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← World Monuments Fund Britain Limited

2024-06-30-accounts

Charity Number: 1126578

Company Registration Number: 6730565 (England and Wales)

WORLD MONUMENTS FUND BRITAIN LIMITED TRUSTEES REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024

WORLD MONUMENTS FUND BRITAIN LIMITED

COMPANY INFORMATION

Trustees Ms Ann Chapman Daniel
Ms Hannah Kaye
Mr Patrick Franco (elected 2 November 2023)
Mr James Goold
Mr WilliamLoschert
Mrs MonikaMclennan (resigned 14 November 2024)
Ms Anna van Praagh
Mrs Jacqueline Ranawake
Ms Hélène-Marie Shafran (Chair)
Mr Julian Sharpe
Mr William Sieghart
Ms Sumayya Vally
Ms Sonali Wijeyaratne
Executive Director
and Company Secretary Mr Magnus von Wistingh
Company number 6730565
Charity number 1126578
Registered Office 70 CowcrossStreet
London
EC1M6EJ
Independent Auditors Saffery LLP
71Queen VictoriaStreet
London
EC4V 4BE
Bankers HSBC Bank Plc
333 Vauxhall Bridge Road
London
SW1V1EJ

and Company Secretary Mr Magnus von Wistinghausen

WORLD MONUMENTS FUND BRITAIN LIMITED

CONTENTS

Page
Report of the Trustees 1
Independentauditors' report 11
Statementoffinancial activities 15
Balance sheet 16
Cashflowstatement 17
Notes to thefinancialstatements 19

WORLD MONUMENTS FUND BRITAIN LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

The Trustees (who are also the directors for the purposes of company law) present their report and the financial statements for the period ended 30 June 2024. The company information page forms part of this report.

Principal Activity

The defined purpose of The World Monuments Fund Britain Limited is to: “conserve and restore for the public benefit, and thereby to save for future generations, buildings of historical and architectural interest, educative value and artistic merit, wherever situated. It was also established to advance the education of the public by encouraging knowledge and understanding of buildings and monuments of historical or architectural interest, educative value or artistic merit.”

Legal and administration details

The official name of the Charity is World Monuments Fund Britain Limited. The Charity was incorporated on 22 October 2008, company registration number 6730565, and received its charitable registration on 5 November 2008, charity number 1126578. The principal office of the Charity is situated at 70 Cowcross Street, London EC1M 6EJ. The World Monuments Fund Britain Limited is a wholly- owned subsidiary of World Monuments Fund, New York.

Trustees

The Trustees who served throughout the period and at the date of this report were as follows:

Ms Ann Chapman-Daniel Mr Patrick Franco (elected 2 November 2023) Mr James Goold Ms Hannah Kaye Mr William Loschert Mrs Monika Mclennan (resigned 14 November 2024) Ms Anna van Praagh Mrs Jacqueline Ranawake Ms Helene Marie Shafran Mr Julian Sharpe Mr William Sieghart Ms Sumayya Vally Ms Sonali Wijeyaratne

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WORLD MONUMENTS FUND BRITAIN LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

Structure, governance and management

In accordance with the Memorandum and Articles of Association, Trustees shall be appointed at a General Shareholders Meeting for a term of three years. Retiring Trustees may be re-appointed; Trustee may be re-appointed twice without a break (i.e. for a total of nine concecutive years).

The Trustees meet three times a year to agree the broad strategy and areas of activity of the organisation. The day-to-day administration and project management is delegated to the Executive Director and staff.

The Trustees complete annually an audit of skills required by the Board to achieve the Charity’s purposes, identified gaps and actively sought to fill those considered the greatest priority. New trustees are introduced through the contacts of existing trustees or from other sources in the field of historical and architectural conservation. Experience and skills which are of value to the Charity, together with a keen interest in the aims of the Charity, are taken into account when inviting potential new trustees for interview to join the Board. Upon joining the Board, new trustees are invited to induction meetings by the Chair and Executive Director, as well as joining online induction meetings held annually by the CEO and President of World Monuments Fund for all new trustees across the parent organisation. Training for trustees is continued through regular meetings and discussions with Charity staff or individuals and organisations in the areas supported by the Charity.

The Board of Trustees met three times in the year.

The Board set up four subgroups to support WMFB in the delivery of its charitable purpose and strategic ambition, providing advice to the Board and officers. The four subgroups focus on WMFBs current priorities and are:

  1. Governance (including finance)

  2. Projects

  3. Development

  4. Communications and Public Events

A Trustee leads each subgroup, which meet quarlerly, reporting back on progress at the following Board meeting. In October 2021 WMFB agreed a Global Operating Agreement with WMF in New York. This replaced the Principles of Cooperation, signed by WMFB in 2006. The Global Operating Agreement sets out the relationship with WMF in New York, giving clarity on issues such as project management, marketing, communication, fundraising and governance responsibilities, aligning with the needs of the Charity Commission.

