received. Ir)come from events is recognised when the event take5 place. Gift aid receivable is included in the category of income to which it relates. No amounts are included in the financial statement5for servicesdonated by general volunteers. l e l Recogn ition of expenditu re Expend iture is general ly recognised when a l lability is i ncurred. Expend iture on future events is deferred and is recognised when the event takes place. Page22 The Vlctorlan Society Annual Report and Financial Statements Company Registration No 3940996 NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2024 Ac¢ountlng Policies (contlnued) (fj Assets Tangible fixed assets are stated at cost less depreciation, Tangi ble fixed assets with a cost of les5 than £500 are generally not capitalised. Donated assets of no functional benefit to the Society received prior to 2000 lantiq ue fu rniturel are not capital ised because it is not possible to attribute a mean i ngful value to them. Such assets are held for their lifetime and disposal would take place only in exceptional circumstances. The website was replaced durin8 2024. The capital cost of the website is recognised as an intangible asset and is stated at cost less amortisation. It is being amortised over its esti mated useful life of 10 years from June 2024, when the new website became availablefor use. Investments are stated at fai r value, if they are pu blicly traded or thei r fair value can otherwise be measured reliably. Changes are recognised in income and expenditure, Other investments are stated on the basis of historical cost. Current asset investments qualify as cash equ ivalents if they have a maturity ofthree monthsor le5sfrom thedate of acquisition. Stock is Stated at the lower of cost and realisable value. Debtors are stated at the amount expected to be recoverable, ( g) Depreciation No depreciation is provided on freehold premisessince thiswould be immaterial having regard both to the length of the useful economic life of the property and its estimated residual value. Depreciation is provided on office equipment at 20Q/o on c05t and on fixtures and fittings at IO% on cost. Where assets are not subject to depreciation, an annual impairment review is performed. I h l Allocation of expenditure Expenses have been allocated as between direct charitable expenditure and fundraising on the basis of expenditure incurred, pro-rated where appropriate, using the proportions of staff time engaged in these nctions. {il Pensions The Society makes pension contributions to employees, auto-enrolment pension schemes. All of the schemes are defined contribution and the Society has no liability for the payment of pensions in the future. Page23 The Victorlan SocletyAnnual Report and Financial Statements Company Registration No 3940996 NOTESTOTHE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Grants 2024 2023 Historic England Cadw 43,748 3,276 47,024 248,570 295,594 42,889 3,276 46,165 24,000 70,165 Grants without performance-related conditions Receipt of the Historic England and Cadw grants is conditional on the Society incurri ng Sufficient levels of eligible expenditure during the grant years, which run to March. This will be confirmed to Historic England and to Cadw in returns submitted after theyear end. The Society was awarded a grant of £243,000 from the National Lottery Heritage Fund to support it in bui Iding a more sustainable future for its activities, i ncluding by engaging two additional members of staff as a fvndraising and a membership manager respectively. Half of the grant was received in 2024, the balance being due in 2026 and 2027. Thesociety also received a grant of £5,000 from The Bedford Road Charitable Fu nd as a contri bution toward the cost of a journal on Victorian arcitecture and dynasticism and a grant of £570 from the Albert Dawson Educational Trust towards the cost of reproducing photographs for publications. In 2023 the Society received a grant of £4,000 from The Bedford Road Charitable Fund as a contribution towards the Society's website and rebranding exercise and an unrestricted grant of £20,000 from Theswire CharitableTrust, of which half was received in 2023 and half in 2024. Educatlonal Eventsand Publications 2024 2023 Incomefrom events Related di rect expenditu re Surplusfrom events after direct Costs 73,466 (35,552} 37,914 61,147 {30,5091 30,638 Educational Events and Publications income comprised the above income from events, advertising incomeof£4,692 {2023: £5,300)and incomefrom thesaleof publicationsof£6,31812023: £3,737). 