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← Historic Houses Foundation

2025-06-30-accounts

Charity Registration No. 1111049 Company Registration No. 05433717

HISTORIC HOUSES FOUNDATION

TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

HISTORIC HOUSES FOUNDATION

Contents

Legal and administrative information 1
Trustees’ report 2 –7
Statement of Trustees’ responsibilities 8
Independent Auditors’ report 9–10
Statement of financial activities 11
(including summary income and expenditure account)
Balance sheet 12
Cash flow statement 13
Notes to the accounts 14– 24

HISTORIC HOUSES FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Norman Hudson OBE (Chairman, until Feb 2025)
Jeremy Musson (Chairman, since Feb 2025)
Nicholas Barber CBE
Richard Compton
Sir Andrew Jardine Bt.
Mary King
Amicia De Moubray
Sir John Parsons KCVO (Honorary Treasurer)
Oliver Pearcey
Matthew Rice
Dr Amy Boyington (appointed 21 May 2025)
Secretary/Director Martin Wills (appointed 18 November 2025)
David Price (resigned 18 November 2025)
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 2025

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 2025.

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 (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. Following the resignation of David Price as Secretary on 18 November 2025, Martin Wills was appointed to the post of Director.

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

Norman Hudson OBE (Chairman, until Feb 2025) Jeremy Musson (Chairman, since Feb 2025) Nicholas Barber CBE Richard Compton Sir Andrew Jardine Bt. Mary King Amicia De Moubray Sir John Parsons KCVO (Honorary Treasurer) Oliver Pearcey Matthew Rice Dr Amy Boyington (appointed 21 May 2025)

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, when possibly or necessary, following the 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.

In February 2025, Norman Hudson OBE, stepped down as Chairman of the Historic Houses Foundation, a role he had held since 2010. He has been succeeded by Jeremy Musson, a fellow Trustee, architectural historian, author and former Architectural Editor of Country Life magazine.

HISTORIC HOUSES FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2025

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.

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 373 projects with grant offers totalling £18.721 million.

No. of
projects		 Total granted Average grant Paid at 30/6/25 Balance Due
approved in £
£		 £ £
year
General Fund
Grants
2006-07 4 605,000 151,250 605,000 -
2007-08 11 814,990 74,090 814,990 -
2008-09 12 841,263 70,105 841,263 -
2009-10 17 633,509 37,265 633,509 -
2010-11 16 938,003 58,625 938,003 -
2011-12 13 565,376 43,490 565,376 -
2012-13 20 978,640 48,932 978,640 -
2013-14 24 1,342,597 55,942 1,337,868 4,729
2014-15 16 737,245 46,078 722,745 14,500
2015-16 19 788,628 41,507 775,189 13,439
2016-17 21 524,399 24,971 515,399 9,000
2017-18 18 568,497 31,583 448,497 120,000
2018-19 26 797,701 30,681 693,701 104,000
2019-20 16 513,540 32,096 381,940 131,600
2020-21 20 465,637 23,282 455,737 9,900
2021-22 9 396,000 44,000 285,000 111,000
2022-23 13 424,800 32,677 324,800 100,000
2023-24 24 826,300 34,429 119,200 707,100
2024-25 25 821,852 32,874 327,917 493,935
324 13,583,977 11,764,774 1,819,203

HISTORIC HOUSES FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2025

Restricted Fund
Grants Heritage
Conservation
Trust
2019-20 9 42,573 4,730 28,017 14,556
2020-21 4 21,368 5,342 21,368 -
2021-22 2 8,896 4,448 8,896 -
15 72,837 58,281 14,556
Heritage
Stimulus Fund
2020-21 18 2,818,500 156,583 2,818,500 -
2021-22 13 2,230,992 171,615 2,230,992 -
31 5,049,492 5,049,492 -
Art Fund
2023-24 1 4,500 4,500 4,500 -
2024-25 2 10,310 5,155 - 10,310
3 14,810 4,500 10,310
Totalgrants 373 18,721,116 16,877,047
 1,844,069