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WORLD MONUMENTS FUND BRITAIN LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

Risk management

The Trustees have reviewed and assessed strategic, business and operational risks to which the charity is exposed and confirm they have established processes to enable regular reports to be produced to monitor risk levels and ensure that necessary steps can be taken to reduce these. The Executive Director provides an annual assessment summary of key risk areas, along with an update in his board meeting commentary and report as required. Separate risk registers are prepared for specific projects as required to recognise, monitor and minimise the risk exposure of World Monuments Fund Britain. Key risks identified by the charity as requiring particular vigilance include cyber security. These are being addressed by drawing on the systems and resources provided by the parent organisation World Monuments Fund, in line with their cyber security policies and practices as well as global insurance cover. General uncertainties due to the economic and geopolitical environment are addressed by maintaining healthy levels of unrestricted reserves allowing the charity to weather periods of disruption, and by keeping organisational overheads at a low level with no long-term contractual obligations.

A Register of Interests is maintained based on declarations from Trustees and senior staff in order to identify potential conflicts of interest.

Policy, aims and objectives

The aim of the Charity is to preserve buildings and monuments of architectural and historical interest and to encourage knowledge and understanding of these buildings.

The projects supported throughout the period were selected based on the above criteria. As in the past, all future projects will be approved by the Board of Trustees. Funding is obtained through specific fund-raising activities and grants.

Staff

The activities of the Charity are managed by an Executive Director, a Director of Projects, Projects Manager, a Development Manager and with support from an Administration and Support Officer, a freelance accountant and occasional graduate interns and volunteers. Pay and remuneration of key personnel is set by the Governance and Finance Sub-committee, with reference to not-for-profit sector benchmarks.

Graduates and interns are offered the opportunity to develop their specialist skills and education through individual projects which are relevant to their expertise and the aims of the Charity.

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WORLD MONUMENTS FUND BRITAIN LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

Review of Activities

Projects: UK

Castle Howard, North Yorkshire

The project – supported from the WMF Paul Mellon Endowment for British Architecture – focuses on the Castle Howard estate with surveys and related research into the designed baroque landscape and the Nicholas Hawksmoor designed mausoleum, including condition assessment and site interpretation.

Palm House, RBG Kew

This WMF Signature project has been supported by early seed funding from WMF Britain and a significant pledge towards the implementation of the Great Palm House conservation project. During the year, the project has progressed with the design for two temporary greenhouses for propagation and decanting, and the testing and development of the geothermal technology underpinning the project’s net zero ambition, along with the design development for the main restoration project. WMF’s role as strategic project partner includes an international mapping exercise of historic glasshouses, with the intention of forming a global network to share expertise and experience relating to the conseravation, decarbonisation and interpretation of this typology of historic buildings.

Hurst Castle/Coastal Connections

Coastal Connections – supported by the Mellon Endowment for British Architecture - is a joint initiative with English Heritage to build a global network for sharing experience and expertise in addressing the impacts of climate change on coastal heritage sites. The programme launched its first series of workshop webinars in December 2023. Seven online workshops took place each month from January to July 2024, each dealing with a particular theme, from understanding why coastal heritage is significant to exploring sustainable engineering solutions. All featured an international cast of speakers and case studies drawn from around the globe, followed by round-table discussions. More than 500 individuals from 64 countries registered for at least one of the workshops, which were typically attended by 60-160 participants. The series highlighted over 30 case studies. Many of which are being developed into a series of fact sheets that will be made freely available online to accompany the workshop recordings, illustrated abstracts and other resources. Further workshops are being planned, with a Watch Day having taken place at Hurst Castle on 21[st] September 2024.

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WORLD MONUMENTS FUND BRITAIN LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

Moseley Road Baths, Birmingham

WMF Britain remains an active coalition partner in the project to repurpose the Edwardian bathhouse in Birmingham, a 2016 Watch site. Plans include a merger with the adjacent library, to create a single centre for community wellbeing with bathing at its heart. The first £16.3m phase started during the year. WMF Britain continues to support the fundraising team and has facilitated conversation between the Baths and other WMF bath house sites to share learning and community engagement.

Strata Florida, Ceredigion

WMF Britain continues its work on this important partnership initiative with the Strata Florida Trust in mid-Wales. The purchase of new land to re-route a road cutting through the site was completed during the year, removing a major barrier to health & safety and future development. This allowed to progress plans for the next phase, the conservation and reuse the farm buildings as a centre for heritage craft skills training for the region, and nationally. A new Project Board, chaired by WMF Britain Director of Projects, has been established to drive the planning and delivery process forward. Conversations with the University of Wales Trinity Saint David have progressed to deliver course accreditation and link up the project with local Further Education colleges, the project’s target audience for heritage skills trainees. Further funding has been secured towards closing the funding target of £1.3 million, with a view to works on site commencing in 2025.

