English Heritage English Heritage Annual Report 2024/25 111 *AEDT9CKY* 2311012trk5 COMPANIES H(XJSE 111 A17 #187 ThA Fn91ish Hp.ritoge Trust 1% o chority, nn. 114n?51. nnd o limite(I compnny. nn. n7447??.1, registered in Fngltjnd ond Wol+s. Annual Report 2024125 English Heritage cares for over 400 historic monuments, buildings and places - f rom world-famous prehistoric sites to grand medieval castles. f rom Roman forts on the edge of on empire to a Cold War bunker. Through these. we bring the story of England to life for many millions of visitors each year. Contents Acting Choir's foreword Structure. governance ond management ...... 27 Annual Report of the Trustees Statement of Boord of Trustees. responsibilities 30 Objectives ond Octivities.............................. Reference and administrotive detoils 31 Strotegic and directors. report Achievements ond performonce Independent auditor's report to the Board of Trustees of the English Heritoge Trust 33 Finonciol review 12 Principol risks ond uncertainties 17 Financial statements 37 Energy ond envifonmental 5118tainobiliTy Notes to the finonciol stotements 43 Future plons -22 Supporters.............................................................. .76 kdng Chovsforeknwd: Wdcoft En9h5h HeritogeAnnvol Report￿4125 Welcome Welcome to the English Heritage Annual Report for 2024125. We're looking forword to onother yeor of investing in our sites ond including more people in our work. We've olreody opened Shrewsbury Floxmill Molting5 to shore more of Eriglond'5 industriol hefitoge, broken gfoufKJ on the Stonehenge Leorning Centre ond will be preporing o ￿peline of strotegic projects to grow income ond corry out vitol conservotion work ot some of our key sites. We'll olso run new youth engogement proieas in Yorkshire onoj hove identrfied three prioritv sites whprp. wp'll exp8rifflent to find new tn hrpnk dovwn borriÈrs to porticipotion. We believe thot heritoge is foi everybody. ond I'm excited to see how we'll deliver on thot Dromise in the next twelve months. As you will see, it hos been o yeor of significont ochievements. but olso one of chonge. omid5f O chullenging environment for mony orgonisotions. As o result, we hove hod to reshope English Heritoge to ensure we con continue to deliver ¢xJr choritoble pkirpnsgs nnd Inok tn thp hJtLirg. from o pO￿tIrIn of strength. Ouring the course of the yeor we renewed our ten-yeor operoting licence wr(h Historic Englond. completed dozens of conservotion projects oThY opene(J exciting new experiences ot Dover Costle ond Gr1me's Groves. givin9 Vlsltors fresh woys ro explore the post. Durin9 the course of 2025126. Dr Nick Merrimon hod to leove his role 0$ Chief Executive for personol reosons reloring to fomily heolth ond os Lord Lemos wos oppointed to o Governmenr position. he wos obliged to step down os the chority's Choir. I would like to thonk Nick nnd Ciprard fnr rhpir c.onrribiJtions t.n Fn91i%h Hprifog9. nnrt we wi511 Uieiii Llie Yeiy be511(Ji Ilie luluig. The k)ruiess Iv oppoint thar permonent successors will see the choritv eriLei Ilie i)exL k)liose of lis juui livy. os wuik LU build upon our othievements over the post ten veors. Wp. possed mojor fiinding milpsronps on twn tJlUj¥Lt5. securiiiy luiidirig for the riew Siuii¥liviiy¥ LÈorning Centre ond for our Living Boriocks project Iri Befwick-upoli-TWee￿. We were olso oworded o El million gront to creote two new conservotion science lobs. where we'll corrv out Cr￿1(01 reseorch to help us core for our collections. l ond the frustee5 ore groteful to oll our stoff. volunteers. members, visitors ond donors for everything they do to support the vitol work ot this wonderful choritv. We olso continued to moke heriw9e more occessible. Over 4.000 people received free tickets throu9h our portner5hip with the Trussell Trusi. ond we triolled free entry for people on Universol Credit. In September. 14 of our sites hel¢J 228 events 05 porr of our biggest-e¥er Heritoge Open Doys wogromme. Dr Chris Michoels Acting Chgir This yeor. o combinotion of poor weother. inflotion. the ongoing cost-of-living-ciisis ond slow recovèry of inbound toviism le(1 to lower-thon-expected visitoi numbers. ThÈ resultin9 finonciol chollenges prompted o restructuring. ond we 50dly hod to Soy goodbye io o number of colleogues who left thè orgonisotion through fedundoncy. This wos o demonding but essentiol proces& ond we hove emerged from it in o stronger postrion to deliver ovi choritoble purposes ond to toke on the chollenges onrj opportunities of the yeors oheod. En91ish Herltoge Ann￿1 RepNi 2m4125 Rewiof theTWuSte￿ Obj'ectives ond ottiviries Objectives and activities English Heritage started operoting as an independent charity on 1 April 2015 and its objectives, set out in its Articles of Association, can be summarised as.. of wsitors to our sites, the number of membeis we hove ond our finonciol perlormonce. olong with indicotors in oreas regording eqvolity. tliversity ond inclusivity ond climote chon9e. Public benefit We providè huge public benefi.t through tsur vitol work coring for over 400 notionolly importont sites oftd their 05sociured colleciions. rnoking 5u¥e thot people will be oble to exrjerience them for generoiion5 to come. We open these site5 10 oll, encouroging vi51tors ond members to stonQ in the ploces where htstofv hoppened. This gives millions of people o tongible connection to history, heritoge ond culture, ond SPOfk5 their curiosity to discove¥ more. Over 250 of our sites ore free to oll siror5. oné these con be found ocroTr5S the country. from the tip of Cornwoll to the Scottish borders. to conser¥e the Notionol Heritoge Collection of over 400 unique sites ond monuments Or￿ over o million orrefacts, In keeping with their stotus os port of Englond's notionol heritoge. to bring history to life in the ploces where it hoppened by Dpening up the 51tes ond monuments to public occess. through exhibitions. interpretotion. events ond educotionol programmes. supported through our online content. through the London blue plooues sche￿. to odvonce public 0s)preciotion of the history of buil(Jings ond londmorks in London by showing where men ond women of historicol. ortistic. scientific ond religiov5 5i5nificonce lived ond worked. In 5hopiThg our objectives ont% plonnin9 the chority's octivities. the Trustees hove consideied the Choritv Commission's guicfonce on public benefit ond fee chor9ing complionce with rheir duty under section 4 otthe Chorities Art 2011. In 20211?2 we piepored our third Srr¢Jtegic Plon. Shoring Ouf Post. Shoping our Future. foi the perbo¢J 2022-202& In seuing the level of chorges ond concessions. the Trustees hove given coreful consKYerotion to the occessibiltty of the sites ond monuments to oll members of rhe public whoiever their meons. Under the plon our foul strotegic priorities ore.. Inspirgtion= we creote inspiring ond enjoyoble experiences, enobling everyone to Shore in ond poss on the story of Englond. motivoting people to visit, leorn ond Support. Membership provides greot volue. For on onnuol poyment. ir gives free sire entry for on 1ndividuo1 otong with up to six children for eoch odvtt member The ronge of odditionol benèfits includes a honébook to our sites. members. mogozines. occess to exclusive events, including on online lecture series. ond, ofter the first rene￿1. o discount for OLJr shops ond cofè5. We olso offer free wrking for members ot the cor pgiks we monoge. The mojoritv Df our site5 con be visited entirelv for flee. such os the world-fomous Iron Bridge. the recently gcquired Thornbo)rough Henges. ond Kenwood in London. which 15 one of our most-visited sites. Other free-to-enter site5 include obbeys. costles. prehisroric monument5 ond Romon iemoins. including mony 51te5 olong Hodrion's Woll Visiiing heritage sites demonstrablv contributes to on individuol's wellbeing o benefit which is ovoiloble to oll ot oui free-to-enter sites. Conservotion. stewordshlp ond sustoinobility-. we moke sure our histoflc 51tes ond ortefocrs ore expertly cored for. curoted ond sustoinobly manoged so thoi they con be enjoyed by current ond future generotions. Involvement ond inclusion.. we find new woys to involve more people from o wider ronge of )ockgrounds in our work. Our heritoge is for everyone to shore. and we will ensure o growing number of people ore oble to porricipote in protÈrting ond illuminoting it. Finonciol Sustainobility: we continue to build our finonciol resilience. providing the resour￿5 we need to oprimise our choritoble imooct. Concesgonory on¢J fomily tickers ore ovoiloble for poid-entry sites. such os Stonehenge, Dover C05tle. 05borne onLI Tintogel Costle. Six poy-to-enter sites {inclu¢Jing Stonehenge ond Tintogell offer free yeor- round odmission to oll residents in their communities. ond mony other sites lincludin9 Dover Costle ond Clifford's Tov4erl orronge free resident weekend5 once or twice eoch yeor. We meosuie the succe55 of our Strotegic Plon by key performonce indicotors.. these include meosuring progress In conserving our historic properties ond looking ofter the ortefocts in our cole. the number Annuul Report of theTiLts1e￿ (JJjÉrtib*50Tr1 ociiwties Engh"sh Herlttsy Annuoi Report 2024ns We ore proud to be the cusrollions of over forty publicly occessible stotues in London. including the Cenotoph. We olso run the London blue plooues scherne- the oldest of its kind in the world. Recipients of blue ploques ore nominoted by members of the public ond selecteil by on expert ponel. Londoner5 ond tourists olike con visit over one thousond plaoues celebroting prominent individuols ond morking other significont hisioricol ossociotions. We octivdy encouroge the public to nominote figure5. especiolly from glOUPS troditionollv under-represented by the scheme. includin9 women ond people from ethnic minorities. Our educotion offer is o key public benefit. Leornin9 gioups con visit oll our poy-to-entw sites for free ond hove free occess to our leorning resources. In 2024 we continued our partnership with Hyundoi to offer trovel bursorie5 to schools with ot least 30% of pupils entitled to free School meols. We'll run the scheme ogain in 2025. We describe over poges 7 to11 our ochievements ond performonce in 20?41?5 under eoch of our four strotegi£ priorities. We ieport on our oe¥formonce by eleven key performonce indicotors. os set out in the toble on s)oge 24. Eng¥sh Heffto9e AnnLoI Rew(3)24ns Afirt￿ Reportof tbeTwstsps'. Stiotegic report Achievements and performance: inspiration This year we transformed the experience of visiting Dover Castle thanks to new family-friendly attractions. Visitors can explore the story of 'Dover Under Siege, through two new exhibitions, reopened medieval tunnels and an interactive siege-themed play area. built ond shoped Stonehen9e. We oLso held the colourful Fleur de Villes flower festivol ot Elthom Poloce, o festive Nornio event (rt Wresr Polk ond K4oy5hopes ot Belsoy Holl. where contemporory ort met creotive ploy. 8irfflin9hom's JW Evons Silver Foaory ￿ted on ort instollotion by Dion Kitson. ond 2024125 wos its best-ever veor for visitors. Kenwood ond Rushton Triongulor Lodge olso h05ted contemporory ort exhibitions. We held o photogrophy exhibition ot Stonehenge feoturing £ommis5ioned work by three young phorogropheis. Eoch ortist independently chose to focus on prehistoric stone circles, exploring the meonings thot communiiies drow from these Special places. Our livestreom of the summer Solstice ot Stonehenge ieoched over o million viewers from oround the world, while in ihe outumn. visiror5 to the sire were oble to discovèr more obout the stones. links to the skies ot o pop-up plonetorium. The new interpretotion tokes visitor5 ihrough two key moments in the c05tle's history- the sieoès of 1216 ond 1217, when the French ottempte¢J to 5ei2e the English throne, ond the yeors around 1800. when Fiench forces once ogoin threoteneer of new licensed products inspired by our sites ond their collections. including kitchens with The White Kitchen Compony. sofos with Borker and Stonehouse, wine with Loithwoites ond home fro9ronce5 With Home County. We hove neody 1.2 million members. Our Ki¢Js Eoi Free offer for members wos token up 23,000 times. ond thousonds of members enjoyed over 200 events during the fourth edition of our onnvol Members. Week. OUT income rose obove £150 million, vvhich is the first time we've reoched thot figure os on independent chority. The Living Barracks and o leorning centre for Stonehenge This yeor we were 9ronred £4.5 million frorrb the Notionol Lottery Heritoge Fund to support The Living 8orfocks project_ on ombitious scheme in Berwick to tronsform the town's boirocks into o thriving hub. With new spoces for exhibitions, businesses. retoil ond housing. these mognificent 18th-century borrocks will be biought bock to life for locols, visitors ond residents olike. The gront builds on the E4.2 million Culturol Developmenr Fund gront we previously received from Arts Counol Englond, olong with funding from other generous dorrt)fS. ond the project Is o poitnership between English HeritO9e. the King's Own Scottish Borderers. Northumberlond County Council ond the Molting5 (Berwickl Trust. Fundroising highlights This yeur. our onnuol oppeol h19hl￿hted rhe work we do to r)rotect the mony objects ond ortèfocts in our core. We spreod the word obout the Million ond More Apoeol through direct moll, emails. press coveroge ond pieces on our web51re. oné roised £118.903 from over o thousontl 9enerous donor& Everydoy giving hos olso been o succes5. Wlth 0 255% increose in donotions mode through Pennies. our di9ltol chority box. The initiotive- whtch in¥ite5 Customers to round up theii cord poyments- ioise(J £190.623. 