HISTORIC HOUSES FOUNDATION

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2025

Grants awarded during the year

During the year Trustees considered 87 requests for support (76 in 2023/24) and offered grants totalling £832,162 to 27 applicants (£858,000 to 25 applicants in 2023/24) supporting the following projects:

Restoration of architectural features at Carclew House Conservation of wall paintings at Church House Farm Repairs to Compton Verney Logia Repair and restoration of hatchments at Halston Chapel Repairs to roof of the Great Barn at Hoghton Tower Repairs to staircase at Turner’s House Restoration of castle roof at Atlantic College Repair of library roof in Kiplin Hall Conservation of wall painting at Harvington Hall Repair of roof at Abingdon Abbey Restoration of east elevation of Brynkinalt Repair of stone bridge at Deene Park Restoration of Everingham Chapel Urgent repairs to Clenstone Barn Completion of Georgian staircase at Copped Hall Restoration of dining room ceiling at Lullingstone Repair of two cupolas at Burton Constable Restoration of framework at Bonsall Knitter Workshop Structural survey of Henry Jones Museum Restoration of hall and gardens at Gregynog Hall Emergency works to Great Hall/Barn at Charing Palace Repairs to chapel ceiling at Bradgate Park Masonry repairs and restoration of Gillow Mausoleum Stabilise and repair dovecote and stable building at Knedlington Old Hall Roof repairs at Settle Folly

Restricted Art Fund

Cleaning and repair of paintings at Wentworth Woodhouse Restoration of three paintings at Bamburgh

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 two derelict out-buildings at Gwydir Castle Urgent repairs to Blackwell owned by Lakeland Arts Restoration of buildings at Wells Vicar’s Close Restoration of painted ceiling panels at Ushaw College Restoration of wood panelling in the dining room at Camden Place Urgent works to the roof and chimney at Newstead Abbey Restoration of dovecote building at The Hall in Bradford-on-Avon The conservation of two paintings at Raby Castle (Art Fund)

HISTORIC HOUSES FOUNDATION TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2025

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 £111,231 (2024: increase of £1,388,675). In 2024/25 the Charity’s investments showed an increase of £78,016 after additions and drawdowns (2024: increase of £1,396,692) and at the year end the investments were valued at £18,127,849 (2024: £18,049,833).

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 2025

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 in v e st m e n t 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.

In February 2025, Norman Hudson OBE stepped down as Chairman of the Historic Houses Foundation, a role he had held since 2010 after serving as a founding trustee since 2005. We would like to thank him for his continuing efforts in supporting the charities objectives

He has been succeeded by Jeremy Musson, fellow Trustee, architectural historian, author and former Architectural Editor of Country Life magazine.

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

Jeremy Musson Chairman

25 February 2026

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 2025, 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 March 2026

HISTORIC HOUSES FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (Including Summary Income and Expenditure Account)

FOR THE YEAR ENDED 30 JUNE 2025

Notes
3
4
Income
Grants, donations and legacies
Investment income
Total incoming resources
Expenditure
Cost of raising funds
Investment managers' fees
Expenditure on charitable activities
6
Grants payable
Grant support and governance costs
7
10
Cost of grant making
Total expenditure
Net income/(expenditure) for the year
Gain/(loss) on investment assets
Net increase/(decrease) in funds for the year
Gross transfers between funds
Net movements in funds for the year
Reconciliation of funds
Total funds brought forward at 1 July 2024
Total funds carried forward at 30 June 2025		 Unrestricted Designated
funds
funds
£
£
33,458
-
730,369
-
763,827
-
(86,446)
-
-
393,356
95,829
-
95,829
393,356
9,383
393,356
754,444
(393,356)
(237,257)
-
517,187
(393,356)
(578,394)
578,394
(61,207)
185,038
16,620,179
1,329,768
16,558,972
1,514,806		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
179,887
179,887		 Total
2025
£
33,458
730,369
763,827
(86,446)
393,356
489,185
402,739
361,088
(237,257)
123,831
-
123,831
18,129,834
18,253,665
95,829		 Total
2024
£
35,197
734,791
769,988
51,102
533,900
90,411
624,311
9,383 675,413
754,444
(237,257)
517,187
(578,394)
(61,207)
16,620,179
16,558,972		 94,575
1,294,099
1,388,675
-
1,388,675
16,741,159
18,129,834

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 14 and 15 of the financial statements.