Projects: International

Benghazi, Libya

Funded through the British Council’s Cultural Protection Fund , this project focuses on the historic city of Benghazi, a 2022 WMF Watch site. It involves training in conservation planning and methodologies for the Historic City Authority team and early career architects. The project, to conclude by Spring 2025, will provide the expertise to develop alternative proposals to unsympathetic developer-led schemes and ensure that older urban fabric is conserved alongside new build. The project team include London based community development consultancy Create Streets and Barah Organization for Culture and Arts in Benghazi.

Cultural Protection Fund Evaluation

This project, funded from the British Council, was completed in late 2023 and focused on evaluation of four WMF led Cultural Protection Fund projects (Amedi in Iraq, Tai’izz in Yemen, and stonemasonry training in Mafraq in Jordan and Tripoli, Lebanon). The valuation

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WORLD MONUMENTS FUND BRITAIN LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

assessed the post completion impact of all four projects and involved a total of 71 participants. This included a collaboration with Dan Snow to film stonemasonry participants, highlighting their experience and achievements, to be featured in future public events. An immediate result of the project, and findings from the evaluation, was a further British Council grant to support a team of stonemasons in Jordan to develop entrepreneurial skills and a sustainable business model for their workshop. This work will conclude at the end of 2024.

Minnette De Silva, Sri Lanka

This project aims to promote, protect and enhance the legacy of the Sri Lankan architect Minnette de Silva (1918-1998). The project will involve the creation of a web-based archival and research resource, publications and programming. WMF Britain is working in partnership with Museum of Modern and Contemporary Art (MMCA) in Colombo, the family and other stakeholders Sri Lanka, as well as selected institutions in Britain and North America with involvement in the advocacy and safeguarding of Modernism heritage. During the year the project was launched during an initial visit in Sri Lanka, which included a condition assessment of the archive and an archive conservation capacity building workshops. A programme of public events was launched, along with a Minnette De Silva Supporter Circle. Generous funding was secured from a WMF Britain trustee.

Membership

On 30[th] June 2024 membership was as follows:

International Council – 24 (2023:19) Patron – 6 (2023: 6) Friend – 7 (new category for 2024) Capital – 9 (2023: 8) Keystone – 22 (2023: 28) Foundation – 40 (2023: 51)

Advocacy and Public Events

2025 Watch

The year saw the beginning of the new WMF Watch cycle, with the international open call submissions for the 2025 Watch of 25 sites open from December 2023 to March 2024. During that period the WMF Britain team hosted an information event for sector organisations to encourage applications, resulting in 18 submissions from across the UK. The ensuing assessment process involved both team members and external reviewers drawn from the UK heritage sectors. The international selection process continued beyond the end

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WORLD MONUMENTS FUND BRITAIN LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

of the financial year, with a global announcement of the new list scheduled for January 2025.

Escapades

During the Escapades were developed as a new offer for WMF supporters - specially curated short excursions to cultural sites and cities, with an initial focus on Europe. Itineraries include special access and guided tours at exceptional historical sites as well as exhibition highlights and hosted dinners at privately owned historic homes, collections and gardens. Curated to coincide with key cultural moments such as Biennales, Exhibitions and Fair openings, our Escapades incorporate both historical and contemporary activities for a full cultural experience. Programmed with flexibility in mind, travellers are free to arrange their own transfers and accommodation. Escapades are scheduled around weekends for convenience, offering opportunities for extended travel. The inaugural Escapade was held in Venice in November 2023, followed by Arles in early July 2024.

Palace of Palms

‘Palace of Palms: Night Celebrating Cultural Heritage at Royal Botanic Gardens Kew’ took place on 2 May 2024. Conceived as a significant profile raising event, it raised a total of £260k through a combination of ticket sales, sponsorship and donations of £70k on the evening itself (matched 1:1 for the Palm House project through the Aldama Foundation). The evening brought in an excess of 100 new prospects to WMF for future cultivation along with major sponsors and partners, including Giorgio Armani, Cabana, Bird in Hand Wine and others.

Minnette De Silva programming and Circle

The Minnette De Silva Supporter Circle was established to a) generate funding for the project - supporters must commit £5,000 over two years, and b) create an active network of advocates. As part of a broader modernist-themed series of events to engage with WMF’s wider community, the Supporter Circle benefit from a programme focusing on Minnette De Silva’s life and work, including talks, film screenings, supper clubs and a special trip to Sri Lanka in March 2025.