3b Other income Other incomein 2023 was principallythegain on disposal ofafixed asset. Page24 The Victorian SocletyAnnual Report and Financial Statements Company Registration No 3940996 NOTESTOTHE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 Total expendlture Conservatlon Edu¢atlon Fun(kalslng Tolal 2024 Allocated staff costs lincludingtemporary staffl Direct costs Events The Victorian Donations and grants made Casework Publications 169,768 68,907 39,178 277,853 35,552 37,016 35,552 37,016 163 10,692 5,966 163 10,692 5.966 Allocated support and governance costs Premises and general office costs Finance 39,734 10,416 12,332 1,085 3,065 16,128 4,228 5,005 440 1,244 9,169 2,404 2,846 250 707 65,031 17,048 20,183 1,775 5,016 Brandin8 and website project Governance 247,255 174,486 54,554 476,295 Allocated costsare generally allocated on the basisof the proportions of staff time engaged in each aspect of thesociety'swork. Conservation Educallon FundraisiThJ Total 2023 Allocated staff costs 203,988 36,133 16,145 256,266 Direct costs Events The Victorion Thejournal Donations and grants made Casework Publications 30,509 40,317 7,023 2,196 30,509 40,317 7,023 2,196 10,939 1,988 10,939 1,988 Allocated support and governance costs Premises and general office costs Finance IT Branding and website project Governance 38,367 12,579 12,695 9,269 3,993 6,796 2,228 2,249 1,642 707 3,037 995 1,005 734 316 48,200 15,802 15,949 11,645 5,016 291,830 131,788 22,232 445,850 Costsinclude: 2024 2023 Auditors, remuneration- audit fee Depreciation and amortisation 5,016 3,778 5,016 4,535 Page25 The Victorlan So¢ietyAnnual Report and Financial Statements Company Registration No 3940996 NOTESTOTHEFINANCIAL sfATEMENTS FOR THEYEAR ENDED 31 DECEMBER2024 Total expenditure (contlnued) 2024 2023 Staff costscomprise: -wages & salaries - Social security costs - Pension costs 236,835 15,573 12,445 264,853 229,781 15,908 10,577 256,266 The average number of staff employed during the year was 712023: 8). Calculated on a full-timeequivalent basis, the average number during the year wa5 5.7 (2023: 6.71. Temporary staff were utilised at a cost of £13,000 to cover caseworker vacancies. No staff member received remuneration in excess of £60,000. The key management personnel of the Society is its director: Joe O'Donnell until 7 February and Jame5 Hughes from 8 May. Their gr055etnployment cost, including national insurance and pension contributions, during their time asdirector wa5£48,409 ft)rJoe O'Donnell (including £42,795 relatingto his departure from the Society)and £39,801 forJames Hughesl2023 JoeO'Donnell: £55,601). Transactions with Trustees No trustee12023: none) was in receipt of remuneration or employment benefits, Six trustees (2023: six) received rei mbursement of thei r travel l i ng or other expenses totalling £2, 120 (2023: £1, 1101 in relation to their role as Trustees or on committee5. The Trustees made donations {including membership subscriptions) of £52 1 (2023: £6551 duri ng the year. Trustees, i nsurance is obtai ned within the Society's general insurance pol icy. Fund analyslsof net income/lexpenditurelforthe comparative year Unrestricled funds Restrl¢ted funds Eth. ment 2023 Total INCOME: Subscriptions Donations Grants with no performance-related conditions Legacies Rental income Dividends and interest Grants with performanc&related conditions Educational events and publ ications Other Total income 153,250 26,915 20,000 11,972 17,925 19,838 153,250 36,388 24,000 61,972 17,925 22,693 46,165 70,184 2,591 435,168 9,473 4,000 50,000 2,855 46,165 319 69,865 2,591 322,356 112,812 EXPENDITURE: Raisi ng funds Architectural conservation Education Total expenditure Net gai ns/llosses) on i nvestments Net income/{expendlture) 121,674) (238,618) (127,9151 1388,2071 15581 (53,2121 {3,873) 157,643) 122,232) 1291,830} 1131,7881 {445,8501 9,914 9,923 165,8421 55,169 9,914 (759) Page26 Company Registration No 3940996 NOTESTOTHE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 Tangible Flxed Assets Freehold premi599 Offlce equlpment Furnlture & flttl ng$ Total Cost: Asat l January 2024 Additions Asat 31 December 2024 