12 Artm￿l Report of theTrnstees'. Strottyc reory( En9llsh HevitOgÈ Annuol Repori 2024n5 Financial review 2024125 was the third year of our Strategic Plan, Sharing Our Past. Shaping Our Future. which covers the period 2022-25. 120?3124". 6.1 millionl ogoinst o budoet of 6.5 million Ipre-covid peok of 6.5 million in 20171181, ond o slight reduction in our rnembei b05e to 1.19 million 12023124.. 1.22 iriilliuiil. Iii iespotise Lu Llii5 we inti'o)duceLI expenditure control meosures ond implemented on orguni50tion-wiole reshopin9 progromme through winter 2024 ond spring 2025 to ensure our teorns ¢Jre set up to moximise the impoct of the chority's work in future yeors This yeor wos olwoy5 likely to be chollengin9. os we continued to reposition the chority in response to the end of government funding. However, it wos more difficult thon we expecied We sow visitor numbers to our poy-to-enter sites foll to 5.7 million Pertormonce ogoinst the Strutegic Plon is set OLtt in the toble below. 2024n5 cumula￿Ve 2022123- 2024125 StroTrgic Plon £'ooo Strote9lC Plon £'ooo Actual £'ooo Variance Actuol £'ooo Vorionce Actuul ¥grsu$ 5trote9ic Plon Donations and legocies Fundroi5ing Choritoble octivities £'ooo E'OOO 12.710 IS.453 12.743) 32,471 40.n2 18.2611 Conserving our properties Membership oncl odmissions 4.076 2.857 1.219 10.862 8.191 2.671 99,331 96.329 3.002 273.590 263.458 10.132 New model 187 ?.778 515 2.263 104.121 99.373 4.748 287.230 2n.164 15.066 OthertTodin9 Octivities Running Our properties Li(en￿n9 ond sponsorships 35.417 38.￿6 Q.8091 0.8261 101.669 101.480 189 1.343 3.169 3,232 7,937 14.7051 {4.5161 4.737 36.760 41.395 14.635) 104.901 109.417 Investments 1.585 31 1.554 4.829 92 Totol income 155.176 156.252 II076) 429.431 42Z405 7,026 Expenditure Depreciotion 1155,4501 1147.7651 14.4101 (7,6851 1439.3991 1420,1461 2,8971 119.253} 17.2051 184 ,3801 1761 17.7301 Q.9701 1761 111.807) 120.102) Goinlllos51 on investments Net income11exper￿1tUréI 4.077 129.8861 00.638) 119.248) Net endowment Inccmellexpenditvrel 145 145 Net restricted Incomellexpenditurel Ner ur)restricted income/lexpendittJfel Net income/lexpe￿litUreI 4,912 10.460 15.5481 16.2491 5.672 18,141 8,7791 (10.638) 112.4691 16.9241 {19.248) 02.6331 (7.7301 16.3841 4.077 5.7031 (29.8861 (M.8071 Net unrestricted expenditure excluding depreciotlon 15.253) 0.974) la279) (15.601) 5,8821 281 'ooo 'ooo 'ooo 'ooo 'ooo 'ooo Visitor numbe 5.748 (666) 17.792 17.919 0271 Member bosè 1.190 1.389 099} Engllsh H¢rltag• knnLKJI Rwt Y)24nS Amuttl Report ofthvTrnstees'. Srrolegic report 13 The moin finonciol metrics for the rhree yeors to 2024125 were in line wtth or exceeded the torgers ser out In the Strotegic Plan, notobly.. Expenditure Expendirure. Including restructuring costs ot £6.9 millM)n 002314.. £0.1 millionl. wos £162.8 million 12023124." £155_5 millbonl". totol income exceeded torger dnven by morginolly h￿her poyin9 Vlsltor numbers ond increosed odmission ond membership pricing. Fundroising, Licensin9 ond Sponsorship costs Df £4.0 Mill￿n12023/24.. £4.3 millionl. The cost of fundr015in9 for 2024125 wos 24p12023124.. 12p) spent for every El roised. 090insi o sector overoge of 25p Ilork Owl 20201211. net unrestricte¢ expenditure before deprecSotion wos broodly In line with tor9et. with rhe positive irKome vorionce offset b¥ increosed expenditure due primorily to increo5ed inllotion. os well 0$ significont restructvring costs of E6.9 million in 2024125. RunniThJ our Properties costs of ES0.0 millK)n12023124'. £34.6 million) covering commerciol octivities Including retuil ond corering operotions os well os hospirolity. filmin9. weddings. ond holidoy cottoge5. However this outturn indLtded the expenditure controls implemented in 2024125, on¢J cumulotive expendiivre (excluding depreciotionl ocross the 3 yeors stbll exceeded plon by E19 5 million Conserving our Properties costs of £50.0 million 12023124. £53.0 million). comprising mointenonce. curotoriol works ond conservotion Thi5 includes mojor ongoing expenditure to conserve the monuments ond site5 in the Collection. Statement of Financial Activities (SOFA) The SOFA is the chority s income ond expenditure occount. Membership ond Admisssons costs 01 [59.2 mlllion 120?3124.. £63.6 millionl. including costs for morketing, events ond on-site visitor services. employees on(1 volunteers, oll of which helps to provide a great visitor experience. promoting foorfoll to the sires ond SUPp￿ting the ocqui51tion ond retention of members. Income Inctsme in 2024125 wos E155.2 million12023124.. E141.4 million) os follows: Donotions ond legocies, licensin9 ond Sponsorship. ioised £14.1 mbllion12023124'. £8.9 million). Net movement in funds Net expenditure omounted to E7.7 million 12023124.. £13.8 rnillionl. Conserving our Properties oeneroted £4.1 million 12023124.. £2.4 millsonl ond comprises moinly renrol ond service chor9e income from our propertie5. This comprised". Memberships ond Admissions income rose ro £99.3 million12023124.. £92.3 million) ond consist5 of on increosÈ in membership income to £S5.7 million 12023124". E51.4 million) ond odmissions income of E43.6 million12023124.. £40.2 millionl primorily due to on increose in pricing. Unrestricted net expenditure of £12.6 million IX)23124." £15.7 million).. Restricted net income of £4 9 million12023124.. restrKted net income of £1.7 millionl.. on(1 We received £0.6 million I￿23/24.. £0.9 million) from Historic Englond to cover increosed contributions to the Principol Civil Sefvice Pension Scheme employees who tronsferred from Historic Englond on 1 Awil 2015. (See note 17bl for further detoils on this scheme. Endowment net expenditure of EO.01 million 12023124 net income. £0.2 rnillionl Restricted net irKome represents the receipt ond 5peniJ of restriited fund5. which ore ovoiloble lor use in occordorbce With the gronio¥s' ond donor5. directions. There ore over SO of these funds (see Note 301. We received EO.1 million 12023124.. £0.1 mTIIK)nl for the rovision of sefvices to Historic Englond lor customer services ond speciolist advice throughoui the yeor. 8ek)w the net incomellexpenositurel line. the SOFA reflects odjustments of E2.1 million12023124.. EO.04 million). representin9 0 tronsfer between ie5tricted ond unre5rricred reserves reloTing to. Running OLtr Properties generoted income of E35.4 million12023124" E34.4 millionl. which covers our cornrnerciol octivities. notobly retoil ond food und beveroge incomè of £31.4 million12023124.. E31.2 million), ond hospitolity. filming, weddings, holidoy cotroges ond other tro¢Jing income. together E4.0 million12023124.. £3.2 million). the reclossificotion of restrlcted copitol funding to unrestricted to reflect the notLJre Df the osset5 thot hove been creoted. 14 Reportof theTru#ee& StrOte9￿ rekvt En9llsh ￿￿Ti￿9e Annuol Report 2024nS the release of restricred reserves 09oinst ouolifyino expenditure during the yeor. ogoin to reflect the noture of the ossets thot ho¥È been creoted. ond ulso to offset Èxpenditure incurred in the unrestricted SOFA thot Is funded by restricted income reCOgn￿e￿ in previous occounting pefi(xSs. Stonehenge Leorning Centfe project of E3.3 million 12024 £0.03 million), the Elizobeth Woglond Fund of £2.4 million12024.. £2.4 million) ond over 5012024." over 501 further restricted tunds. covering individual sites. speofic octivities ond the London blue plooues scheme. which iotol £5.8 million12024.. E6.3 million). For ijetoils, see Note 30. in 2023124. 0 wtion 106 order from the Choiitv Commission in relotion to the Elizoberh Woglond Fund Ithe Fund) ollowed the Trustees to proceed with o payment which they regorded themselves os being under o morol obligotion to rnoke. in respect of ierroin exper¥diture chorged 10 the Fund under the ￿12 cy-près scheme between 2013 on¢J 2017. £964.000 wos transferred from unrestricted fund5 to the Fund. which represenis thot certoin expenttiture plus lnierest ot o rote eouivolent to the rote of Interest thot the unspent monies in the Fund eorned. A É1.8 million12024.. £18 million) restricted endowment fund. the income from which is restricted to use on conservotion. Improvements ond public engogement ot our free-io-enter sites. We monitof cosh corefully 05 we contend with the uncertointy from the risks orising from economic uncertointy one the Increosed cost of living. We ended X)24125 with totol cosh of E26 1 million12023124.. £43.1 million). comprising restricted cosh of £6.$ million 12023124.. £4 1 million) ond uncestr5Cted cosh of £19.6 million 12023124.. £39.0 millior)). The odverse movernent In totol cosh of E17.0 fflillion exceeds the odverse movement In totol fund5 of E7.7 million primoiily due to the decreose In editor5 by £l1.I million, relating rnoinly to fflore freovent settlement of the Intercompony creditor during 2024125, ond o lower purchose ledger due to reduced purchosing octivitv in Q4. in pori due to the restructuring Èxercise. The overoll net movement In funds is therefore o deficit of EI0.5 million12023124.. £15.6 million) on unre51r¢cted reserves, 0 surplus of £2.8 million12023124.. EI 6 millh)nl on restiicted reserves. onij o deficit on erbdowmeni re5erve5 of £0.01 million l?023124" surplus of £0.? million). which, combined. omount to o delicit of £7.7 million 12023124.. E13.8 million). As o result, totol chority funds d￿re0Sed from E50.6 million on l April 2024 ro £42.9 million on 31 Morch 2025. Basis of preparation In odopting the going concern b05is for preporing the English Heritoge comprises two legol entities. Our th'n¢Jnciol stotemenis. the Trusiees hove considered choritoble octivities. notably operoting the sites ond the business octivtties ond piincipol nsks set out on monuments for public benefit, including hospitolitv. poge 17. The Trustees hove reviewed the loiest finonciol ontj our conservorion work. ore carrEd out Ihrough projections Icoveied In more detoil in the section tr)elowl The English Heritage Trust. Non-primory pufs)ose troding over o perio¢J of o minimum of 12 months from the dote on(J octivities chorgeable to corporotion tox ore corr"Ed of sTrgning of the oudited occounts. Projections show o out by our wholly owned subsidiory English Heritoge cosh deficit for 2025126, wr(h cosh surpluses generoted Troding Limited. Non-pritrKJry purpose octivities include Irom 20￿27.. there continues to be sufficient liouiditv retoil ond cotering os well os sponsorship. filming and throughour for the chority to continue operoiing. licensing. The results from the subsidiory ore consoli¢Joted