Mellon Lecture 2024

The annual Mellon Lecture 2024, held on 3 July, explored the heritage of pilgrimage – how the traditions of pilgrimage have changed over time, serving a broader, non-secular purpose in more rfecent time, and how places of heritage have shaped it and continue to do so. The conversation was led by WMFB Diretor of Projects John Darlington with guest speakers Professor David Austin, Strata Florida Trust, Dr Guy Hayward, co-founder of the British Pilgrimage Trust and Rev Kate Bottley, Vicar, Journalist and Media Presenter. The event was held at St George’s Bloomsbury, a WMF Britain site.

Page 7

WORLD MONUMENTS FUND BRITAIN LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

Financial Review

Net outgoings in the year were lower than income, resulting in a net increase in unrestricted funds of £146,847 (2023: £4,341). Unrestricted income increased to £672,355 (2023: £305,923), as a result of a major ticketed event and silent auction being held at Kew Gardens on 2 May 2024, as well as rising membership and interest income. Outgoings increased to £600,928 (2023: £301,582), due to increased staff costs as a result of the recruitment of two additional members of staff, and the costs related to the aforementioned event.

A total of £738,059 (2023: £656,609) was received in restricted funds with £484,741 (2023: £365,685) spent on projects in the year.

Total reserves at 30 June 2024 were £1,761,977 (2023: £1,437,241) comprising unrestricted general funds of £478,704 (2023: £331,857), designated funds of £100,000 (2023: £100,000) and restricted funds of £1,183,273 (2023: £1,005,384). There has been a net increase of £177,889 (2023 £290,923) in restricted funds due to grants received for projects underway at the year end.

Reserves policy

The charity carries out a variety of both short and long-term projects in the conservation of historic structures and sites, along with advocacy and work with local communities, promoting skills, access and understanding. The Trustees have examined the requirement of the free reserves, i.e. unrestricted funds, which, given the nature of the charity’s work, should equate to at least 3 months, and preferably 6 months’ unrestricted operating expenditure, covering adequate working capital for core costs, administration and support costs. Following this examination, the Trustees are satisfied that the requirement is met.

Free reserves at 30 June 2024 of £478,704 are sufficient to cover over 12 months of budgeted core operating costs. This allows the Trustees sufficient resources to engage in future planned project activity along with investments to ensure a long-term strategy for the organisation is pursued. £100,000 set aside by Trustees as designated funds are available to invest in strategic initiatives.

Restricted funds include two project funds that were in deficit at year end: CPF Libya (£500) and Minette de Silva (£23,656). The negative balances will be covered by income pledged in 2023/24 and received in the 2024/25 financial year.

Fundraising

The charity carries out fundraising in support of the objectives of the charity. These activities are targeted at a small membership and do not involve members of the general public. Donor cultivation and stewardship events include special access visits and tours, talks and receptions, with a focus on current work and priority sites. Fundraising is managed internally, without using professional fundraisers. The charity is registered with the Fundraising Regulator and is committed to follow the

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WORLD MONUMENTS FUND BRITAIN LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

Code of Fundraising Practice and the Fundraising Promise. No complaints were received in respect of fundraising activity over the period covered by this report.

Investments

The charity has no investments. Liquid funds are placed in short-term deposits, paying regard to operational and project related liquidity needs.

Plans for future periods

The Trustees plan to continue supporting a wide range of projects in pursuit of the objects of the Charity.

Statement of Trustees' Responsibilities

The trustees (who are also directors of World Monuments Fund Britain Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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WORLD MONUMENTS FUND BRITAIN LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024

In so far as the trustees are aware:

This report has been prepared under the provisions applicable to small companies.

Approved by the Board of Trustees on 14 November 2024 and signed on their behalf by:

Hélène Marie Shafran, Chair

Page 10

WORLD MONUMENTS FUND BRITAIN LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDER FOR THE YEAR ENDED 30 JUNE 2024

We have audited the financial statements of World Monuments Fund Britain Limited for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the 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 annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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

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WORLD MONUMENTS FUND BRITAIN LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDER FOR THE YEAR ENDED 30 JUNE 2024

assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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 misstatements in the Trustees’ Annual 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 Trustees’ Responsibilities Statement set out on page 9, the trustees (who are also directors of the charitable company 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

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WORLD MONUMENTS FUND BRITAIN LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDER FOR THE YEAR ENDED 30 JUNE 2024

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 to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of

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WORLD MONUMENTS FUND BRITAIN LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDER FOR THE YEAR ENDED 30 JUNE 2024

management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available 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 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 we have formed.