1,166,549 11,472 23,138 1,201,159 1,166.549 11,472 23,138 1,201,159 Depreciation: Asat ljanuary 2024 Charge for year Asat 31 December 2024 6,941 1,495 8,436 12,811 1,554 14,365 19,752 3,049 22,801 Net bookvalue: Asat31 December 2024 1,166,549 3,036 8,773 1,178,358 Asat 31 December 2023 1,166,549 4,531 10,327 1,181,407 The freehold premises are occupied by the Society as offices and Surplus Space is rented out. The market value of the prem i5es is esti mated to exceed substantial ly the book value i n these financial statements. No formal valuation has been obtained sincethi5would incur unduecostto thesociety. Intanglble Assets Webslto Cost: Asat ljanuary 2024 Disposals {scrappedl Additions Asat 31 December 2024 6,768 (6,7681 7,787 7,787 Amort15ation and impalrment Asat l January 2024 Chargefor year On disp05a15 Asat 31 December 2023 4,004 729 14,3431 390 Net bookvalue: Asat 31 December 2024 7,397 Asat 31 December 2023 2,764 Page27 The Vlctorlan SocletyAnnual Report and Financial Statements Company Registration No 3940996 NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Investments Flxed Asset Investments 2024 2023 Fairvalueasat l January Unrealised revaluation gai ns/llossesl Fair value as at 31 December 116,121 2.636 118,757 106,198 9,923 116,121 Fixed asset inve5tmentscomprise: Endowment fund: Units in the COIF Charities Investment Fund, managed by CCLA, with an historical cost of £65,897 (2023: £65,897). The Fund is managed to grow the real valueof investors, capital and income Dverthe long-term, whilst keepin8 risk levels sensibly under control. At 31 December 2024 the bid price of income units was 2029.3p (2024: 1984.5p). The units are valued by CCLA based on the values of the underlying investments. Quoted investments are valued at bid prices and unquoted investments by the CCLAfund manager, based on information provided by the manager of the underlying investment. The Fund exposes the Society principally to market price risk, but also to currency, credit and liqu idity risk, although CCLAstatesthat it believes that the Fund is ableto make redemptions required by unitholders. Unrestricted fund5: Bequest of 75 share5 in BT which are stated at the quoted market price in an active market. The closing market value as at 31 December 2024 wa5 £10812023: £93) and thetotal amount of dividends receivablefor theyear was£O12023: £61. Current Asset Investments I n 2024 and 2023 these comprised cash on deposit with UK i nstitutions, held at h istorical c05t. 10 Debtors 2024 2023 Other debtors and prepayments Accrued income 5,119 182,848 187,967 6,772 28,780 35,552 Accrued income includes half of the Heritage Lottery Fund awarded during 202412023: the second tranche ofthegrant receivablefrom TheSwireCharitableTrust). 11 Liabilities: Arnountsfallingdue within one year 2024 2023 Tradecreditors Accruals PAYE & Pension Deferred income 7,791 8,326 4,171 1,687 21,975 9,599 20,805 5.712 2,411 38,527 A Small balance remains in trade creditors relating to direct debits for subscription5 taken twice in error during 2022 and yet to be either refunded to members or converted by those members into donation5, despite significant effort by the Society to clear these balances. Deferred income mainly represents income received in advancefor events held after theyear end and rental income received one month in advance. All deferred income 15 released within 12 months. Page28 The Vlctorian SocietyAnnual Report and Financial Statements Company Registration No 3940996 NOTESTOTHE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 12 Unrestrlcted funds 2024 2023 Balance at l January Net income/lexpenditurel for theyear Transferfrom restricted funds Balance at 31 December 1,979,197 138,7491 13,311 1,953,759 2,032,550 (65,8431 12,490 1,979,197 Total unrestricted funds are made up as follows: Tangibleand intangiblefixed assets Fixed asset investments Net current assets 1,185,755 108 767,896 1,953,759 1,184,171 93 794,933 1,979,197 13 Restricted fund5 Pevsner morlal Essay Fund Mary Heath Trust Donatlons and legacles Grants Totsl Balance at l January2023 Receivable duringtheyear -Donations -Legacies -Grants -1 nterest -Educational events & publ ications 11,625 103,108 4,000 3,429 122,162 9,473 50,000 9,473 50,000 50,165 2,854 319 234,973 157,6421 (12,4901 164,841 50,165 2,854 319 106,281 54,165 148) 154.1651 {12,490} 93,743 