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← Historic Houses Foundation

2024-06-30-accounts

Charity Registration No. 1111049 Company Registration No. 05433717

HISTORIC HOUSES FOUNDATION

TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024

HISTORIC HOUSES FOUNDATION

Contents

Legal and administrative information 1
Trustees’ report 2 – 6
Statement of Trustees’ responsibilities 7
Independent Auditor’s report 8 – 9
Statement of financial activities 10
(including summary income and expenditure account)
Balance sheet 11
Cash flow statement 12
Notes to the accounts 13 – 23

HISTORIC HOUSES FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Norman Hudson OBE (Chairman)
Nicholas Barber CBE
Richard Compton
Sir Andrew Jardine Bt.
Mary King
Amicia De Moubray
Jeremy Musson
Sir John Parsons KCVO
Oliver Pearcey
Matthew Rice
Secretary David Price
Charity number 1111049
Company number 05433717
Principal address Sheephouse Farm
Uley Road
Dursley
Gloucestershire
GL11 5AD
Registered office Sheephouse Farm
Uley Road
Dursley
Gloucestershire
GL11 5AD
Independent Auditors Randall and Payne LLP
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA
Bankers Barclays Bank plc
99 Hatton Garden
London
EC1N 8DN
Solicitors Farrer & Co LLP
66 Lincoln's Inn Fields
London
WC2A 3LH
Investment Managers Cazenove Capital
1 London Wall Place
London
EC2Y 5AU

HISTORIC HOUSES FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2024

The Trustees, who are also directors of the Charity for the purposes of the Companies Act, present their report and accounts for the year ended 30 June 2024.

The accounts have been prepared in accordance with the accounting policies set out and comply with the Charity's Memorandum and Articles of Association, the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

The objects of Historic Houses Foundation are:

Structure, governance and management

Historic Houses Foundation is a registered Charity (registration number 1111049) and is constituted as a company limited by guarantee (registration number 05433717). Its governing document is its Memorandum and Articles of Association incorporated 22 April 2005 (as amended by Special Resolutions dated 21 August 2005 and 20 February 2019) as amended on 23 April 2019, and its objects and powers are set out therein. Members of the company are admitted at the discretion of the Trustees and may be required to contribute not more than £10 in the event of the charitable company being wound up.

During the accounting period, the Charity employed one member of staff.

The Trustees, who are also the directors for the purpose of company law and who served during the year were:

Norman Hudson OBE (Chairman) Nicholas Barber CBE Richard Compton Sir Andrew Jardine Bt. Mary King Amicia De Moubray Jeremy Musson Sir John Parsons KCVO Oliver Pearcey Matthew Rice

Trustees can be nominated to the Board as set out in the Articles of Association. The number of Trustees shall not be fewer than five, but (unless otherwise determined by Ordinary Resolution) shall not be subject to any maximum. The Board of Trustees seeks to ensure that representation on the Board is wide-ranging. The Trustees bring a mix of skills to the Board, providing heritage, conservation, financial and corporate experience. Training and induction of new Trustees is undertaken on an informal and continual basis through discussions with existing Trustees, attendance at board meetings and site visits. The Trustees meet quarterly for board meetings and at least two of the Trustees carry out site visits prior to a grant being made and following completion of a project.

The Trustees receive no remuneration but may be paid all reasonable travelling, hotel and other expenses properly incurred by them in connection with the discharge of their duties.

Risk management

The potential risks facing the Charity have been assessed by the Board of Trustees. Two of particular importance have been identified. The first, the loss of the sole administrator at short notice, has been mitigated by the creation of a detailed procedures manual and other documentation. These procedures include the monitoring of IT security.

HISTORIC HOUSES FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2024

Risk management (continued)

The second is the risk that investments do not generate the expected returns. In this event the Trustees would reduce the amount of grants in subsequent years and/or draw on capital. In addition, a cash reserve is held by the investment managers in order to avoid the need to sell investments in the portfolio at short notice.

Public benefit

The Trustees have applied the guidance from The Charity Commission relating to public benefit when assessing grant applications. Public benefit is inherent in the objects of the Charity as set out above and, when considering a project’s eligibility for support, Trustees require that public access arrangements would be closely aligned to those specified for recipients of an Historic England grant.