An analysis of the 2024 figures is shown on page 20.

HISTORIC HOUSES FOUNDATION BALANCE SHEET

AT 30 JU:'IE 2025

2025 2024
Note £ £
Inyestments 10 18,127,849 18,049,833
Current assets
Debtors 11 262 815
Cash at bank 137,413 106,184
Creditors:
amounts falling due		 137,675 106,999
within one year 12 (11,860) (26,998)
Net current assets 125,816 80,001
Net assets 18,253,665 18,129,834
RESERVES AND FUNDS
Unrestricted funds 16,558,972 16,620,179
Designated funds 13 1,514,806 1,329,768
Restricted funds 14 179,887 179,887
18,253,665 18,129,834

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 arc for circulation to members of the company.

The financial statements on pages 11 to 24 were approved by the board on 25 February 2026 and signed on its bchatrby

Jeremy Musson Chairman

Sir John Parsons KCVO .[I ][lonorary Treasurer ]

HISTORIC HOUSES FOUNDATION STATEMENT OF CASH FLOWS

AT 30 JUNE 2025

2025
£
(383,866)
730,369
134,750
(602,151)
152,127
415,095
Net cash generated from operating activities (see note below)
Cash flows from investing activities:
Dividends and interest
Disposal proceeds on sale of investments
Purchase of investments
Decrease/(increase) in uninvested cash held by investment managers
Net cash provided by investing activities
Change in cash and cash equivalents in the year
31,229
106,184
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
137,413
NOTE TO THE CASH FLOW STATEMENT
Reconciliation of net movement in funds to net cash flow from operating activities
2025
£
123,831
(730,369)
237,257
553
(15,138)
Net movement in funds for the year
Deduct: Investment income shown in investing activities
(Gain)/loss on investments
(Increase)/decrease in debtors
(Decrease) in creditors
Net cash generated from operating activities
(383,866)		 2024
£
(645,468)
734,791
223,530
(210,262)
(115,861)
632,199
(13,269)
119,453
106,184
2024
£
1,388,675
(734,791)
(1,294,099)
14,305
(19,557)
(645,468)

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

1.1 Statutory information

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

1.2 Basis of preparation and going concern

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 2025

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 £10,839 (2024 - £4,989) were reimbursed during the year to 7 (2024 – 6) 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 2025

Grants, donations and legacies
Heritage Stimulus Fund Grant
Donations and legacies receivable		 2025
£
-
33,458
33,458		 2024
£
-
35,197
35,197
Investment income
Income from investments
Bank interest receivable		 2025
£
728,659
1,710
730,369		 2024
£
734,458
333
734,791

5 Expenditure

Expenditure
Note
6
Grant funding
Grant support and governance costs
7		 Staff
costs
£
-
48,255
48,255		 Other
costs
£
-
47,574
47,574		 Grant
funding
£
393,356
-
393,356		 Total
2025
£
405,956
95,829
501,785		 Total
2024
£
533,900
90,411
624,311