11,625 62,902 (3,4291 Applied duringtheyear Transfer to unrestricted funds Balance at l January 2024 Receivable duringthe year -Donations -Grants -Interest -Educational events & publications 11,625 59,473 107 107 295,594 4,201 295,594 4,201 11,625 97,944 295,594 {47,594) 59,580 464,743 147,594) 113,311) 403,838 Applied duringtheyear Transfer to unrestricted fu nds Balance at 31 December 2024 113,3111 84.633 11.625 Z48,000 59.580 comprising: 2023 Current asset investment5 Cash at bank 11,625 81.361 12,382 93,743 92,986 71,855 164,841 59,473 59,473 11,625 2024 Debtors Current asset i nvestments Cash at bank 121,500 121,500 96,336 186,002 403,838 11,625 84,711 1781 126,500 84,633 248,000 59,580 59,580 11,625 Page29 The Victorian SocietyAnnual Report and Financial Statements Company Registration No 3940996 NOTESTOTHE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER2024 13 Restricted ￿ndS (contlnued) The Pevsner Memorial Essay Fund was set up to provide an Annual Prize for an essay on British architecture, art or the decoratlve arts in the Victorian or Edwardian period, by someone who has not been published before. The Mary Heath Trust was set up according to the term5 of the will of the late Mary Heath, who left her entire estate to the Society 'for the benefit of the Birmingham Group, The Trust bears the cost of the Society's Birmingham and West Midlands caseworker. Grants Histor1¢ England provides funds towardsthe Society'scasework in England. Cadw provides fundstowards the Society'scasework in Wales. The entire amount of these recurring grants receivable is shown as applied duringthe year to which they relate. There is a debtor at the year end for grants not yet received which is included within accrued income, reported as part of unrestricted funds. Three restricted grants were received during 2024 as detailed in note 2 (2023: one grant). Restricted donatlons were received during 2023 as contributions towards the cost of the Society's Liverpool Street Station fighting fund, with a small further amount received during 2024. A restricted legacy was received in 2023, to be used in connection with the Society'schurch casework. 14 Endowment fund The Tom Greeve5 Memorial Fund was established in April 1999 following a generous gift from Eleanor Greeves in memory of her husband. Thefund i5constituted as an expendable endowment and isto be used to support thesociety's casework. Thefund is represented by investments of £118,64912023: £116,028) and movements on the fund are set out in the Statement of Financial Activities. Dividend income of £3,249 on the Fund wastaken to unrestricted funds12023: £3,185). 15 Reservesadequacy The levels of restricted and endowment funds are considered satisfactory to fulfil the obligations the Societytook on in acceptingthosefunds. Page30 The Victorlan SocletyAnnual Report and Financial Statements Company Registration No 3940996 NOTESTOTHE FINANCIAL sfATEMENTS FOR THEYEAR ENDED 31 DECEMBER2024 15 Reservesadequacy (contlnued) Note 12 discloses the split of unrestricted funds between fixed and current assets. For the Society to function successfully, it must maintain an adequate level of unrestricted reserves that can be used to financethesociety's day to day operations and provide a precautionary reserve in case of fluctuations in the future level of income. The Trustees consider it prudent that the level of precautionary reserve should not be less than 12 months, expected future expenditure {excluding events expenditure since this is Incom￿enerating - see Note 31, plus an allowance for ongoing property refurbishment. At 31 December 2024, the Society's free unrestricted reserves amounted to £768,00412023: £795,026), adequately in excess of this level. Our recurri ng deficit has fallen slightly in 2024 but the Trustees contin ue to explore actlonsthat can betaken both to increase incomeand to reduce expenditure and expect that the actions enabled by the National Heritage Lottery Fu nd grant will contri bute to th is. 16 Llverpool Street Statlon Campalgn (LISSCA) At 31 December 2024 thesociety held £32,06812023.' £29,314) on trust for the Liverpool Street Station Campaign {LISSCA). These funds have been raised to finance the campaign against plans for the redevelpment of Liverpool Street Station and the former Great Eastern Hotel and are to be applied as directed by a majority decision of the Campaign Committee. Sincethe Society holds thesefunds on trust for LISSCA, they areexcluded from thesociety's balance sheet. 