Achievements and performance

Since the Charity started making grants in February 2006, the number of applications for funding has steadily increased. At the end of the financial year the Charity had supported 346 projects with grant offers totalling £17.8 million.

General Fund Grants
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
2018-19
2019-20
2020-21
2021-22
2022-23
2023-24
Restricted Fund
Grants
Heritage
Conservation Trust
2019-20
2020-21
2021-22
2023-24
Heritage Stimulus
Fund
2020-21
2021-22
Total grants		 No. of projects
Total granted
Average grant
Paid at 30/6/24
Balance Due
approved in year
£
£
£
£
4
605,000
151,250
605,000
-
11
814,990
74,090
814,990
-
12
841,263
70,105
841,263
-
17
633,509
37,265
633,509
-
16
938,003
58,625
938,003
-
13
565,376
43,490
565,376
-
20
978,640
48,932
978,640
-
24
1,342,597
55,942
1,337,868
4,729
16
737,245
46,078
722,745
14,500
19
788,628
41,507
775,189
13,439
21
524,399
24,971
515,399
9,000
18
568,497
31,583
448,497
120,000
26
797,701
30,681
693,701
104,000
16
513,540
32,096
381,940
131,600
20
465,637
23,282
455,737
9,900
9
396,000
44,000
285,000
111,000
13
424,800
32,677
324,800
100,000
24
826,300
34,429
119,200
707,100
299
12,762,125
11,436,857
1,325,268
9
42,573
4,730
28,017
14,556
4
21,368
5,342
21,368
-
2
8,896
4,448
8,896
-
1
4,500
4,500
4,500
-
16
77,337
62,781
14,556
18
2,818,500
156,583
2,818,500
-
13
2,230,992
171,615
2,230,992
-
31
5,049,492
5,049,492
-
346
17,888,954.00
16,549,130.00
1,339,824.00

HISTORIC HOUSES FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2024

Grants awarded during the year

During the year Trustees considered 76 requests for support (70 in 2022/23) and offered grants totalling £858,000 to 25 applicants (£424,800 to 13 applicants in 2022/23) supporting the following projects:

Re-roofing of the Settle Folly Tower Stabilisation of the Peach House within the Welsh National Botanic Gardens Roof repairs at Lullingstone Castle Restoration of the chapel at Croxdale Hall Restoration of one of the Mortlake Tapestries at Forde Abbey Commissioning of a condition survey for Bickleigh Castle Restoration of the Buck House at Dallam Tower Restoration of the Cothelstone Manor Gatehouse Support of the Prince’s Foundation’s Building Craft Programme for a further 3 years Roof repairs to Swinton Park Restoration of the Burneside Hall Gatehouse Support of the Heritage Funding Directory Restoration of the Aviary at Somerleyton Hall Roof repairs at Weelsby Hall Restoration of the Gothic Temple within Bramham Park Restorarion of the Cut Bridge within the Yorkshire Sculpture Park Restoration of the Chinese Room in Trent Park Restoration of ha-ha and summerhouse at Wiveton Hall Chimney and roof repairs at West Horsley Place Repair of the tower at Leighton Hall Repair of the Theatre Wing roof of Capesthorne Hall Repairs to the West Wing of Levens Hall Restoration of Lacey Green Windmill Restoration of Slough Fort

Restricted Heritage Conservation Trust Fund

Conservation of 3 paintings at Inverary Castle

Projects under consideration

A number of short-listed pre-applications were still under consideration at the end of the year. The Trustees had requested full applications or visited the properties and met the applicants, but final decisions concerning funding had still to be made pending further consideration at the August or November meetings. These included support of:

Restoration of hatchments within Halston Chapel Roof repairs at Kiplin Hall Repair of Manor Farm , Oxon The walled garden at Chawton House Repairs to Brynkinalt Wall painting conservation at Harvington Hall Internal repairs to Turner’s House Restoration of the Gillow Mausoleum Roof repairs to the Great Barn at Hoghton Tower Stabilisation of the remains of Carclew Emergency repairs to Plas Teg Restoration of Abingdon Abbey

HISTORIC HOUSES FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2024

.

Financial review

The Historic Houses Foundation continues to work in an extremely cost effective and agile manner with administrative costs representing 12% of incoming resources.