Helen Wilkie (Senior Statutory Auditor)

For and on behalf of Saffery LLP Statutory Auditors, 71 Queen Victoria Street, London, EC4V 4BE

Date: 20 December 2024

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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WORLD MONUMENTS FUND BRITAIN LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

Notes


Income from:
Donations
Fundraising events
Membership income
Investments
Charitable activities
Project funding
Total income
Expenditure on:
Raising funds
2
Charitable activities
Project expenditure
2
Education
2
Total expenditure
2
Net income
Transfers between funds
Net movement in funds
Balance brought forward 1 July 2023
Balance carried forward 30 June 2024		 Unrestricted
Funds
Restricted
Fund
2024 Total
2023
Total
(restated
see note
1.3)
£
£
£
£
359,261
503,500
862,761
529,691
181,830
-
181,830
-
91,140
91,140
106,978
35,059
-
35,059
4,944
667,290
503,500
1,170,790
641,613
5,065
234,559
239,624
320,918
672,355
738,059
1,410,414
962,531
374,579
9
374,588
172,890
220,412
484,741
705,153
493,924
5,937
-
5,937
453
600,928
484,750
1,085,678
667,267
71,427
253,309
324,736
295,264
75,420
(75,420)
-
-
146,847
177,889
324,736
295,264
431,857
1,005,384
1,437,241
1,141,977
578,704
1,183,273
1,761,977
1,437,241

All recognised gains and losses during the year are included in the Statement of Financial Activities. All the activities of the charity are classed as continuing.

The notes on pages 19 to 30 form part of these financial statements.

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WORLD MONUMENTS FUND BRITAIN LIMITED

BALANCE SHEET AT 30 JUNE 2024

2024 2023
Unrestricted Restricted
Notes Funds Fund Total Total
£ £ £ £
Fixed assets
Tangible Assets 6 845 - 845 165
Current assets
Debtors 7 139,359 33,975 173,334 101,867
Cash at bank 508,793 1,150,607 1,659,400 1,373,077
648,152 1,184,582 1,832,734 1,474,944
Current liabilities
Creditors: amounts
falling due within one
year: 8 (70,292) (1,309) (71,601) (37,867)
Net current assets 577,860 1,183,273 1,761,133 1,437,077
Net assets 578,705 1,183,273 1,761,978 1,437,242
Represented by:
Share Capital 9 1 - 1 1
Restricted Funds 11 - 1,183,273 1,183,273 1,005,384
Unrestricted
Funds 12 578,704 - 578,704 431,857
Total funds 578,705 1,183,273 1,761,978 1,761,978
1,437,242

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to companies.

These financial statements were approved by the trustees on 14 November 2024 and are signed on their behalf by:

……………………………………………………..

Hélène Marie Shafran, Chair

The notes on pages 19 to 30 form part of these financial statements. Company Registration Number: 6730565 (England and Wales)

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WORLD MONUMENTS FUND BRITAIN LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024

Notes
Cash flows from operating
activities:
Net cash provided by
operating activities
1
Cash flows from investing
activities:
Purchase of tangible fixed
assets
Interest received
Net cash provided by
investing activities
Change in cash and cash
equivalents in the reporting
period
Cash and cash equivalents at
the beginning of the reporting
period
Cash and cash equivalents at
the end of the reporting
period
2		 2024
£
(966)
35,059		 2024
£
252,230
34,093
286,323
1,373,077
1,659,400		 2023
£
-
4,944		 2023
£
279,099
4,944
284,043
1,089,034
1,373,077

Page 17

WORLD MONUMENTS FUND BRITAIN LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024

1) Reconciliation of net income to net cash flow from operating activities

Net income for the reporting period (as
per the statement of financial activities)
Depreciation
Interest received
(Increase) in debtors
Increase in creditors
Net cash provided by operating activities
2) Analysis of cash and cash equivalents
Cash at bank and on instant access deposit
accounts
3) Analysis ofchanges in net funds
As at 1 July
2023
£
Cash and cash equivalents
Cash
1,373,077
Total
1,373,077		 Net income for the reporting period (as
per the statement of financial activities)
Depreciation
Interest received
(Increase) in debtors
Increase in creditors
Net cash provided by operating activities
2) Analysis of cash and cash equivalents
Cash at bank and on instant access deposit
accounts
3) Analysis ofchanges in net funds
As at 1 July
2023
£
Cash and cash equivalents
Cash
1,373,077
Total
1,373,077		 2024
£
324,736
286
(35,059)
(71,467)
33,734
252,230
2024
£
1,659,400
1,659,400
Cash flows
£
286,323		 2023
£
295,264
165
(4,944)
(21,878)
10,492
279,099
2023
£
1,373,077
1,373,077
As at 30
June 2024
£
1,659,400
1,373,077 286,323 1,659,400

Page 18

WORLD MONUMENTS FUND BRITAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1 Accounting policies

The charity was formed as a company limited by share capital on 22 October 2008. The registered

office is 70 Cowcross Street London EC1M 6EJ.