TrusTees hove token Into considerotitsn thot o new on o line-by-line bosis in the consolidoted results of Property Licence wilh Historic Englund hos been signed. English Heritoge (the results ore shown in Note 41. th on initiol ten-yeor term from April 2025. extendoble to up to 20 yeors. Trustees ore sotisfied thot En91ish Hefitoge continues to odopt the going concern bosis in preporing irs fi"nonciol stotements. Balance Sheet Totol chority funds ot 31 Morch 20?5 of £42.9 millM)n 12024. E50.6 million) con be onolysed os follows.. Financiol projections Ovr finonciol Drojections ore driven by detailed forecast5 of visitor numbers ond the member bose. These forec05t5 ore colculoted using visitor projections which odopt SiTe-level bose doTo with ossumotions opplied for domestic ond inboun¢J tourist poying visitor numbers os well os member visits linked 10 the overoll member bose.. inbound tourism projections using Deportment for Culture. Medio ond Sport forecost1ng", ond predicted member bose growth which is projected by opplying historicol on51te conversion rotes, ond olso oflsite ocouisiiion ond retention metrics. to forecost poyin9 visitor numbefs ond pre¢Jicted memberships due to renew in future finonciol yeors. Unrestricted reserves onK)unt to [29.6 million 12024.. E40.1 million). The ¢Jecreose In unrestricted reserves by £10.5 million is rhe effect of Iroding octivities resulting in nèt exrjenditurè of E12.6 million 120231?4. £15.7 million). portiolly offset by the reserves tronsfer of É2.1 million12023124.. £0 04 million). fl1.5 rnillion of restricted reserves. The increose in restricted reserves from É8.7 million ot the stort of the yeor is due to the reco9nition of restricted income in relotion to some of our lorgec woje(ts. where the corresponLling spend hos not yer been incurred. The year end p051tion consTrsts ol funding for the Eng115h Heritts9ÈAnnuol Rewi J)Nns Repurtof theTrusts¢5.' Strotegic report 15 This yeor wos olwoys likely to be chollenging, os we continued to reposition the chority in response ro the end of government funding whilst contirhving to deliver the type of work thot the funding supported. Since the current Strategic Plon wos finolised In lote 2021122 the IlbULlU eriviiuriment Iios Lliuriyvd subsluibtiully. wl)icli ha5 odded increosed inflot1cv￿rY pressure to our cost bose os well os reducing consumer confidence. We met or exceeeed torgets fcx the moin finonciol metrics for the three years to 2024125 set out in the Srroteglc Plon," however, this includes the impoct of the reshoping progromrne ond expenditure control meosures. both implemented in 2024125 in response to below ror9er finonciol performonce. The 2025126 trAJdget is for unrestricted revenue ond copitol expenditure to be funded entirely from 202926 unre5tricte¢J income ond h05 been prepored on the b0515 thot we ore no longer ossuming o return to pre-pondemic vi￿tor numbers. with budgeted visitor numbers in line with octuol visitor numbers in X)24125. Alongside ihe 2025126 budget we prepored sensitised scenorios ocross visitor numbers. member recruitment. member renewols. retoil ond foocl und beveroge 9ross morgin5 on(S unie5tricte¢J development Income. We will monitor perfofrnonce closely to ensure thot mitigotion5 ore implemented if net unrestricted income before depreoorion or unrestricted cosh oppeors unlikely to ochieve the 2025126 budget. We will minimise the impoci of these mitigotion5 on profitoble re¥enue growth. olthou9h some temporory deloy moy be unovcxdoble. In cletermining o reoli5tic level of reserves. the Trustees 055e55 the level of risk ossocioted with the moin income orbd expenditure streoms, the odeouocy of controls In ploce to mitigote those risks, ond othei likely sources of funds ovoiloble in on emergency. This is balonced by the ubIiyuLi￿is Iv iuilLii iue lu li i¥e5l li I viQei Lu yvfj>ue trie objectives of the choritv within o Teosonoble period of receivin9 funds. The size of the chority's reserves Is on inherent pon of the risk monogement process, on the need foi reserves 15 dependent on our fi'nonciol position ond our ossessment of the risks we foce ot o port￿Ul0r time. At the point of its creotion. the choflty hod negotive free reserves. As o result of strong performonce over the first th've yeors os on independeni choiity. free reserves ot 31 March 2020 weie E20.7 million. We use(J this reswves position os well os the £23.4 million Culture Recovery Fund ICRFI loon to support our recovery from the Covid pondemic ond the trun51tion to operoting Witr￿￿t onnuol toperin9 relief onrf having fully cliown rhe E80 millK)n New Model Gront by the end of 2022123 lo5 per the New Model Agreement). The need to grow h"noncsol reserves is on intrinsic port of the choritv's new operoting model. which wos implemented from Spfing 2025. We need to generote sufficient onnuol surpluses thor build Tese¥ves. but we 0150 hove to ensure thot we invest sufficiently to deliver our choriroble objectives and grow the chority. The recent restructurè hos ueoted an operoting model thot deliveis increosed profitobility. We now need to closely monitor rhe Impact of the expenditure rerSuctions in thot operoting moclel on our obility ro successfully elivef our chorrtoble objectives. We ore regularly modelling ond vpdoting olternotive scenorios which ollow us to odopt our business modd to respond ro o wide ronge of outcomes. If chongin9 circun)stonce5 jeopordi5e our projections. we will odopt our business model occordingly. The Trustees regulorly review the reserves policy to ensure thot it remoin5 opDropriote, porticulorly to refl￿t the signth.cont growth in the orgonisotion in recent yeors 05 well os the chonging risk environment. n Murch 2025. the Trustees odopted o new liquidity- focused pdicy to hold minimum uncestficted cosh ond reo¢Jily reolisoble ossets eouol to ei9ht weeks of uniesiricied SOFA expenditure. We aSs￿sed the 2025126 ￿￿get in the context of our medlum-term position, currently projecied to 2027128. to ensure that we ore finonciolly sustoinoble oncl buil(J finonciol resilience. We ore forecosting ihot we will stori to generate onnuol cosh surplLJse5 from 2026127. but the exceptionolly chollenging globol economic environrnent meons there is uncertointy inherent in forecosts. Our forecasts assume ihot rhe Culture Recovery Fund loon IE23.4 million) received in Morch 2021 is fepoid over the twenty-yeor term. wtth the th'rst re[￿¥ment hoving been mode in Morch 2025. This focus on I￿Uld1tY ond expenditure cover lon opprooch thot Is common omongst other lorge choriticsl morkru o dcporturc from the prc¥iouu policy whKh focused on o hybrid of OCCOLJnting resÈives ond liquidity (the CRF loon). The revised policy is more closely oligned to the woy thot monogement monitors reserves ond reflects the benefit of the moreriol omount of deferred membership income on the Bolonce Sheet. offset with ony occrued incor¥>e. This net position of deferred tsnd occ¥ued income equotes to o significont unrestricted cosh bolonce. whith provide substontiol odditionol liquidity. Reserves policv The reserves policy is set by Trusrees to determine o reolistic ond oppropriote policy. which.. helps sofeguord the continuity of the chority's operotions in the event of on unexpected disostef is not too restrictive. in order rhot we continue to woxiffnise the resources we invest in our choritoble octivities. Afinuol Report pftheTrust¢e¥'. StrotegK reptyi En91i5h HeritogeAMvol 2024125 Bose(J on the 2025126 budget, eight weeks of unrestricted SOFA expenditure is opproximotely £21 million. Unrestricted cosh ot its lowest point ir) ?024125 wos £19.6 million ot 31 Molul i¥sgi¥* ut 31 M(JlLlI 2025 wgi¥ E42.8 Iiii114UiI 120?4". £50.6 million). The Once onLI Future Fund. 0 20-veor endowment fund. utid 11 Ig EIiL(Jbetli WuyluiiQ FuiiLI liu¥e LJg¥ii truiisfeiigd to Rothbones for Investment in occordonce with these orrongernents. The Trustees remoin sotisfied with the perf(ymonce of the fund fflonogers The intention is for other10Trg-term restricted funds to be Identified foi irbves(meni or) these principle5. Peneion English Heritoge mokes contributions into o deh'ne coniribution pension scheme odministere(J by Legol and Generol Assuronce Society Limited. whKh was set up for new employee5 from 1 April 2015. The chority olso contritxjtes to the Principol Civil SeNice Pension Scheme IPCSPSI for efnployee5 who tronsfeired under TUPE to the chority on 1 April 2015. Under the government New Foir Deol ogreernent these ern￿0Vee5 retoin eligibiliiy for the PCSPS orrongements fdlowing tronsfer. The orrongements comprise o number of different scttem￿. most of which o¥e clelined benefit oné 0 5m¢Jll fflinority ore defined contribLJtion, with employer contributions varying depending on the specific scheme. Contribution levels ore determined by the Cobinet Office which. through the PCSPS. responsible for the liobilities under the voriovs scheme5. The chority hos no liobiliiies to the PCSPS beyond the onnuol pension contributions mode on beholf of its eligible employees. The bolonce of unfestficted ond other restricted funds ot 31 Morch 2025 w05 E26.1 mtllion. deposited wirh commerciol bonks lsee Noie 211. Fundraising Énglish Heritage corries out oll fundroising octivirie5 directly through our fvndroising ond morketing teoms. We do not engoge third porty profe5sionol fundroisers or commerciol porticiporors. We operote In line with the reouirernents of The Doto Protection Act 2018. ond do not send diiect moll or emoil to members of the public for the purposes of fur)droising. We ore orgoni50rionol rnembers of the Chorterèd Institute of Fundroising ond in¥est in the profe5sionol development of our fundroisers Io 5uppwi liiyliesl sluisduiU vf piu1essioriuli￿rr7 Iii uur fundraising octivity. Wp rpvipw r)nlir.Ip.£ nnd riror.e.diJrp.%. develop Iroining opporiunitie5 ond ifflplement systems to 5UPPOrt ourfunclroising efforts ond ensure oll donors ore engoged with In o ¥voy thot is oppropriote to rhem. without unreosonoble intrusion on o person's privocv, unieosonoblv persistent opprooches or undue pressure. The chority is registered WiTh the Fundroising Regulator on¢J obides by the Code of Fundfoising Proctice. which outlines the stondords expected of oll choritoble fundroising orgonisotion5 ocross the UK. We ore not owore of ony complaints mode in respect of our fundroising oitiviries during Ihe yeor. Our fundroising CKtivities ore closely monitored by the Trustees who regulorly re¥￿W ond opprove the fundroi51ng strotegy. Investments Our Inve5rment policy is twoftJ¢J'. First. to ploce surplus funds on deposit with the lorger London-bosecj UK bonks, with no mole thon £15 million deposited with ony one institution. This omount wos opproved by the Boord in December 2020. The longest notice period for ony deposit is one month. We will concinue to hold suiplus unrestiicted funds on cleposir with the lorger london-bosed UK bonks in order to retoin m(Jximum ogility to drow on c05h TO Qfotect the chority in the event of on unexpected economic downturn. English HeritoyAnnL￿l 2024ns ATrnuol Report of theTmstee* Srmte9tc rewr 17 Principal risks and uncertainties Effective risk management is key to successfully delivering our strategy. Our risk monogement structure ond srrotegy is-. Boord of Trustees A review of thè lull corporote risk registerot two meetin9s eoch vettr. more often if required A detoiled review of the corporote risk ￿gister ot everyscheduled meetin4 fo11owtng o forrnol review ot the preceding SenK)r Leodership Teom meeting Imaintain corporute risk registerand conduct full review on o quorterly bos15 Continuous development of systemsond procedures to mitigote identified rlsks orbd to minimi5e onv potential impact should any risks mater￿lIse Audit ond rl$k r¢Jmmittee Senior leadershipteom Escol(3te deportmentol orsofety risks ro corporote risk register 05 nece55grv Support oll deportments to monoge heolth and 50fety 155ues Pfesent ￿pOrtS to Senior Leodership Teom Au¢Jit ond Risk Committee, includin9 occident. incident ond neor miss informotion ond woys to rernove or reduce risk Sofety4aoard Mointoin risk wisters in theif oreo of responsibilfty 0$ oppropriote I,, Ensure effective oction is token to monoge risks to within occeptoble levels ' Use of our internol auditors. Pwc, to provide objective Ossuronce thot the molor risk5 o¥e monaged oppropriotely ond thot the key ore05 of risk monogernent ¢Jnd the internol control fromework ore operoting effectivelv Departrnent5 Intemal oudit At eoch deportmentol ond Senior Leodership Teom review session. risks ore updoted os necessory. with the rotin9 of existing risks odjusied. new risks odded ond obsolete risks removed 0$ oppropriote. The risk oppetite for eoch fisk is determined olongside Steps 10 be token and rimeline5 for ochievin9 the ogreed occeptoble Tisk roting. Eoch identified risk on the corporote risk iegister is ollocoted tD o member of the Senior teodership Team who is occountoble for ensuring th(rt the risk is oppropriotely monoged_ Since the Covid pondemic it hod a￿oYS been our iniention to use unrestricted finonciol reserves ond the Culture Recovery Fund loon (which we received in Morch 20211 to fund the choriiv os we tronsition from the end of the govemmeni groni on(J onnuol ropering relief. ond os visitor numbers recover to pre-pondemic levels. 