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

Grants payable
Grants relating to direct charitable expenditure comprise:
Alton Castle
Beckford's Tower
Belsay Hall
Bickleigh Castle
Cannon Hall
Capesthorne Hall
Chillingham Castle
City and Guilds
Clandon Park
Clenstone
Combermere Abbey
Compton Verney
Coventry Charterhouse
Dallam Tower
Deene Park transfer from Riding House
Forde Abbey Tapestries
Harvington Hall
Heritage Update II
Heydon Hall
Kiplin Hall
Lullingstone Castle
Marquess of Anglesey Column
Middleton Hall
Otford Palace
King's Foundation (formerly Prince's Foundation)
Sandon Hall
Settle Folly Tower
Shandy Hall
Somerleyton Aviary
Swinton Park
Trent Park
Turner's House
Weelsby Hall
Wentworth Woodhouse
West Horsley Place
Wiveton
Yorkshire Sculpture Park Cut Bridge
Adjustment to 2024 grant payable		 2025
2024
£
£
-
25,000
-
45,000
-
-
4,889
-
-
25,000
40,000
-
-
42,800
-
10,000
-
25,000
45,967
-
4,500
-
10,000
10,000
-
5,000
-
10,000
15,000
15,000
15,000
15,000
-
12,500
-
-
25,000
6,500
-
15,000
29,400
-
45,000
-
35,000
-
15,000
-
18,000
-
10,800
41,000
-
40,000
20,000
-
25,000
15,000
-
3,000
-
50,000
-
-
70,000
50,000
-
18,000
-
19,600
8,400
(12,600)
-
393,356
529,400

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

6
Grants payable (continued)
Restricted grants from Heritage Conservation Trust Fund
Inverary Castle Paintings
Total grants payable		 2025
£
-
-
393,356		 2024
£
4,500
4,500
533,900

In addition to the amounts payable (shown above) and accrued, Trustees had authorised at 30 June 2025 grants of £1,514,806 (2024: £1,329,768), which will be payable on the recipients fulfilling certain conditions. This amount has been treated as a designated fund (see note 13).

Additionally, the Trustees had authorised of grants of Nil (2024: £4,500) 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 2025

7 Grant support and governance costs

Grant support and governance costs
Staff costs (see note 8)
Rent
Rates, light and heat
IT costs
Postage, stationery and telephone
Travelling and subsistence expenses
Insurance
Consultancy fees
Professional fees
Audit and accountancy fees
Trustees' expenses
Fundraising and marketing advice
Sundry expenses		 Grant
support
£
48,255
9,607
(29)
2,339
-
4,228
276
-
8,694
-
-
-
-
73,370
---------		 Govern-
ance
£
-
-
-
-
-
-
-
-
-
-
10,839
1,439
10,181
22,459
------- 2025 ---		 Total
£
48,255
9,607
(29)
2,339
-
4,228
276
-
8,694
-
10,839
1,439
10,181
95,829
-------------		 Grant
support
£
54,864
8,521
304
8,836
(717)
2,109
1,131
-
-
-
-
-
-
75,048
---------------		 Govern-
ance
£
-
-
-
-
-
-
-
-
306
7,500
4,989
2,072
496
15,363
- 2024 ---------		 Total
£
54,864
8,521
304
8,836
(717)
2,109
1,131
-
306
7,500
4,989
2,072
496
-------
90,411

All support costs incurred by the Charity relate to grant-making activities.

8
Staff costs
Employment costs:
Wages and salaries
Pension costs
Social security costs		 2025
£
34,720
8,936
4,598
48,255		 2024
£
48,810
4,345
1,709
54,864

The charity has one employee (2024: one) whose annual emoluments did not exceed £60,000.

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

9 Statement of Financial Activities (including Summary Income and Expenditure Account) prior period comparatives – year ended 30 June 2024

Notes
3
4
Income
Grants, donations and legacies
Investment income
Total incoming resources
Expenditure
Cost of raising funds
Investment managers' fees
Expenditure on charitable activities
6
Grants payable
Grant support and governance costs
7
10
Cost of grant making
Total expenditure
Net income/(expenditure) for the year
Gain/(loss) on investment assets
Net increase/(decrease) in funds for the year
Gross transfers between funds
Net movements in funds for the year
Reconciliation of funds
Total funds brought forward at 1 July 2023
Total funds carried forward at 30 June 2024		 Unrestricted
funds
£
35,197
734,791
769,988
51,102
-
90,411
90,411
141,513
628,475
1,294,099
1,922,575
(830,800)
1,091,775
15,528,404
16,620,179		 Designated
funds
£
-
-
-
-
529,400
-
529,400
529,400
(529,400)
-
(529,400)
830,800
301,400
1,028,368
1,329,768		 Restricted
funds
£
-
-
-
-
4,500
-
4,500
4,500
(4,500)
-
(4,500)
-
(4,500)
184,387
179,887		 Total
2024
£
35,197
734,791
769,988
51,102
533,900
90,411
624,311
675,413
94,575
1,294,099
1,388,675
-
1,388,675
16,741,159
18,129,834		 Total
2023
£
2,510,174
604,825
3,114,999
54,096
488,917
81,866
570,783
624,879
2,490,120
35,595
2,525,715
-
2,525,715
14,215,444
16,741,159