1.1 Basis of the preparation of accounts

The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to

charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Trustees confirm that the Charity is a public benefit entity as defined by FRS 102.

The accounts have been prepared in £ sterling and are rounded to the nearest pound.

The accounts have been prepared under the historical cost convention. The financial statements are prepared in pounds sterling, which is the functional currency of the charity.

At the time of approving the financial statements the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least a year from the date the accounts are signed. This is based on budget and casflow forecasts, underpinned by healthy levels of free reserves. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.2 Tangible fixed assets

Items are capitalised that cost over £100 and have an ongoing value in use to the charity. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset over its expected useful life as follows: computers, furniture and other equipment: 25% straight line.

Page 19

WORLD MONUMENTS FUND BRITAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1.3 Income

Income is recognised when the Charity becomes entitled to it, it can be measured reliably and is likely to be received. Deferred income represents accounts received for future periods and is released to incoming resources in the period for which it is received. Gift Aid reclaimable on donations to the Charity is included with the amounts received. Investment income, represented by bank interest is credited to the Statement of Financial Activities on a receivable basis.

Donated services, goods and facilities are recognised as income and expenditure in the financial statements where the value to the Charity can be reliably estimated.

Reclassification of 2023 figures: following review by the Trustees, £291,001 of income recognised in the financial statements for the year ended 30 June 2023 as income from charitable activities has been reclassified to voluntary income in these financial statements to more appropriately reflect the nature of the income. This is a presentational change only. It has no impact on the overall result reported for the prior year.

1.4 Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for the expenditure. The direct costs have been allocated as described below. The indirect costs have been allocated as described in note 2.

Page 20

WORLD MONUMENTS FUND BRITAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1.5 Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the translation. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities.

1.6 Financial Instruments

The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs. At the end of each accounting period, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effective interest rate method.

1.7 Critical accounting estimates and areas of judgement

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the amount of assets and liabilities that are not readily apparent from other sources.

The Trustees have made no significant estimates or judgements in preparing these accounts.

Page 21

WORLD MONUMENTS FUND BRITAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2. Analysis of Expenditure

Project Raising Project
Raising funds expenditure Education Total 2024 funds expenditure Education Total 2023
£ £ £ £ £ £ £ £
Direct Costs
Project Expenditure - 403,335 -
403,335		 - 277,971 - 277,971
Fundraising 175,197 - -
175,197		 44,601 - - 44,601
Support Costs
Staff costs 140,663 202,072 -
342,735		 94,239 143,662 - 237,901
Legal and professional fees - 39,060 -
39,060		 - 30,757 - 30,757
Travel and entertainment 15,347 36,816 -
52,163		 5,302 15,362 - 20,664
Education - - 5,937 5,937 - - 453 453
PR costs 20,408 - -
20,408		 3,064 - - 3,064
Other office costs 22,973 23,584 -
46,557		 25,684 26,007 - 51,691
Depreciation - 286 -
286		 - 165 - 165
374,588 705,153 5,937 1,085,678 172,890 493,924 453 667,267

Staff costs, legal and professional and PR have been allocated according to the time spent on each during the year. Governance costs total £16,710 (2023: £10,800). Travel and entertainment costs have been allocated based on the expenditure category to which each cost relates.

Depreciation and other office costs have been apportioned to on the basis of staff time in each area of work.

Project expenditure includes direct financial support of £187,146 paid to Royal Botanical Gardens Kew in support of the Kew Gardens Project and £160,000 paid to Strata Florida Trust in support of a land acquisition for the Strata Florida project.

Page 22

WORLD MONUMENTS FUND BRITAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

3
Total expenditure
Total expenditure is shown after charging:
Auditors’ remuneration
Depreciation
4
Staff costs
Average number of employees during the year
Employees earning between £90,000 and £100,000
Staff costs :
Wages & Salaries
Social security costs
Pensions and other Staff Costs		 2024
2023
£
£
16,710
10,800
286
165
2024
2023
6
4
1
1
2024
2023
£
£
303,716
212,560
29,381
19,732
9,638
5,609
342,735
237,901

Key management personnel received employee benefits of £101,165 (2023: £111,519).

5 Related party transactions and trustees’ remuneration

Trustees received no emoluments (2023: £nil) during the year, nor were any expenses reimbursed to them.

During the year, trustees made donations of £293,600 to the charity (2023: £229,350) of which £2,500 was restricted for Minnette De Silva and £250,000 was restricted for Kew (2023: £22,500 for Development Events and £150,000 for Kew). Trustees made payments of £32,340 for tickets and auction lots at the Palace of Palms, Venice Escapade and Global Retreat events.