8efore the pondemic. onnuol visitor numbers to our poy-io-enter sites peoked ot 6 5 million. Wilh vi51tors reducing to co. 1.9 million ii) 2020121. rl)ey iÈiovered to 6.1 million in 2023124 ond were t*uLSgeted to return to Iheir pre-pondemic levels in 2024125. Due to o multitude of foaors. visitor numbers in 2024/25 declined to 5.7 million. Our in-yeor foiecosting ollowed Lt5 to onticipote this eorly enough in the finonciol yeor so we could reduce ond defer expenditure to Dffset the ossocioted Income shorrfoll. It's now o risk thot visitor numbers moy not in the foreseeoble future recover to pre-pondemlc levels. which is why we undertook o hopng progromme in 2024/25. This will ensure thot we're finonciolly sustoinoble ond thot our teoms ore ser up in the best woy ro mo¥imi5e the impocr of the choriry s work in on uncertain economic environment. well 05 help to monoge the odditionol pressure ol the increose in the living wo9e ond employer's notionol insuronce on OUT Cost bose. Our tsudget for 2025126 15 for unrestricted income to cover oll unrestiicted revenue 01)Ll iupllul expendiiure. ond ro noi Yunol ony 2025121) expenditure from unrestricted reserves. We need to build finonciol resilien£e. but we olso need to coniinue Risk connot be wholly eliminoted, ond this merhodology is designed to minimise the risk of loilure ro Ochi￿e the choflty's stroregic prioriiies. Our principal risks ore os follow& Finonciol sustainability The risk to ochieving fIr￿n(lO1 sustoinobility- defined os generoting sufficient income to fullil ovr choritobje purpose over the long term. in line with our stioregv is controlled by ensuring finonciol projections ole regulorly reviewed ond vpdote¢ to respond to the prevailing tradin9 conditions ond the wider economic environmeni. If performonce deviotes from the plon. Lui i¥iiive slep5 ore swiftly ugreetl UllLJ iiiiplerriented_ 18 Annuol Report ottheTruMeeg reDyr Engllsh Heritage Anwol Rewi 2024125 ro invest io deliver our choritoble objecii¥es. ond we will identify opportunities to grow profitoble income ocross oll of our income streoms. We ore projecting to generote onnuol cosh surpluses from 2026127. txji we're k)oking ot opportunities to occelerote this in 2025126. groreful for the support of our two recognised trode unions through the process. The creotion of o new People ond Culture directorote rneons that the voice ond experience of our people i% now represented on our Senior Leodership Teom. This will ensure thot English Heritoge becomes o better ond more diverse ploce to work ond volunteer. roy octtvitlCJ to otrroct. en9oge ond develop our pooplo inclu(Je workforce design ond worklood monogement. embracin9 0 culture of cooching ond feedback, investing in tioining ond development ond su£cessh)n plonning. We'll olso ensure thot individuol ond collective workploce relotionships ore heolthy. thot Internol communicotion is effective. ond thot policie5. proctices and woys of Trfvorking enoble productivity os well 0$ positivity. We mo(Jel odvefse scerkorios in our finonool perfoiinonce ID uiidersioi)d liow the choriry would respond to diffcrin9 Jcveririeu of riul¢. ond we idenrify Itigotions to offset these to ensure thot we remoin financially vioble. Heolth ond sofetv English Heritoge tokes its duty of core to members of the s)ublic ond to its employees ond volunteers extremely seriously. ond we hove on excellent trock record in preventing serious horm. In 2024125 we hod the lowest number Df occidents in three yeors, the lowesr visiror occidents per 100k visitors since 2021122 ond the third lowest number of RIDDOR IReporiing of Injuries, rA"seoses ond Dongerous Occurrences Re9ulotionsl reports on record. We oim to toke ¢Jll reo50noble meo5ures to ovoid incidents ond occidents ond toke core of our people. We ore committed to continvol bmprovement und promotin9 good proctice. We use emplovee ond volunteer newsletters, teom briefin9s. conferences ond meetings Wlth our trode unions to coscode information obout choritoble performonce ond plons for the future. ond to solicrt feedbock. We olso odopt o morure opprooch to hybrid working which our people value. Aeose olso refer to the our people Section on po9e 23. Prioritised continuol improvernent in 2024125 wos focused on completing risk ossessment octions. conductin9 0 sofety climote survey with monogers ond superv¢sors. updoiing key monogemeni stondords including moter￿1 folling from hei9ht ond osbestos. reviewing lone worker ond personol safetv orrongement5. ond improving comolionce with stotutory ond mondatory troinin9. Technology ond digitol TKhno109y underpins mony of our stiotegic priorities. ond it olso presents some ol the biggest risks to the or9onisotion. includin9 the risk of cyberotTock& potent￿11¥ leoding to reputotionol domoge, loss of trust Ih our members ond geneiol publc. re9ulotory fines ond disruption to our operotions impocting income 9enerorion. Insufh"cient fc&us on technology ond digitol will mÈon thot our technology infrostructure will be unoble to support the giowth of the chority. Workforce engagement English HeritQ9e's people ore ot the heort of our customer, visitor ond member experience. Foiling to ottroct. engoge ond develop the right colibre of employee5 ond volunteers would meon we would be unoble to ochieve our 5trotegic objectives. The increosed soohisticution of externol cyber security threots meons ihot the risk thot our sofeguords will be breoched legding ro loss of confidenriol ond per50nol doto is constontly evolving. We hove secufity incident ond event monitoring toolin9 thot ollow5 us ¢0 see where our 5ysiems ore v(Jlneroble $0 IhoT we con implernent fi.xes. We hove creote¢J ond internolly published o new suiie of secuiity policie5 ond implemented improved progromme of security troining ond oworeness octivities. irKlvding quorterly phishin9 sirnulotstsns. Mulli-foctor uvthenticorion sponning our technology estote provides us with significont protection 0904nst certoin types of cyberotiock5. We toke 9reot core to position oiJ¥ employer ond volunteering brond so thot it speoks to the relevont oncl diverse ¢Judiences in oreos where we seek to uttroct new people to our workforce. This yeor, oui work wos mode possible thonks to the efforts of 6.554 volunteers. who gove 355.252 hours of their time- 0 42% increose on the pievious ye¢r. We focus on moking work ond the working environment better for our people. As port of the reshoping piogromme implemented In 2024125. oui oim wos to chonge our woy5 of working to remove duplicotion ond cSorify occountobilities. os vwell os reducing cost ond moximising our income to fulfil our core choritoble objectives. The reshoping progromrne hos resulted in o reduction in our numbèr of employees. ond we ore In 2024125 we storted o progromme to implement o new tKkeiin9 solution ond reploce our electronic point of sole system. This will Improve the security ond reliobilitv of the 5YStetn5 we operote. reduce onnuol expenditufe. ond proV￿e o plorform thot ollows us to respond to chonging consumer expectotions. It 15 due for completion in 2026127. En911th Herittiye An￿￿1 ReTryr X124r25 Annual Report of theTNstees: Stroiegic fepoit Ali iiiitiotlve to luluT¥-yioof and improve iiiLeiiiEI rnnnpr.tivily ot oijr Eit￿ is fliip fr)r rornple.t￿n in ￿?5/￿. This will deliver relioble. fost interr*t conneciiviiy ot mnny %ifp.% whprp for rhg fir%t time, imprnving.&nfpty (7t siL¥s uiid e¥ihaiiiirig tlie ¥XVViiglSL¥ IUT Slufl uiiu visitQl5. 0$ well os poving the w(Jy for future developments Such os interoctive vi51tor experiences. Ivyruiiinie5. We ul¥u IEyulot1y Iiuise wtfli the poliie nt n l()rnl anrt nntinnnl level. induding thp Natinnnl Countei Terrorism Security Office. on¢ ghore besr rnrtirp with indii%try peei%. The increosed cost of living ond uncertoin econornic environment continues to influence how people spend their leisure time ond disp050ble income. We reflect this in our visitor ond membership offer to ensure thot we ore delivering exper￿n(e5 thot represent volue for monev The Technology Progromme Boord oversees prioritisotion ond delivery of informotion technology Iiri proJ￿t5. The Informotion Security Monogement Group ensuies there is effective monogement of information risk, including defeneing our IT systems from unouthorised occess ond doto breoches, ond ensuring com ￿lOn(e with GOPR_ Visitor numbers We need ro ensure our visitor experiences, both ot te ond online. mointoin their oopeol ond relevonce for our existing supporters ond visitors- but olso thot they respond ro the expectotions of currently under- represented oudiences. Foilure to keep poce will impede dplivp.ry (Trf L)ur objg.rrivp.s nf visitor ond memhpr grnwth ond widening our oudience bose, in turn limiting opportunities to grow profitoble income. We do this by considering openin9 hour5. pricing. occessibility. octivities. events on¢J visitor feedbock. Investment in the visitor experience is rigorously reviewed, ond we closely monitor proiectK)ns for inbound toufism ond vssiror numbers to our sires from overseos. External perils We are conscious of the impoct thot exiernol foctors si)rh ns bort wpother ond pijblir hpalth inr.idenrs r.TrJld hove on our sites. We monoge such risks by odopting our visitor offer. odjusting our moiketing str(rtegies ond updoting our business continuity plons. Climote chonge brings the increosed risk of more treouent o(Jverse weother conditions. which con offect our obilify to open ond conserve our sites. Excessive foinfoll. high temperotures. storm event5. floodin9. ond coostul eiosion hove the potentiol to (ouse domoge to structures. collections ond londscopes. ond moy impoct on operationol monogement. We ass￿5 rhe vulnerobility of our pros)erties from climote chonge ond focu5 on those most ot risk. Our visitoi offer 6 odooted to ensure thot our sites remoin ottroctive ond continue to offer volue for money to our wide ron9e of ￿SitorS ond members. irrespective of rheir meons. We use rnuiket re5eorch ond doto onolvsis to monitor people's engogement ond Inform future produci development. Like oll tourist ottroctions. we ore vulneroble to terrorism thieots. We regulorly review our Security procecsures. emergency response plons and woikforce troinin9 The Trustees ore sotisfied thot risks ore being effectively identified, ossessed ond monoge(J. Annuol Report olthe Trustets StroregK ttptyr Enylish HeritD9eAMuoI Report X)?4r25 Energy and environmental sustainability We have continued to make progress against all four pillars of our Climate Action Plan, which was approved by the Board in 2022: people, decarbonisation, operations and resilience. Decorl)onisation We further developed the Building Corbon Reduction Progromme IBCRPI. which oims to reduce En91ish Heritoge's vèorty corbon emissions by 20% by 2025 (from 0 2019120 tKJselinel. Figures for 24125 show 0 19% recsvcrion from thot boseline yeor. norrowlv mtssin9 the torget. (￿r understondiThJ of our energy u509e hos continued to grow, mÈonin9 even rrK>iè of the doto we're now reportin9 is from occurote merer reodings rother than estimote5 bosed on Spend We expect this to hove o po￿tiVe impoct on our coitx)n tofgets moving forwords. As with mony orgonisotions. decorbonisotion kTrroves the m05t chollenging theme.. rethocing equirjmenr powered by fossil fuels is complex. time-consuming and oljotre oll expensive. In od¢Jition. It needs to be done in o woy that won't damoge our historic 51tes. A project to reploce the dorrtroged roof ot the Whitbv Abbey visiror centre included the instollotion of solor ponds. They've generoted 2291kWh Since Au9U5t 2024. which hos contributed to o reduction in the yte's corbon emissions of 4.2 tonnes. A droft version of English HeritO9e's Climote ActKJn Plon for 2025 to 2030 (CAP 21 hos been developed ond will shope our opprooch to sustoiTh)bility ond climote resilience over the coming ypfjrs. Operotions We've met oll progre55 mile5tone5 for the development of our Environmentol Monogement System IEMSI. The EMS is helpin9 US to monitor ond reduce our environmentol irTFPQCtS. 