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

10
Fixed asset investments
Listed investments at market value
Cash held by investment managers
Cash held as contingency reserve by investment managers
Shares and securities
Market value
At 1 July 2024
Acquisitions
Disposals
Gains/(losses) on investment assets
At 30 June 2025
Historic cost
At 30 June 2025
Unrealised (losses) to 30 June 2025		 2025
£
17,413,698
214,151
500,000
18,127,849
2025
£
17,683,555
602,151
(134,750)
(237,257)
17,913,698
18,621,093
(707,395)		 2024
£
17,183,555
366,278
500,000
18,049,833
2024
£
16,402,724
210,262
(223,530)
1,294,099
17,683,555
18,597,203
(913,648)

Investments at fair value comprised:

Equities
Bonds
Alternatives
Cash
Total		 Assets held
in UK
£
404,862
1,672,840
1,872,161
879,714
4,829,577		 Assets held
outside UK
£
12,104,124
1,175,952
-
18,196
13,298,272		 2025
Total
£
12,508,986
1,672,840
3,048,113
897,910
18,127,849

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

11 Debtors

Debtors
Donations and legacies receivable
Prepayments and accrued income
Creditors: amounts falling due within one year
Grants payable
Accruals		 2025
£
-
262
262
2025
£
11,860
-
11,860		 2024
£
-
815
815
2024
£
12,600
14,398
26,998

12 Creditors: amounts falling due within one year

13 Designated funds

Designated funds
Grant commitments at 1 July 2025 (1 July 2024)
Grants approved
Grants cancelled
Grant adjustments
Paid in the year
Grant commitments at 30 June 2025 (30 June 2024)		 £
1,329,768
832,162
(253,768)
-
1,908,162
393,356
1,514,806
2025		 £
1,028,368
830,800
-
-
2024
1,859,168
529,400
1,329,768

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

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.

Restricted funds

Restricted funds
Heritage
Conservation
Trust
£
179,887
-
-
-
179,887
Restricted fund balance at 1 July 2024
Grants payable
Grants paid
Transfer from general fund
Restricted fund balance at 30 June 2025		 Heritage
Stimulus
Fund
£
-
-
-
-
-		 2025
£
179,887
-
-
-
179,887		 2024
£
184,387
-
(4,500)
-
179,887

15 Analysis of net assets between funds

Unrestricted
funds
£
16,113,043
500,000
Fund balances at 30 June 2025 are represented by:
Investments
Contingency reserve
Net current assets
(54,071)
16,558,972		 Designated
funds
£
1,514,806
-
-
1,514,806		 Restricted
2025
funds
Total
£
£
-
17,627,849
-
500,000
179,887
125,816
179,887
18,253,665		 Restricted
2025
funds
Total
£
£
-
17,627,849
-
500,000
179,887
125,816
179,887
18,253,665
179,887 18,253,665

15a Analysis of net assets between funds (prior year)

Analysis of net assets between funds (prior year)
Unrestricted
funds
£
16,220,065
500,000
Fund balances at 30 June 2024 are represented by:
Investments
Contingency reserve
Net current assets
(99,886)
16,620,178		 Designated
funds
£
1,329,768
-
-
1,329,768		 Restricted
funds
£
-
-
179,887
179,887		 2024
Total
£
17,549,833
500,000
80,001
18,129,833

HISTORIC HOUSES FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2025

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.