The Articles of Association enable grants to be paid from capital as well as income and it is the current policy of the Trustees to pay grants and running costs of the Charity from the total return achieved on the Charity’s investments over time. The Trustees have adopted an investment strategy which aims to achieve a balance between income and capital growth, taking account of potential risks and the level of investment managers’ fees. The Trustees meet their investment managers regularly to review the investment policy, agree risk and return objectives, and decide asset allocation ranges.

The result for the year was a net increase in funds of £1,388,675 (2023: decrease of £2,525,715). In 2023/24 the Charity’s investments showed an increase of £1,396,692 after additions and drawdowns (2023: increase of £2,586,540) and at the year end the investments were valued at £18,049,833 (2023: £16,653,141).

Investment summary:

It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to not less than six months' grants. This contingency reserve is generally maintained at £500,000 as a cash fund held by the investment managers. The Trustees consider that a reserve at this level will ensure that, in the event of a significant drop in asset values, they will be able to continue the Charity's current activities while consideration is given to ways in which additional funds may be realised. This level of reserves has been maintained throughout the period and the Trustees' investment strategy has taken account of the potential risks.

HISTORIC HOUSES FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2024

Future plans and outlook

The Trustees are continuing to develop their fundraising strategy for the Charity to encourage legacies and donations with the intention of increasing the investment fund to ensure that over the long-term support can continue to be provided to the growing number of applications received. In addition, the Trustees look to work in partnership with other funders in order to maximise the benefits of grants awarded and also to work closely with Historic Houses to raise the profile of the Charity.

Trustees will continue to welcome applications for support of suitable projects in line with the charitable objects of the Charity.

Independent Auditors

A resolution proposing that Randall and Payne LLP be reappointed as independent auditors of the Charity will be put to the members.

On behalf of the Board of Trustees

Norman Hudson OBE Chairman 19 February 2025

HISTORIC HOUSES FOUNDATION STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees, who are also the directors of Historic Houses Foundation for the purpose of company law, are responsible for preparing the Trustees’ Report and Accounts in accordance with applicable company law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare accounts for each financial year which will give a true and fair view of the state of affairs of the Charity and of its incoming resources and their application of resources including the income and expenditure of the charitable company for that year.

In preparing those accounts, the Trustees are required to:

The Trustees are responsible for:

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF HISTORIC HOUSES FOUNDATION

Opinion

We have audited the financial statements of the Historic Houses Foundation (the ‘charitable company’) for the year ended 30 June 2024, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and the related notes 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 (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 charitable company 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 charitable company’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 Trustees’ 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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially mis-stated. If we identify such material inconsistencies or apparent material mis-statements, we are required to determine whether there is a material mis-statement in the financial statements or a material mis-statement of the other information. If, based on the work we have performed, we conclude that there is a material mis-statement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

REPORT OF THE INDEPENDENT AUDITORS (continued) TO THE MEMBERS OF HISTORIC HOUSES FOUNDATION

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material mis-statements in the Trustees Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities on page 7, the Trustees (who are also the directors of the Historic Houses Foundation for the purposes 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 charitable company’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 cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mis-statement, 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. Mis-statements 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.

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.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters that 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 charitable company and the charitable company’s members as a body, for our audit work, for this report or for the opinions that we have formed.

Ryan Moore CA Senior Statutory Auditor Randall and Payne LLP Chargrove House Shurdington Road Shurdington Cheltenham GL51 4GA 15 February 2025

HISTORIC HOUSES FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (including Summary Income and Expenditure Account) FOR THE YEAR ENDED 30 JUNE 2024

All the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in notes 13 and 14 of the financial statements. An analysis of the 2023 figures is shown on page 19.

HISTORIC HOUSES FOUNDATION BALANCE SHEET AT 30 JUNE 2024

The accounts have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

The financial statements on pages 10 to 23 were approved by the board on 19 February 2025 and signed on its behalf by

Norman Hudson OBE Chairman

Sir John Parsons KCVO Trustee

HISTORIC HOUSES FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024

1 Accounting policies

1.1 Statutory information

Historic Houses Foundation is an incorporated charity registered with Companies House and with the Charity Commission for England and Wales.

The registered office is Sheephouse Farm, Uley Road, Dursley, Gloucestershire, GL11 5AD.