05515ting with legol complionce ond risk ovoidonce. ond soving us money. We're up to Level 3 of rhe'Green Dro9on' fromework. ond this veoi we hove updoted our Enwronmentol Policy ond EMS monuol. People The secon(J cycle of our Green Impoct Progromme come to ci close in September 2024. The progromme oims to promote ond celebrote the benefits of ueoting shored envifonmentol gools. An impressive 32 site teoms ochieved owords.. 4 gold. 14 silver ond 14 bronze. The Ihird cycle of the piogromme lounched ot the end of April 2025. Seven siies hove now ochieved Green Tourism owords." three ochieveé gold (Wolmer Castle. Cori5brooke C05tle ond Movnt Groce Priorvl ond four ochieved silver IScoiborotJgh Castle. Whitby Abbey. Old Wordour Costle ond Lind15forne Prio¥yl. The teom ot Belsoy Holl ore just oboLJt to submit their oprjlicution. In June 2024 we celebroted Greot Big Green Week- the UK'S largest celebrotion of commvniiy aciion to tockle climote chonge protect noture- by hostin9 visitor events ocross ten sites. Our internol Green Teom network hos grown to over 200 individuols only hosts monthly webinors where people from ocross English Heritoge ond externolly shore the successes ond chollenges of embwjding su5toinobility in their wo¥k. The Interpretotion teom collectively undertook Corbon Literocy training. whKh hos provided them with (he understonding ond morivotion to ocr on climote chonge. We hove completed our third veor of monitoring our morns woter consumption. This reveoled o signih.cont I[￿e05e from the previous yeor. This wos mostly coused by leoks over the winter which ore being. or hove alreody been oddressed. This is the second full yeor in which we monitored our woste. We reijuced our totol woste by 18 tonnes. from 67? in 2023124 to 654 tonnes in 2024125. The amount of woste we're serb(Jing to londfill hos reduced slightly from the previous yeof, from 14% to 12.5%. Our recycling increosed from 50% to 54% between 2023124 ond 2024125. Enyli5h Heritoy AJ)nLoI Repori ￿24125 ANTh￿1 Report of thtTrustees: 5tfote9ic repyt Resilience We're committed to understonding the vulneroly'lity of our sites to climate chonge ond toking oction to odopt to risk5 ond opportunities. A gront of £45,000 wos 5ecuied from the Beneloct Group to continue our w(Mk in this oreo. funding the Clirnote Resilience Leod role in our Building Conservoiion ond Susroirhobility teom. The initiol Climote HerirogÈ Impucr Pilot developed o holistic pfoce55 lor understonding the effect of climote chonge on English Hwitoge. borh nationolly on(J ot specrfic sites. This process hos been designed to be updoted os our understondjng chonges over time. which will ollow us to priorit￿e our octions. Climote Chonge Act ￿08 Thi5 report W05 developed jointly with Historic Englond ond sets out the current ond projected impact5 of climote chonge on English Heritoge ond the WKler sectoi. It also include5 our proposols for odopting to climote chonge. Our ponnership with the Woild Monuments Fund continued with the internotionol Coostol Connections Project. A progromme of online workshops bro(Jght together communiries ond orgonisotions in o globol netwofk to Shore knowledge ond best proctice of the sustoinoble monogement of coostol heritoge. Four further re5eorch projects oround climote risk ond odoptorion hove been compleie(I thi5 yeor. These help to close knowledge gops ond (Jevelop the methodology we use to congder dimote risk. Our upprooch to under5tonding climote risk ona becoming climote resilient was published in response to the Government's Fourth Adoptotion Reporring Power IARP41 coll under provisions in Port 4. Section 62 of the Our energv consumption and cort)on Energy consumption used to colculoie emissions Ikwhl 2023124 ?024125 15,545.055 16.211.764 Scope 1 Emissions from combustion of gos ItCO*l Emissions from combu5rion of liquid fuels Itcopl Emissions from cns from woste ond recycling ItCO2el 348 319 110 50 13 26 21 81 68 Totol scope 3 565 484 .-K)np from fud buinod in Scopo l Dwcct erri"" Scopc 2 IndilQCt cmif4if throLffjh dctrThcity bovghl Ircm tho bJrJtoiol Grhl 3-1,-,di¢ÈCI én)1>gts15 prC￿￿céd nor bYthE cornpony but up ond dovffi its iupptyC￿n os result ot Irsixti¥ityC4 emoiioni from triiitOf• getting to site5. ￿5[e rerrK>ved from yte5 fry recycliTr) ond iji5ry)soI. GrecnhOUJe gufJ fi*tw. ore tokon Irom rtondard OowrEmc¥)E f¢r 8urine5s, Energy￿1 Irx1uprrigl Stratvyyf￿urel X12d Ourc0<￿n id mtOJWltd by corntrting our ¢n¢r9YCQIVJurTh>tion ￿10 CO￿(￿￿)xHI￿eo￿l¥0lt￿t￿Q￿x ￿.1￿9 fort0￿ publirhgd byih? UY govcmmenr cncrgy conrumptN)n Iv• rec￿1¢0 thffou9h o MLX of meiwfegdinw. *Jotol ond 0stimoi8d O)10, bgiorj on tho gmgunt we spend on *tricity ond liqvwj I1￿1* 22 ADnur4 RepOrt0ft￿TrUst*ÉS. Srrotegc rep￿t Engh"sh HeritagE Annuol Rwt 2024n5 Future plans 2025126 is the f irst year of our new Strategic Plan covering the years 2025126 to 2029130. Build on our work completing rhe condition ond risk survey of oll woll pointing5 ocross the estotè. Using ihis doto to help prioritise stobilisotion and protection works. We ore the chority thot cares for hundreds of historic sites ond over o million objects in ￿erY port of Englond. from internotionol icons to locol treosures We open thern up. shore th￿r stories ond find new woys for everybody to enjoy. ploy. leorn ond creote. Updore our Climote Action Plan ond our opprooch to reducing scope l & ? corbon emissions Continue to provide high levels of core for our unique object collection. delivering ogoinst our ten-yeor collections conservotion plon. We believe thot heiitoge is for everybody. 0￿1 to ¢Jchieve this we will become Englond's history tellers," o dispersed notionol museum 0¢ Englon(J. connectin9 people to their locol ploces, their sense of belonging. ond each other. By connecting us oll to our p05ts. heritoge con moke us hoppier. strengthen evwy communtty, and help shope societv for the better. Strategic goal: share Moke hèritoge relevont. exciting oné occessible to everybody. enriching the INes of millions of people r￿jht ocros5 society. Over X)25126 we will.. Everybody should be oble to enjoy the benefits it brings. Focus oll of our site operotions, from mointenon(e to visitor experience ond engogement. into the Operotions. ExpYt"ièiiié oiid Engoygthèiit Directoroie. Thi5 will ensure otjr ploce5 ore in the best possible condition for now ond in the future for rhe public to enjoy. Our mission for the next five yeors is ro become lil iui)uolly Qi)d opei'otionolly sustoinoble so we con remove borriers to wider engogernent and invesi in conservotion To deliver this. we will frome our work around two core strotegic gools ond one enobling 9001.. Strotegic goal: care Protect. sustoin ond enhonce the Notionol Heritoge Collection, leoding on innovotive ond sustoinoble opprooches to look ofter ond conserve our historic sites ond collections. Stort delivery of o new Stonehenge Leorning Centre. In Summer 2026 0 teorn of volunteers will begin work to recreote o Neolithic building, using historicolly outhentic ond locolly sourced moteriols. This Neolithic closs¥oom 15 one of severol exciting new element5 plonned os port of o cutting-edge Leorning Cer¢tre set to open in 2026. Ir will provide on immersive. hond5-on sDoce where visitors of oll oges con steo bock in time ond explore the world of people who lived 5.000 veors ogo_ Over ￿25/?6 we will.. Creote o new Con5ervotion, Curotoriol ond Leorning Directorote to provide o single centre of expert o¢Jvice for our progrommes of con5ervotiM, leoming ond Lounch on exhibition ot Kenwood presenting Heiress.. Soigeiil's Aiiieiicuii Pvr Iruils to niutk Ll Leiileriuiy of John Singer Sorgent's deoth. to engoge wide oudiences through developing o new content 5trotegv. Present on instollotion by ortist Lindsey Mendick ot Kenilworth Costle, 450 yeors ofter Queen Elizobeth I s 19-LIuy 5Luy Llieie. vllèi iiig u iiew perspeilive L)ii Lli queen's relotionshio with her courtier ond suitor Robert Dudley. Develop o reprioritised Conservotion Mointer￿n(e Pruyiuiiiiii¥ Iu e115uie tliul w¥ (Jre oddie55111g 5itv with the most urgent requirements ond underroke projects ot sites including Osborne. Wolmer Costle, Bury St Edmunds Abbey ond Northinoton Gronge. Present o new ortwork by Keith Horrison ot Wttlev Court hiohli9hting the miners who worked in the cool pit5 owned by Witley's 19th-century owner. Continue to plan mojor investments for our most significont 51tes to ochieve their potentiol ond identify opportunities for third-porty support. Creote new opportunitie5 for locol corwTrmunity engogement ot Beiwick Borrocks os porr of o project to develop culturol hub for the town. bringing emptv buildin9s ond spoces bock into use in o woy which supports tourism ond the locol economv. Develop o revised Collections Stores Plon. in porticulor focusing on the collections In the South Eost to ensure optimol core for the object Collections. En91ish HerltQ9eAnnual RepNr ￿24￿5 Annwl Report Df theTrustres'. Sirote9K report 23 Enabling Gool.. Grow Condutt o reword review to ensure rÈword policy ond proctice is eflective In ottrocting ond retoining high-pertorming staff while being offordoble w￿h1n the ￿der context of the chority's investment requirement5. We con only meet our 5trotegic gools by ensuring we hove o susroinoble futLJre. generotino the income we need to ochieve our choriroble purposes ond oui investment reouirement5. Over 2025126 we will.. Continue to invest in our people to SUPPOftthe professionol development of our experts, the skills of our opr*reAtices ond the copobilities of our ernployees ond volunteers. Bring oll income-generotin9 deponmenrs inio one directorote to optimise income-gÈneroting octNities. bringing together the strotegy setting for oll our membership and visitor moiketing. our fundroising work ond commercial octiviries. The Income. Growth ond Morketing Directorote will ploce the supporter journey ot the heort of how informotion ond woik will flow through the teoms. building the capocity ond obility of the organisotion to moximise the use of our Customer Re￿lIOnship Monogement System to drive growth ond profitoble income. Focus on the oiiroction of diveTse iolent in 2025126. especiolly young people oncj people from ethnic Minorit￿5. Continue Brick by Brick. o progromme which 5torted in 2024125 to invest more in opprenticeships. work plocements. youth volunteering ond Work experience initiotiyes. opening up more opportunities to engoge p￿￿le from under-iepre5enteLI bockgrounds. C¥eote o new Projects ond Portfolio Mono9ement Office to bring consistency 10 our governonce ond opprooch to project delivèry ocross site. technoloov ond oll other types of projects on¢J pro9rommes. Corbtinue our successfvl Historic und Botonic Gordens Troinee Progiomme. Toke ownership of the visitor offer ot Shrewsbuiy Floxmill, broodenin9 our indust¥iol heritoge offer ond boosting our offer to members ond visiiors In the West MidlonL%s. Key performance indicotors ChJf Strotegic Plon. Shoring Our Post, Shoping Ouf FLrture, which coveis the period 2022-25. sets our eleven key erformonce indicotors IKPlsl ogoinst which we iepo¥t Jr perfornv)nce. These ore set out In the toble on poge 24. Increose'olwoys on, octivity ot sites to enhonce the visitof experience. 