17 Statutoryand general informatlon This note contains information required bythe CompaniesAct and the CharitiesSORP IFRS 102): (i) In relation to thestatement offinancial activities In accordance with the Charities SORP IFRS 1021, the Society is required to disclose a summary income and expenditureaccount: 2024 2023 Total income Total expenditure Net surplus/ldeficitl for the year before gai ns/losses on i nvestments Unrealised gains/(losses) on investment assets, excluding endowments Net surplus/(deficit) fortheyear, excluding endowment funds 689,839 435,168 {476,2951 (445,850) 213,544 110,682} 15 213,559 {10,6731 No taxation is payable as the Society is a registered charity and accord i ngly is entitled to exemption from taxation on its charitable activities under the provisions ofthe Income and Corporation Taxes Act 1988. (li) Bolancesheet There were no pension or other contingencies at 31 December 2024 and 2023 other than as stated in the financial statements. The Society had no capital commitments at 31 December 202412023: none). Page31 The Vlctorian SocietyAnnual Report and Financial Statements Company Registration No 3940996 NOTESTOTHE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2024 18 Balance sheet for the year ended 31 December2023 Unrostrlcted fund5 Regtrlcted funds Endowment Tolal Notes TANGIBLE FIXED ASSErs INTANGIBLE ASSErs INVESTMENTS 1,181,407 2,764 93 1,184,264 1,181,407 2,764 116,121 1,300,292 116.028 116,028 CURREhrr ASSErs Stock Debtors Investments Cash at bank and in hand 3,346 35,552 343,424 451,138 833,460 3,346 35,552 436,410 522,993 998,301 io 92,986 71,855 164.841 CURRENTLIABILITIES Amountsfallingduewithin oneyeai li (38,527) (38,527} NEf CURRENT ASSErs 794,933 164,841 959,774 TOTAL ASSEfs LESS CURRENT LIABILITIES AND NEfASSETS 1,979,197 164,841 116,028 2,260,066 Represented by: FUNDS Unrestricted Restricted Endowment 12 1,979,197 1,979,197 164,841 116,028 2,260,066 13 164,841 14 116,028 116,028 15 1,979,197 164,841 Page32 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VICTORIAN SOCIETY FOR THE YEAR ENDED310ECEMBER 2024 Opinlon We have audited the financial statements of The Victorian Society (the "Charitable Company") for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet. the Cash Flow Statement and notes to the financial statements, including a summary of 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). This report is mado solely to the Charitable Company's metnbers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Ouraudit work has been undertaken so that we might slate to the Charitable Company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company's members as a body, for our audit work, for this report. or for the opinions we have formed. In our opinlon, the financial statements.. give a true and fair view of the state of the Charitable Company's affairs as at 31 December 2024 and of its income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies AGt 2006. Basls for opinion We conducted our audit in accordance with Intemation81 Standards on Auditing (UK) (ISAS (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audlt of the flnancial statements section of our report. We are independent of the Charitable Company in accordance wilh the ethical requirements that are relevant to our audit of the flnancial statements in the UK, including the FRC'S Ethical Standard, and we h8ve 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. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem 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, individ ually or collectively, may casl significa nt dou bt on the charity's ability lo continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities a nd the responsibililies of the truslees with respect to going concem are described in the relevant sections of this repart. Other Information The trustees are responsible for the other infomiation, The other information comprises the information included in the annual report other than the financial statemenls and our auditor's report thereon. Our opinion on the financial statements does not cover the other Information and, except to the extent othe￿iSe explicitly stated In our report. we do not express any form of assurance conclusion thereon. Page33 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE vicfoRIAN soaETY FOR THE YEAR ENDED310ECEM8ER 2024 Icontlnuedl In connection with our audit of the financial statements, our responsibility is to read the other infomation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheNise appears to be materially misstated. If we identrfy such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have perf0M￿d. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the wort( undertaken in the course of the audit.. Ihe infomiation given in the trustees, report (inco￿OratIng the directors. repori) for the financial year for which the financial statements are prepared is consistent with the financial statements; and the trustees, report (incorporating the directors, report) have been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by excepllon In the light of the knowledge and understanding of the Charitable Company and its environment obtained in Ihe course of the audit, we have not identified material misstatements in the Trustees, Annual Rpnnrt We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audil have not been received from branches not visited by us; the financial statements are not in agreement with the accounting records and retums., certain disclosures of trustees, remuneration specified by law are not made", or we have not obtained all the infomiation and explanations necessary for the purposes of our audit. the trustees were not entitled to take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare s strategic report. Responslbllltles of the trustses As explained more fully in the trustees, responsibilities statement set out on page 16, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a ttue and fair view, and for such intemal control as they determine is necessary to enable the p￿paratIOn 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 Chariiable Company's ability to continue as a going concem, disclosing, as applicable. matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the Charitable Company or to ￿ase operations, or have no realistic altemative but to do so. Page34 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VICTORIAN SOCIETY FOR THE YEAR ENDED 31 DECEMBER 2024 (contlnuedl Our responslbllltles for the audlt of the flnanclal statements Our objectlves 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 auditols report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audil conduGted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatetnents 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. Extent to which the audit was capable of detecting Irregularities. including fraud Irregularilies, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, Outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting I￿egula17tie5, including fraud is detailed below.. Ag￿ement of the financial statement disclosures to undedying supporting documentation,. Enquiries and confirmation of management and the trustees as to their identrfication of any non- compliance with laws or regulations. or any actual or potential claims.. Review of minutes of Board meetings throughout the period: Incorporatlng unpredictability into the nature, timing andlor extent of testing. Evaluation of the selection and application of the accounting policies chosen by the chaiity. In relation to the risk of management override of intemal controls, by undertaking procedures to review joumal entries and evalualing whether there was evidence of bias that represented a risk of material misstatement due to fraud; and We assessed the susceptibility of the charity's financial statements to material misstatement, Includlng how fraud might occur by considering the key risks Impacting the financlal statements. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstalement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve dellberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance wlth laws and regulations is from the events and transactions reflected in the fin8ncial statements, the less Ilkely we are to become awa￿ of It. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Katherine Dee FCA (Senior Statutory Auditor) For and on behalf of Begbies Chariered Accountants. Statutory Auditor 9 Bonhill Street London EC2A 4DJ Date: Page35