In the year, the charity recognised income of £433,216 receivable from World Monuments Fund New York, its parent charity. This comprised grants and reimbursement of costs of £400,862, of which £190,680 was restricted to Kew and for the Stonemasonry book as well as donations of £32,353 received by World Monuments Fund New York on the charity’s behalf. At year end £48,375 was due from World Monuments Fund New York in respect of income and reimbursement of costs due to the charity from World Monuments Fund New York at year end, to be paid to the charity post year end.

The Trustees are not aware of any other related party transactions during the year.

During the year 9 Trustees (2023: 9) were International Council members. Income in respect of this totalled £39,451 (2023: £40,600). At 30 June 2024 £12,000 was owed to the charity.

Page 23

WORLD MONUMENTS FUND BRITAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

6 Tangible Fixed Assets

Cost
Brought forward 1 July 2023
Additions
At 30 June 2024
Depreciation:
Brought forward 1 July 2023
Charge for the year
At 30 June 2024
Net book value
At 30 June 2024
At 30 June 2023		 Computer
Equipment
Furniture & Other
Equipment
Total
£
£
£
3,507
293
3,800
-
966
966
3,507
1,259
4,766
3,342
293
3,635
165
121
286
3,507
414
3,921
-
845
845
165
-
165

None of the above fixed assets are used for direct charitable purposes but all are used to support charitable activities.

7 Debtors

Other debtors
Prepayments & accrued income
Creditors: Amounts falling due within one year
Trade creditors
Tax and social security
Accruals
Other Creditors
Deferred Income		 2024
2023
£
£
29,024
-
144,310
101,867
173,334
101,867
2024
2023
£
£
25,385
-
10,985
12,865
27,188
12,300
4,028
8,687
4,015
4,015
71,601
37,867

8 Creditors: Amounts falling due within one year

Page 24

WORLD MONUMENTS FUND BRITAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

8 Creditors: Amounts falling due within one year

Creditors: Amounts falling due within one year
Deferred income
Brought Forwards
Used in the year:
Outreach
Governance
Deferred income carried forwards		 2024
2023
£
£
4,015
7,068
-
2,036
-
1,017
4,015
4,015

The deferred income relates to an amount received to be spent on a specific project. It is anticipated that this will be recognised during the 2025 financial year.

9 Share Capital

Share Capital
Authorised ordinary shares of £1
Allotted, called up and fully paid		 2024
2023
£
£
1
1
1
1

10 Contingent Assets

In respect of the purchase of land at Strata Florida towards which the Charity provided bridge funding support it is anticipated that the charity may receive back £60,000 of the bridge funding provided. The receipt depends on the Strata Florida Trust receiving a grant and so it has not been included in debtors at 30 June 2024.

Page 25

WORLD MONUMENTS FUND BRITAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

11 Movements in restricted funds
Transfer
At 1 July Incoming Outgoing between At 30 June
2023 resources resources funds 2024
£ £ £ £
Algeria 20,872 - - - 20,872
Amedi 8,760 - (1,512) - 7,248
Castle Howard 90,599 - (311) - 90,288
Coventry Cathedral 4,174 - - - 4,174
Coventry Glass 50,151 - - - 50,151
CPF Evaluation 37,200 27,410 (16,246) (6,000) 42,364
Development Events 7,490 - 7,490
Georgia 4,629 - 4,629
Coastal Connections/Hurst
Castle 156,061 - (64,723) (25,000) 66,338
India (7,184) 5,000 (4,146) 6,330 -
Kew 345,685 547,149 (194,355) (17,750) 680,729
CPF Lebanon 18,626 - (2,347) - 16,279
CPF Libya - 15,000 (13,000) (2,500) (500)
Moseley Road Baths 132,035 - (201) - 131,834
Minnette De Silva - 3,500 (19,656) (7,500) (23,656)
St Georges Bloomsbury 46,510 - - 46,510
Strata Florida 80,699 140,000 (167,167) (20,000) 33,532
CPF Yemen 7,213 - (3,000) 4,213
Other Projects 1,864 - (1,086) - 778
1,005,384 738,059 (484,750) (75,420) 1,183,273

Each restricted fund relates to a specific project. The 'Other Projects' category is an amalgamation of smaller accounts.

For the CPF Libya and Minnette De Silva projects the negative balances will be covered by income pledged in 2023/24 and received in the 2024/25 financial year.

Transfers between funds represent, on the whole, contributions from project funds towards in house staff costs and administrative overheads in accordance with cost allocations in project budgets, and project delivery schedules.