2024125 wos o chollenging yeor in which visitor numbers did not recover to pre-pondemic levels. os we hod pieviously exoected. This imsXJCted otjr obility to ochieve our troding surplus KPI. but it did Improve on 2023124. AlthoiJ9h we did not meet the trodin9 surplus KPI. we reduce(l ond Oeferred expendiiijre in other oreos to offset the troding income shortfoll thot orose due to lower visitor numbers. The overoll ratin9 for visitor experience ochieved o score of 8.79 in our visitor survev. compored to 8.89 out of10 in 23124 However. excluding Stonehen9e. the picture looks for more stoble ot 8.98, with 70% roting us'excellent'19 or 10 out of 101 in 2024 compored with 68% In 2023. Stonehenge hos hod on increosed presence in the weighting of the doto in X)24125 ond sow o drop in'excellent rotings.. We're olwoys lookin9 Qt WQy5 10 improve the visitir experience ond will seek to understond und odLlress this Invest in o new visitor centre fc¥ Tintogel Cosile. Contintjolly onolyse ond Optimise expendituie needed to deliver chorrcoble objectives. Our people It's vitol thot our employees ond volunteers feel volued. Included ond reSp￿ted in their roles. Everyone should fe o sense of ochievement, thot their contribution motters ond thot they ore in o ploce where they con grow. Over 2025126 we will.. Complete the Reshoping En91ish Heritoge pro9romme ond tronsition to our new operoting rnodel. Consult on chon9ing the pension provider for those in o define¢J contribution scheme. We have undertoken on extensive review of ihe morket with professionol odvice ro ensure thut the propose(J chonge would provide better volue for our employees. retirement sovings ond betier member support. os well os lower chorges. Wè hove recommended o chonge in provider. with the employee consultotion period running from April to June 2025. We set on ombition ro reoch 9.1 ocross oll properties. Whilsr this wos ochievecj member sotisfoction. severol foctor5 hove potentially offected wider progies5, inclu(Jing the continued impocr of the cost-of-living crisis on price conscioLJsness influencing the perieption of volue for money. fomilies wonting more to engo9e children onsite, ond the impoct of extreme weather potterns. We continueol to increase the peTcentoge of our Sites in 'sustoinoble condition. ond were 24 Annuol Report of theTrustees: Srrote9K rer¥)rt Englisb HeritoyeAnnuul Rwt ￿4￿5 Stiote9iC Plon gool for current yeui Actual iesult5 for current yeor PrevKsus veor 2023124 Key perforrnun¢• indicutors 2024125 2024125 IncTeosing the percentoge ol under-represented audiences within our visitor bose Ivisitor Experience (score (yjt of 101 Percentage of our sites in sustoinoble condition Conservotio Percentoge of collections core and conservation oction stewardship and plons complete. sustoinobility JoJrnev to net zero cawbon (%age reduct￿￿5 in our Scope 1 ' ornd 2 Emiss￿nS}. 22% 19% Inspirotion 9.1 74% 76% 75% 27% 35% Q3W 5.6k | 120 12Ylol 6.5k 4.8k*ll Involvement ond in¢lu$ion Inclusive culture for ourpeople Inijicotor (employees ond volunteers) Number of visitors toour poy-to-enter sit Troding surplus. Number of members 95% 78% 1 6.1m £47.2m 6.4m 5.7m Finonrial sustulnobllity £54.6m £49.8m 1.22m 1.19m Our people orgon1sar￿nOl wellbeing ernployee and volunteer satistoctio 70%nl Prt¥r￿S ogoinst ￿￿n? boselir*. li The orbon5 were theoutput ofourThit*JThl Icw4eied X)Xl wh￿b ossessed 135*tes oThJ I￿•￿tyed o c¢%)ditK)n SLW of o A to S%soM￿e Ofthecd*cio￿ 0¢ eochgre. IheoctKM￿frKLhe rex[￿￿ ¥erys rrxkntt￿ rnjorityof ri5k5 to 0 5usioirKIW¥ k)w leNEI by 2030. lil txje to the reshooing programty￿ tror corr*d trji ￿ 1024125wethd rMx C¢￿￿U¢¢ c*l emkne surw. We ￿On iore-yJr%ey oui Workfor￿ in X)?sn6. Ihe percent￿ is from Ihè ￿n￿o¥e& ond w￿Unte￿ surbw in Morch 2023. iv NL¥nberof visitors ond nuffthrof nwber¥' ￿ twre5 S(rotegK Pkjn fcK ￿24￿5 2024ns ho¥e been orr*nded 05the figures in th¢20J122 Annwl Repott ond Accounrs were rOu￿red fw3ure*Aso re5uII. (Wgei fwre fthr2024ns¢￿>e0sed r￿gIn011Y comrored to rhese metrics In the KPI iable in Ehe ?oJn2AnrKKJl Rwt oThJAccoL¥)ts. v The Mer￿ ofcekubtiry the trodiTrJ svWu5 updoted Ni X)23n4 50thot cerniin rA)yrcAI costs thDt hod prevwty been ex£lude¢ frorn ti¢yJin9 surplus ore Th)Y4 irKkJded. resultiru in o reLluced troLJifo s￿￿V$ fwJureLÈtt wos thonged orlhes1￿L0f 24nSfvX￿lol ¥eLYto betief refiect ourdefil¥tK)n of on cKti¥e ¥dunteer IA rde. morginolly behind the KPI for 20?4125 As pon of our EDI strotegy refresh in 2024125, we introduced o new set of EDI-reloted KPIS ond reviewed the existing 'inclusive culture foi ovr people. KPI. We di¢J noi survev the workforce in 2024125, btjt we will be tor9eting increases In pefforrnonce ogoinst thot KPI meosure in the coming yeor5. os well 05 for orgoni50tionol wdlbeing. We ore developing KPIS for our new Strotegic Plon. which ¥vill be effective from 20?5126. Trustees, dutie5.' an overview of how the Trustees hove performed their duty to promote the success of the chority The Trustees. like direcrors of oll UK componies, must oct in occordonce with the duties set out in Section 172(11 of the Componies Acr 2006. sijmmorised below. The Trustees consider. both individuolly ond together. thot they hove octed In the woy they consider. in good loith. would be most likely to promote the charity's successful ochievement of it5 choriioble purposes, ond In doing so hove ho¢J re9ord lomon9St other mottersl to.. We vwere not expecting to reoch the torget 139 million member base in Morch 2025 os per the 2022123-2024125 Strotegic Plurb we set in 2021122. This orises from the chullenging condit¢ons for mèmbership recruitment since 20?3124 which followed the exceptionolly 900d yeor In 2021122 upon which the rorget wos set We will develop 5trotegies to use of our Customer Relotionship Monogement System ICRMI thot wos imglemenced in 2024125 to Improve how we interact ond engoge with OLJr siipr)orters. o) the likely consequences of ony decision in the long term Engllsh Her61Uge Annuol Peport ￿￿[25 Annuol Rem of thtTrustee5.' Strotegic report 25 bl the interests of the chority's employees The need to foster the charity's business relotion5hip5 With suppliers, customers ond other: Trusrees reviewed Teports on our visitor ond member experience, ond on comploints ond other feedbock received. so thot the ouolity of our visitor ond member experience iemoins key to Boord discussions and decision moking Our volLtes ore centrol to our proiurement process ond our comrnitments to our 5upDliers ore set out in our Supplier Chorrer. cl Ilie iiee(J Ir) IusLet ilie LliuiiLV S busiiie55 IL40Li￿I51Ilu5 with suppliers. customers ond others d} the impoct of the choritv's operotK)ns on the community ond the environment el the desirability of the chority mointoining o reputotion for high stondords of business conduct ond The impact of the charitws operations on the community ond the environment We know that the preservotion of rhe p05t 9oes hond in hon(J w￿h o re5pon5ibility towords current ond future genefotions. We octively engoge locol communities with our sites - porticulorly our free-to-enter sites- to moke them feel connecte(J to heritoge os they horne55 the potentiol of the sites thernselves. July of lost yetsr sow the olficiol lounch of the Old Holl. New Beginnings projeci oi Goinsborou9h. Thonks to o E222.000 9rant fvom The NotK)nol Lottery Heritoge Fund. this two-yeor project ￿ helpin9 us revive Goinsborou9h Old Hall to moke sure thot the sile continues io be ot the heort of its locol commLJntty. In April. we rècèived o £?46.000 NLHF groni for Community Connections- o project to encouroge communities to engoge with their heritoge ot Free to Enter &"tes by supporting them with our teom ond smoll fun¢Js. The proiecr will work ocross the north. We ore detefmined Ihot our proctices ond those of our supJiers ore sofè. sustoinoblÈ. Èthicol ond inclusive, ond oll procurement includes mondotory EDI ond susioinobilitv criterio_ See poge 20-21 for more on oui Climote Action Plon. f I the need to oct foirly os between members Imeonin9 ¢n this context le901 members. okin io sho¥eholdersl of the Ihority. The Trustees fulfil their duties indudin9 by opproving our Strotegic Plon and onnuol budget ond business plon ond. os noted below. through o governonce fromework whKh delegotes doy-to-doy monogement ond decision-moking to the Chief Executive ond othei Senior Leodership Teom members. The TrustÈès receive o report on English Herttoge's performonce on¢J plons ot eoch 8oord meeting. Tlie likely LuiisequenLes ul uny decisivii il) tlie long term In 2024125. Trustees scrutinised ond opprove(J the new Propertv Licence ond Operoting Agreement for the Nationol Heritoge Collecrion os well os the fourrh Shored Service Agreement with Historic En9lond. Trustees undertook o ieview of the chority's Stroteglc Plon for 2025126 to 2030131. content srrotegy. reserves policy ond long-term finonciol trojectory. fhèy considered the opprooch developed by the Senior Leodership Team ISLTI in relotion to sustoinoble conservotion principles. youth erTrgogemeni. heritoge skills ond the gte investment progromme. Throughout the yeor, Trustees considered English Heritoge's perfofmorKe ond finon(iol position. In these ond other motters. TrtJstee5 considered the likely long-terrn c¢￿Se0￿enCeS of theif deosions. Mointoining o reputation for high stondords of busine55 conduct Our volues ono ¢Jeyred behov¥ours ore embedded in our Trustee. employee ond volunteer recruitment. induction ond review procedures. All our Trustees. employees ond volunteers occept o code of conduct which oims to Pfevent froud. bribery or corruption. See olso our Suppliei Chorier obove. The interests of the chority's employees Trustees hod oversight of the pro9romme to reshope English Heritage. to ensure thot the chority is sustoinoble both linonciolly ond operoDonally to best deliver our choritoble objectives The RemuneratKJn Cornmitree commissioned o review of English He¥itoge's pension consvltont ond o full market review for the piovi¢Jer of the defined contribution pension scheme. Trustees reviewed the onnuol Heolth ond Sofetv repoii including key performonie indscot(ys ond plonned ocrions in 2024125. Oui supplier poyments policy is to poy oll supplier invoices noi in dispute in accordonce with controctuol obligoiions , where no such obligations eKiSI, within 30 doys of the loter of the receipt ol goods ond services or of o volid invoice. In 2024125. 73%120?3124.. 70%) of invoices were poid within 30 do￿ of dore of invoice ond 93% 12023124. 