1.2 Basis of preparation and going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) (the Charities SORP (FRS102)), the Financial Reporting Standard applicable in the United Kingdom (FRS 102), the Companies Act 2006 and the Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

The Trustees have considered the likely impact on the Charity and its cash flows of the current economic uncertainty, impact of inflation and the downturn in global markets and consider that the Charity should have access to adequate working capital and funding to enable it to continue to trade for at least one year from the approval of these accounts. The accounts have therefore been prepared on the going concern basis.

1.3 Funds structure

Unrestricted funds are funds which are available for use at the discretion of the Trustees.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of designated funds are set out in the note 13 to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for a specific purpose. The aim and use of each restricted fund is set out in the note 14 to the financial statements.

1.4 Income recognition and debtors

All income is included in the Statement of Financial Activities when the Charity is legally entitled to the income, it is probable that it will be received, and the amount can be quantified with reasonable accuracy.

1.5 Resources expended and creditors

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Charitable expenditure comprises those costs incurred by the Charity in the deliverance of its activities and services for its beneficiaries. Grants awarded are accrued in the accounts when they have been approved for payment by the Trustees and have met the Charity’s preconditions. Grants awarded where the recipients have yet to fulfil any preconditions are set aside as designated funds.

Grant support and governance costs represent the cost of administering the grant-giving process and examining grant requests. As a grant-making charity all support costs are considered to relate to the sole activity of grant-making. Governance costs include those costs associated with the governance of the Charity and are primarily associated with constitutional and statutory requirements.

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

1 Accounting policies (continued)

1.6 Pension scheme

The Charity operates a defined contribution pension scheme for one employee. Contributions are charged to the Statement of Financial Activities as they fall due.

1.7 Investments

The investment portfolio is managed by the investment managers. Short term cash deposits held by the managers are included within fixed assets investments. Investments held in foreign currencies are converted at the year-end exchange rate.

Investments are a form of financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposal in the year.

1.8 Financial instruments

The Charity has only basic financial assets and financial liabilities. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.9 Taxation

As a registered charity, the Charity is generally exempt from corporation tax in connection with its direct charitable purpose, but not from value added tax. The cost of irrecoverable value added tax is included within the expense item to which it relates.

2 Related party transactions and trustee expenses and remuneration

The Trustees are considered to be the key management personnel and they received no remuneration for their services to the Charity for the year under review.

Travel expenses totalling £4,989 (2023 - £4,339) were reimbursed during the year to 6 (2023 – 5) Trustees.

When donations are made to other organisations where HHF Trustees or close family members are also Trustees, those individuals are required to declare an interest and do not vote on the grant-giving decision.

There were no grants of this nature or any other related party transactions during the current or prior year.

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

In addition to the amounts payable (shown above) and accrued, Trustees had authorised at 30 June 2024 grants of £1,325,268 (2023: £1,028,368), which will be payable on the recipients fulfilling certain conditions. This amount has been treated as a designated fund (see note 13).

During the 2023 year the Trustees reviewed a number of older grants which had been awarded but not paid out as the applicant had not met the qualifying conditions for payment. These grants amounting to £243,075 were cancelled and removed from the designated fund. No such cancellations occurred in the 2024 year.

Additionally, the Trustees had authorised of grants of £4,500 (2023: Nil) within the restricted Heritage Conservation Trust fund. This balance was fully paid during the 2024 year.

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

The charity has one employee (2023: one) whose annual emoluments did not exceed £60,000.

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

14 Restricted funds

The Art Fund was established to hold the funds receivable on the transfer of the assets of the Heritage Conservation Trust in 2019.

The Heritage Stimulus Fund was established to hold funds received under Grants for Programmes of Major Works of the Government’s Cultural Recovery Fund. This was granted to fund 18 specific projects in phase 1 and a further 13 specific projects in phase 2.

Grants payable from these funds are then deducted.

At 30 June 2024 nil (2023 - £14,556) of the Heritage Conservation Trust fund was committed to be spent leaving £169,831 available.

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2024

16 Legal status of the charity

The Charity is a company limited by guarantee. The members of the Charity are the Trustees listed on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member. The Charity’s controlling party is the Board of Directors who are also the Trustees.