Page 26

WORLD MONUMENTS FUND BRITAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

11 Movement in restricted funds

Comparatives
Algeria
Amedi
Castle Howard
Charlton
Coventry Cathedral
Coventry Glass
CPF Evaluation
Development Events
Georgia
Coastal Connections/Hurst
Castle
India
Kew
CPF Lebanon
Moseley Road Baths
Newstead
St Georges Bloomsbury
Stowe
Strata Florida
CPF Yemen
Other Projects		 At 1 July
2022
Incoming
resources
Outgoing
resources
Transfer
between
funds
At 30 June
2023
£
£
£
£
20,872
-
-
-
20,872
8,760
-
-
-
8,760
90,599
-
-
-
90,599
7,928
-
(7,928)
-
-
4,174
-
-
-
4,174
50,151
-
-
-
50,151
-
37,200
-
-
37,200
-
44,689
(37,199)
7,490
-
5,000
(371)
4,629
-
178,989
(22,928)
-
156,061
19,956
137,600
(164,740)
-
(7,184)
199,933
250,000
(104,248)
-
345,685
22,112
-
(3,486)
-
18,626
132,236
-
(201)
-
132,035
48
-
-
-
48
46,510
-
-
-
46,510
4,500
2,357
(6,857)
-
-
90,343
-
(9,644)
-
80,699
12,213
-
(5,000)
-
7,213
4,126
773
(3,083)
-
1,816
714,461
656,608
(365,685)
-
1,005,384

Page 27

WORLD MONUMENTS FUND BRITAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

12 Unrestricted funds

General Fund
Designated Funds
Strategic initiatives
Comparatives
General Fund
Designated Funds
Strategic initiatives		 Balance 1 July
2023
Income
Expenditure
Transfer
Balance 30 June
2024
331,857
672,355
(600,928)
75,420
478,704
100,000
-
-
-
100,000
431,857
672,355
(600,928)
75,420
578,704
Balance 1 July
2022
Income
Expenditure
Transfer
Balance 30 June
2023
327,516
305,923
(301,582)
-
331,857
100,000
-
-
-
100,000
427,516
305,923
(301,582)
-
431,857

The Trustees choose to designate funds where they are to be used for a specific purpose but where the expenditure has not been fully committed at the year-end. The Trustees are regularly considering options for strategic investment in activities and initiatives with the purpose of furthering the longer term development of the charity.

13 Parent organisation

World Monuments Fund Britain UK is a wholly owned subsidiary of World Monuments Fund, an international organisation headquartered at 600 Fifth Avenue, New York, with worldwide network of affiliates. Affiliates are constituted under national law but refer to World Monuments Fund Board of Trustees in New York for consultation on policy decisions and advice on conservation programmes where necessary and are able to draw upon the expertise of their staff.

World Monuments Fund is a registered 501(c) (3) organisation (registered number is 13-2571900) with the mission to preserve historic landmarks and sites without regard to national boundaries. Consolidated Financial Statements can be accessed at https://www.wmf.org/finance .

Page 28

WORLD MONUMENTS FUND BRITAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

14
Statement of financial activities		 comparatives
Restricted
Fund 2023 Total
Unrestricted (restated see (restated see
Funds note 1.3) note 1.3)
£ £ £

Income from
Donations 194,001 335,690 529,691
Fundraising events - - -
Membership income 106,978 - 106,978
Investments 4,944 - 4,944
305,923 335,690 641,613
Charitable activities
Project funding - 320,918 320,918
Total income 305,923 656,608 962,531
Expenditure on
Raising funds 146,497 26,393 172,890
Charitable Activities
Project expenditure 155,085 338,839 493,924
Education - 453 453
Total expenditure 301,582 365,685 667,267
Net income/(expenditure) 4,341 290,923 295,264
Transfer between funds - - -
Net movement in funds 4,341 290,923 295,264
Balance brought forward 1 July 2022 427,516 714,461 1,141,977
Balance carried forward 30 June 2023 431,857 1,005,384 1,437,241

Page 29

WORLD MONUMENTS FUND BRITAIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

15 Balance sheet comparatives

Fixed assets
Tangible Assets
Current assets
Debtors
Cash at bank
Current liabilities
Creditors: amounts
falling due within one
year:
Net current assets
Net assets
Represented by:
Share Capital
Restricted Funds
Unrestricted
Funds
Total funds		 2023
Unrestricted
Funds
Restricted
Fund
Total
£
£
£
165
-
165
60,472
41,395
101,867
404,797
968,280
1,373,077
465,269
1,009,675
1,474,944
(33,576)
(4,291)
(37,867)
431,693
1,005,384
1,437,077
431,858
1,005,384
1,437,242
1
-
1
-
1,005,384
1,005,384
431,857
-
431,857
431,858
1,005,384
1,437,242

Page 30