81%1 within 40 dovs. The deueosed turnoround timès ¥elote to the bedding in of o new purchose to poy process durin9 the 2023124, which is now fully embedded ond hos improved o¥eroll payment ¢oys. 26 Annwl ReportottheTrustees.' SL¢Ote9K rewr Er4lish H*itti9e Annuol Repor(202412S The need to oct fairly os between members (meoning in this context legol members. akin to shoreholders) of the chority This 15 not relevant to English Heritoge os Historic Englond 15 ¢)ur only legol member, on(J the chofity is run in rhe interests of lis choritoble objectives. not in the interests of Its member. Approved by the eoord of Trustees on 3 July ?025 ond signed on the Bwrd's beholl by Dr Chris Michoels. Dr Chris Michoels Acting Chuir 24 July 2025 Eng￿$￿ Herr¢ageAnnuol Report ￿24￿5 Ann￿￿1 RepNtof theTrLtst￿ StrLKiure. ond mcnogÈmÈnt 27 Structure, governance and management Governing documents English Heritoge wos established 05 0 chorrtoble compony Iimiteol by guarantee ond incorpoioted in 2010 0$ the English Heritoge Foijndotion. regtstered os o chority with the Charity Commission in 2011. In 2014, following ogreement from gove¥nmenL revised Article5 of Associotion were opproved ond the ch(JritoNe objectives were chonge(I to include conseivotion ond monogement of the Notionol Hecitoge Collecrion ond opening it to the public. The chority's nome wos chonged to The English Heritoge Trusr oné its sole le901 member is the Historic Buildings ond Monuments Commission for En9lond (Historic Englondl. It conducts irs thoritoble activities and trodes os English Heritoge. Trustee5 r￿V olso oppoint o number of Deputy Choirs in order to support the Choir in providing effective leodeiship to the Boord ond in engaging externollv with 9overnment. Historic Englond. members. donors. portnws ond others. Trustees, induction ond training New T¥usTees receave o bespoke induction. including provision of reodin9 moteriol to lomiliorise them with the historv ond octivities of English He¥itoge, os well os to inform them of their responsibilities ond Dbligotions under chority ond compony kiw. In oddition. they visit o number of English Heritoge propertie5 ond ore briefed by the Chief Executive orKI the Senior Leoijership Teom (SLTI on the key policy. strote9io finonciol ond operationol issues focing English Heritoge. Boord meetings inclu(Se ovision for ongoing development. English HeritO9e cores for ond operotes the Notionol Heritoge Collection under o Property Licence ond Operoting Agreemeni I'the Property Licence'l. which Wos enteied into by English Heritoge ond Historic Englond in 2015 It hod o term of eight yeors. expiring on 31 Morch 2023. In June 2021 the Propèrty Licence wos extended until 31 Morch ￿?5. In July 2024. 0 new Property Licence was signed for on initiol 10-yeor term from April 2025. extendoble to up to 20 yeors. Orgonisotion The 8oord of Trustees meets formolly eoch ouorter. ond there ore olso up to Two onnuol discussion doys ot which strotegic issues ore reviewed. At eoch meeting the Boor(J considers reports on progress ogoinst the objectives set out in Ihe Strote9ic Plon. olongside detoiled report5 from the SLT on oreos such 05 Strotegic development. finonciol performonce ond risk. Addirionolly. os oppropriate, the Boord considers plons for. ond progress on. curient ond furure conservorion ond other projecis. ond reviews reports on heolth ond sofety, the onnuol budget ond h)nger-term finonool forecosts. The 8oord olso receives the minuies of the meeiings of eoch of the Boord committeès. referred to below, olong with o repoit from thecommittee choirs os may be oppropflote, ond receives o formol onnuol report from che Choir of the Audit ond Risk Committee to SUkTrport opprovol of the Annuol Report ond Accounts The SLT urtends Boord meettn95. Appointment of Trustees The Boord consists of between seven ond fifteen Trvstees who, for the purposes of chority low. ore olso directors of English Heritoge A minority of Tru5tee5 moy be Historic Englond Comrni$5ioners or employees. The mojority will be independent Trustees pror)osed by English Heritoge oncj appointed by Historic Englond. Current Tru5tee5 hove expwierKe ond knowledge of our wi6e ronge of octivities. including heritage ond build(ngs consgrvotion, the history of Englond. public en9ogement on4 eéucotion ond leorning, os well os finonce. buyness. chority governance. digitol. murketing ond fundroiyng. Under the terms of the Culture Recovery Fund loon. Ans Council En9lond hos oppointed on observer to ottend Boord rneeting5. The Chief Executive of Historic Englond 0150 otten¢Js os on observer. Trustees ore normolly oppointed for four yeors, ond mov be reoppointed for o further cerm of four yeors. Historic England will only consider a third term in excepiion¢Jl coses Voconcies for independent Trustees ore publicly oiJvert15ed. The Trustee5 elect o Choir from omong theii number. The Choir holds office for four yeors of os long os they remain o Trustee, whichever period is shorter. ond will be eligible for reoppoiniment ot the end of their first term of office. The Tiusrees delegote doy-to-doy monogement of Énglish Heritoge to the Chief Executive ond other rnembers of the SLT (member5 of rhe SLT nor being dtrectors for the purposes of compony lowl. with due reoorting bock to. ond oversight by, the Trustees. The Chief Executive ond SLT ore reouired to oct to deliver the Strotegic Plon ond to ensure thot octivities ore carried out in complionce with ogreed plons ond policies, ond in occordonce wirh English Heritoge volues ond behoviours. 28 Annuol flqportoftheTrust￿ Srructvre. g￿r￿￿tort￿ fi￿r￿gen￿l Er4lish HerittigeAnnuol Repwt 2024125 The Trustees believe thot hoving 8oard members who bring o diversity of perspertives ond experience is fundomentol to the eftectiveness of our governing body. We olso ploce importonce on ho¥ing members with other protected choracteri5tics. As of Morch 202S. there were Ihree women ond Èight men on the B￿rd. three of whom Identify os people of colour. The Remunerotion Committee oversees English Heritoge'5 reword ond remunerotion policy oné ensures the Chief Executive ond members of the SLT ore fairly reworded for their individuol contributions. 05 well 05 overseeing poy owoids o(ross the chority. The comrnittee meets three times o yeoi. Trustee members ore Peter Liney (Choirl, Lord Lemos CMG CBE ond Chris Michoels. Peter Blousten ond Potrick Newberry. o Commissioner of Historic Englond. ore non-Tru5tee rnembers of the committee. The Chief Executive ond Chief Finonciol Officer ottend when oppropriote. Charity governance code English Heritoge hos odopted ihe Chority Governonce Code for lorger chorities I'the Code'l to ensure hKJh stondords In oll Oreos of governonce. The Nominotions Committee leods on the future selecrion of Trusiees ond recruitment of Ihe Chief Executive. The Nominotions Committee meets twice o yeor ond is choired by Lord Lemos CMG C8E. Other TrustÈÈ members ore Tony Cotes. Sir Jonothon Morsden ond Sue Wilkinson. The Chief Executive ottenos when oppropriote. The Code encouroges chorities to pu￿lsh o brief norrotive in their Annuol Report exploining how they opply It. Two of the 84 proctices recommended in rhe Code ore not relevont to English HeritO9e (these relote to Trustees being nominated or oppointed by o widei nominotion body or membership). English Herituoe opplies the other 82 proctices either substontiollv English Heritage Troding Limited English Heritoge hos o wholly owned suL)sidiory. En91i5h Heriroge Troding Limited. which carries out non-primory troding. including retoil. cotering oné sponsorshits. Eoch yeof. It distributes its entire profits12024125.- £0.7 million.. x)?31?4.. É1_3 million) to the chority by woy of Gift Aid. In line with good proctice. the Boord undergoes regular externol reviews ond typically corries out o self-review in intervening yeors. The next externol review hod been plonned for 2023." however. the Trustees decided to Postpone it given thoi severol new Tr(Jstees joined the Soord in 2023 ond to enoble the Choir to work with the new Chiel Executive to shope the review oncl to oligrb it with the new strote9v bein9 developed for 2025 Dnwords.) IExplonotion provi¢Jed in occor¢once with section 5.8.3 of the Code.) An internol review h05 been conducted in 2025. Our people Our work is mode possible thonks to the efforts of our creotive ond dedicoted people. In 2024125 we hod on overoge rnonthly heodcount of 2.548 employees orKJ ended the yeor with 4.791 volunteers octively giving time IXJ23124.. 2.507 employees and 4.922 volunteers). ond it's ¥itol thot we continue to invest in them. The Trustees ore groteful ro oll our sroff ond volunteers for everything they do to support the vitol wo¥k of the Ihority. We hold the Investors in People Occfeditotion. Board committees The 8oord hos estoblished three Committe￿ to support li with its work. eoch choire(J by o Trustee. The Audit ond Risk Committee oncl Remunerotion Committee hove ot leost one non-Trustee member opoointed for their specioiist knowledge. I ne tOmft)Irrees typicollv hove odvisory powers. ond decision-mokin9 IS 9enerolly retoined by the Boord. Ovei the yeor, volunteeis gove us more thon 350.000 l)ours of Llieii Liriie. Tliis I¥￿VI Liiiy I ios Lieen ei'iubled by the roll out of o new Volunteer Monogement System - the Volunteef Hub. which provides more effective doto mono9emeAt ond support for volunteers. Through this system, volunteers ore now oble to monage their own doto directly for the fiisi rime. The Audit ond Risk Committee hos sirotegic oversight of r￿sk monogement ond the contrd environmènt. In porticvlo¢. the committee advises on the finonool occounting process. ihe externol reportin9 process. the externol oudit. the effertiveness of fisk mono9ement ond control systems. the internol oudii ond the effecilver￿Ss of onti-froud. whist1ebl0￿ng ond sofeguording urrongements. ond on the chgritV'5 investments or insLJfonce. The committee iypKolly meets four times o veor. Trustee members of the Audit onLI ￿l$k Committee o¥e Tony Cotes (Choirl. Koy Boycott ond Tonvi Gokhole. Eloise Froncis ond Renoto Podillo ore non-Trustee members of the committee_ The Chief Executive ond Chief Finonciol Officer ottend. The moprity16Y%I of our employee5 ole bosed ot our sites. welcoming our visitors ond ensuring thot the time Ihey spend with us is stimuloting ond enjoyoble. We offer o voriety of working orrongemen15 for colleo9ues in centrol roles vvho work ocross our four regionol office5. ot our sites. or ot home- svbject to the needs of the chortty. We hove seven opprentices ond our grossroots development strotegy. Brick By Brick. will see vouth voluntee¥in9 ond o?pfÈnticeships grow significontly in future yeors. olong with work experience pro9rommes oimed ot introducing entry-level opportunities ocross the chority. Eng1fr5h Hevltg9• Annwl Re9ort X)24125 AnIK￿l Rewtof tr*Tru5tee& Struciwe. gtrrtYrKJnce ond mowgemerbt 29 We lounched o new EDI 5trotegy in April 2024 ond plon to focus on the ott¥oction of diverse tolent in 2025126, especiolly young pèople and people from ethnic minorities. We continued to ensure e(Jucotion on EOI is woven Into our recruitment. induction. monogement development. generol skills ond new seoson troining programmes. helping oll our people to grow their skills, knowledge ond c(Trnfidence in rhis oreo of stroreglc importance. Membershtp of our EDI Nerworks continues to be siron9. omplifying the diverse voices of our people ond providing valued peer support. EDI stories continued to be Incorporoted into our London blue ploque5 scheme when relevont pov should not be o diffeientiotor in its own right. Rother. poy should not be o borrier to recruitment, o workploce distroctor or o couse of employee ottrition, ond provision should be mode for rewording excepiionol performonce, subject to offordobility. As described obove. the Remunerotion Committee opproves ony onnutsl pov ord for employees. It olso opproves the remunerotion of the Chief Executive ond other SLT members. The Rerrtunerotton Comfftittee hos tnstruited o reworLI review in ￿25/36 to ensure rhe iewoid s)olicy on(J proctice is effecrive In ottrocrin9 onol retoining high-performing 5toff while being offordoble within the wider context of the chority's investment reouirements. Our 9ender poy 9op for 2024125 is 8.60% on increose from 7.49%% in 2024125. Like mony employer5 in rhe visitor ottroction. retoil. coterin9, hospitolity ond events sectors, we have o lorger number of women thon men in our customer-focing ond seasonol roles. These ore lower-oroded p051tions in which we employ thè most people overoll. The higher proportion of women in this cotegory h05 0 significont impoct on the bolurKe of oui uvero9e hourly poy ond our gender poy goo. We ole leosed that we hove a heolthy gender bolonce ot senior monogement grodes. with 0 50150 femolelmole split ot Heod of Deportment level ond obove. Senior Leadership Teom remunerotion In determining Chie( Executive ond other SLT remunerotion. the Remunerotion Committee oims io offer levels of remunerotion whtch ore sufficient to ottioct. retoin ond motivotè pÈople of the quolity requiret o guorontee thot on audit conllucted in occordonce with ISAS IUKI will olwoys delect o moteriol Mi55totemeni when it exists. Misstotements con onse from froud or error ond ore considered moteriol if, individuolly or in the oggregote. they could reosgnobly be expected to influence the economic decisions of users token on the bos15 of these finonciol stotements. odequote occounting records hove not been kept or returns odeouote for my ovdit hove not been re(eived from bronches not visited by my sroff.. or the finonciol stotements to tse audited ore not in ogreement with the occountin9 re(o¥ds ond returns-, oi ceitoin disclosLJres of director s remunefotion specified by low ore not modè," or I fK>ve not received oll of the informotion ond explonotions I require for my oudit. Eng&sh Heritoy Annuol Reput X124125 Reportof theTNstees.' lThYeoendeTrt ouditorf5 repyt 35 Extent to which the audit wos considered capuble of detecting non-Luiiipliance with lows and regulations including froud I desi9n p¥ocedures In line with my responsibil￿les. outlined obove. to detect moteriol misstotements in reStsVLL ol Iiuii-LviriyliuiiLe wiLlI Iuw5 UIILI I￿Ului1o[iS, As o restjlt of these procedures. I considered the opportunfties ond incentives thot moy exist within The English Heritoge Trust ond its Group for froud ond identih.ed the greotÈ5t porenriol fo¥ froud in the following oreos". ievenue recognition, posting of unusuol jvuiiiuls. LUITiplex LIUIISUILlOllS uiid blus Iii rnuiiugemenT copoble of detectin9 non-cornplionce with Iow5 ond regulotions, induding froud is detoiled below. l om required to perform specific procedure5 to r￿pOnd to the risk of monogement override. Identifying and ossessing potentDol risks related to non-compliance with lows ond regulotions. including froud In Identtfying and ossessiftg risk5 of moteriol misstotement in respect of non-complionce wth laws ond fegulotions, including fioud, I". l obtoined on understondin9 of The English Heritoge Trust ond Group's fromework of outhority ond other legol ond re9ulotory fromeworks In which The English Heriroge Trust oncl Giovp operotes. I focused on those lows ond regulotions thot hoLI o direct etfect on moteriol amounts ond disclosures in the finonciol stutements or rhot hod o fundomentol effect on the Dperotions of The English Heritoge Trust ond irs Group. The key Iow5 ond regubotions I considered in this context inclvded Componies Act 2006. Chorities Act 2011, employment low ond tox legislotion_ considered the noture ot the sector. conirol environment ond operotionol performonce including the design Df The English HeritO9e Trust ond its Group's occ¢)unting policies. inquired of monogernent. The English Heritoge Trust's heod of iniernol oudit ond those chorged with governonce, including obtoining ond reviewing suppurt111y duLuiTiwiluLivii reluliiig lu Tli¥ Eiiyli511 HeritO9e Trust Gn(J its Group's policies ond procedures on". Audit response to identified risk To respond to tme Identified risks resulting from the obove procedures.. I reviewed the fi"nonciol stotemenr disclosures ond testsng to supporting ¢J¢xumentotion to ossess compli¢Jnce with pro¥i5ions of relevont lows on regulotions described obove os hoving direct effect on the finonciol stotements.. identifying. evoluoting ond comDlying with lows ond regulotions-, (letecting ond responding to the risks of froud." ond l enouired of mono9ement. the Audit ond Risk Commirtee concerning Octuol ond potentiol litlgotion Ili¥ i11t￿li1U1 LUlltru15 e5Lubli5heLI Lu initsyulv ii5ks reloted to froud or non-complionce with lows ond regulations including The English Herifoge Trust ond its Group's controls reloting to The English Heritoge Trust's complionce with the Componies 2006 ond Charities Act 2011." I reviewecl minutes of meetings of rhose chorged with governonie ond the Boord und internol oudit reports.. l oddressed the risk of froud through monogemenr override of controls by testin9 the approprioteness of journol entries ond other odjustments.. ossessing ¥vherhei the judgements on estimotes ore indicative of o potent￿1 tsos.. ond evoluoting the business rotionole of onv significont trons¢Jctions thot ore unusuol or outside the normol course ol business. inquired of manogement. The En91ish Heiitoge Trust's heod of internol oudit ond those chorged with governonce whether". thèy were oworÈ of ony Instonces of non- complionce wtth lows ond re9ulotions.' ond I communicuietl relevont identifieé lows ond regulorions ond poientiol risks of froud io oll engogement teom members ond relevont component oudit teoms ond remoined olert to ony indicotions of froud or non- complionce wirh lows und regulotions throughout the oudii. they hod knowledge of ony octuol. suspected. or olleged froud." discussed with the engogement teom tncluding relevont component oudit reoms regording how ond wheie froud might occur in the finonciol stotemenis ond ony potentiol bndicotors of froud. A furthèr descrTPb'on of my responsibilities for the audit of the finonciol stotements is located on the Finoncial Reporting Council's website ot.. v￿w.frc.org.uk1Oudlt0r$TÈsponslb1llt¢eS Thi5 description forms port of my report. 36 Annuol Report oftheTrLtstses'. I￿￿denT O￿lt￿S fer Eng￿$h Hert¢O9e AMUOI Report 20￿12$ Other ouditor's responsibilities l am reouired TO obroin 5ufficieni oppropriote oudit evidence to give reosonoble ossuronce thot the expenditure ond income recorded in the finonciol stotements hove been opplied to the purposes inter￿elY by Porlioment ond the financiol tron50Ctions recorded in the finonciol stotements conform to the outhoflties which govern them. Mortin Burgess. Senior Statutory Auditor 29 July 2025 For ond on beholf of the Comptroller ond Auditor Generol IStotutor¥ Auditor) I communicote with those chorged with 9o¥ernonce regording, omong other motters, the plonned scope and timing of the oudit ond significont oudit firKlings. inclvding ony significoni deth'ciencies in internol control thot l identify during my oudit. Notionol Audit Office 157-197 Buckinghom Poloce Rood Victorio London SWW 9SP En9lth Herbtag¢Annud R￿1 X)24ns IMUQI Rtportof ￿¢T￿St￿5.. ￿n￿rI01 siotements 37 Financial statements Consolidated stotement of f inancial activities (including consolidoted income and expenditure account) for year ending 31 March 2025 Unrestricted 2024n5 £'ooo Restricted 2024ns £'ooo Endtswment 202412S £'ooo Total 2024ns E'ooo Totol 2023n4 E'OOO Note Intome from: Donotions ond legacies Fundroising Choritable activities 20 4.036 8.676 12.710 7,640 Conserving our prOpert￿S Membership ond odmissions 4.076 4.076 2.361 20 99.3 99.331 92.348 New model ?0 714 714 i.oos Other troding octivities Running our properEies Licensing. sponsorship (Jnd odwertising Investments 20 35.417 35.417 34,397 1.343 1,343 1.?78 1.221 240 118 1.579 1386 Other income ?0 Total 146.142 8.918 141,415 Expenditure on- Roising fvnds Fundroising Runnin9 OLJr properties Licensing, sponsorship and odwertising Choritoble octivities rJ.6461 1541 151 13.7051 148,8681 13.6381 B4.5641 148.7851 (831 13511 16391 Conserving our properties embership ond odmissiTris 147.2811 13,0441 (8231 150,3?51 159.5811 153.0091 163.6431 055.4931 158.7581 Total U58.8211 14.0041 Is) U62,8301 Net Ilossesllgoins on investments Net incomellexpenditurel before tax for the repjrting peftod rronsfer5 between funds 18c G2) 1441 (76} 260 n2.6791 4.882 17,730) 113.8181 8.30 2.095 12.0951 2.787 Net movement sn funds 110.584) 67 (7.7301 03,8181 Re¢on¢iliotion of funds.. Totol fLJnds bfought forword 30 40.091 8.703 1.828 50,622 64.440 Totol funds corried forwor(I 30 29.507 11.490 1.895 42.892 50.622 The sratement of finonciol octivities includes oll goins ond losses recognised in Ihe yeor. All income ond expenditure derives from continuin9 Octiviiies. The notes on poges 43 to 75 form port of these occounts. 38 Annugl Report o1th¢Trust￿ FirtsKicd sroteff*nts English HerrtO9e Annuol Rep￿t 2024ns English Heritage Trust statement of f inancial activities (including income and expenditure account) for year ending 31 March 2025 Unrestricted RertfTrtted 2024ns 24125 £'ooo £'ooo Endowment 20?4125 E'ooo Totol 2024n5 £'ooo Totol 2023124 É'ooo Note Intome from- Donotions ond legocies Funoroising Choritoble activitie5 2b 4.965 8.676 121 13.639 8.956 Conserving our prorjerties Membership ond odmissions 2b 4,076 4.076 2.361 2b 99.329 99.331 92,349 New model 2b 714 714 1.005 Other troding Ottivities Running our propèrties Liiensin9 ond sponsorship Investments 2b 20.5 20.522 18,691 ?b 467 467 483 2b.3 1.221 240 118 l.S79 2.386 Other inci>))e 2b i Totol Expenditure on- 131.300 8.918 140.334 126.231 Raising funds Fundroising Running our properties Licensing ond sponsorship Choritable octi¥itie5 .5351 1541 13.5941 13.9041 Sb 137.3401 13391 (831 (37.4231 13391 122.4711 561 5b Conservin9 our prOperl￿S Membership on¢J o(Jmis510ns 5b 145.6191 .0441 148,6631 151.4421 Sb 157.M61 (82• {57.%91 162.2961 New mo¢Jel 5b Totol (143.9791 14.004) (5) 47.9881 1761 040.3091 260 Net Ilossesllgoins on investments Netlexpenditvrellincome ufter tax befove tronsfers 18t 132) 1441 112.679) 4.882 67 (7.7301 3,8181 Tronsfers between funfjs 2.095 r2.0951 Z787 Net movement in funds 110,584) 67 17.7301 (13.8181 Reconciliotion of funds: Totol funds brouoht forword Totol funds corrled forwor 30 40.091 8.703 1.828 50,622 64.440 30 29.507 1t490 1.895 42.892 50.622 The stotement of finonciol ¢xtivities includes oll goin5 ond losses recognise(l in the yeor. All income ond expenditure derive5 from continuin9 Octivities. The notes on poges 43 to 75 form port of these occounts. English Herltoy Annuoi Repori 2024ns Annuol R¢portoltheT(ustees'. Fi￿￿¢1 $totemen 39 Consolidated and charity Balance Sheet as at 31 March 2025 Group 2024125 E'OOO Choflty 2024125 E'ooo Group 2023124 £'ooD Churity 2023n4 £'ooo Note Fixed os5ets Iniongible ossets Tangible ossers Heritoge ossets Investtnents 13 11.627 11.627 10.537 10.537 14 51.736 51,736 710 51.529 671 51.529 15 no 6n 3.239 3.239 3,236 3,236 Investment in subsidiory Total fixed assets 2.028 2,028 68.001 67.312 69.340 65,973 Current ossets Stocks 19 6.005 109 6,9n 11.404 128 Debtors 20 13.767 21.352 16.641 Cosh ot bonk ond In hon(J 26.070 25.749 43.078 42.947 Totol current ossets 45.842 47.210 61.453 59.716 Cieditors". omounis fulling due within one veor Net current ossets 25. 27 139.0711 6.7n 142.4671 4.743 149.5381 Tl.91S 149.829) 9.887 Totol Ossets lèss current liobilities 74.083 74.083 77.888 77.868 Creditors." omounts folling due within yeor Other borrowings. omounts folling due after more thon otTre veor 26, 27 12.1411 Q.1411 13.1391 13.1391 (22.5911 122.5911 123.9411 Q3.9411 Provision5 fcy liabilities 29 16.4591 42.892 16.4591 42.892 0861 50.622 0861 50,622 Totol net assets The funds of the choritv EndowTnent funds 1.895 1.895 1.828 Restricted funds 30. 31 11.490 11.490 8.7Q3 8.703 Totol restricted funds 30. 31 11385 13.38S 10.531 10,531 Unrestricted funds Finonciol osset reserve 4.31 2.028 2,028 38.063 6enerol fund 30. 31 29.507 27.479 40,091 Totol unrestricted funds 30. 31 29.507 29.507 40.091 40,091 Totol chority funds 42.892 42.892 50.622 50.622 Thp Trii%tpps hove prepored group nc.r.niJnts in orcthrdnncp with wtinn 19A nf thp C.nmpnnigs Acr l)Ofi. ond spr.rinn 138 of the Chofities Act 2011. Tli¥ tiute5 on PLNJeS 43 tv 75 luriii wrt uf ilie5e ULLounts. Signed.. Dr Chris Michoels. Acting Choir Approved bv the Trustees on 24 July 2025 40 Annuol Rewrtof theTrustees: FIr￿7C￿ls1O1elr*nrs Eng￿$h Heritage Anrxjol Report￿?4125 Group and charity statement of cash flows for year ending 31 March 2025 Group 2024125 £'ooo Chority 2024125 £'ooo Group ?023124 E'OOO Charitv 2023124 £'ooo Note Net mo¥ernent in funds for the reporting period Cosh flow5 from operoting octivitie5.' 0￿JUstMentS for.. Depreciotion, omortisotion onLI impoirment chorges Dividend5 ond interest from investmenis 17.730) 17,7301 03,8181 03.8181 10. 13. 14 7.380 7.086 7.086 20. 2b .579) 76 0.5791 76 Q.3861 12601 15 (2,3861 L055e51lgoin51 on investments IProfitl/los5 on disposal of fixed ossets Deciea5e/lin£reosel in stocks 18b. 18c {2601 141 966 141 19 14 19 16501 956 08) 11.939 Ilncieosellclecreose in debtors 12.363) 14.nil 17.9831 6,273 (Decreosellincreose in cfettiiors Increoselldecfeosel In provision5 et cosh provided by operating octi¥ities Cosh flows from investing Octivities.. Oividen¢Js ond interest fr¢)m investments 25, 26 111.088) 6.273 6.406 14.6081 Vol) (2.7521 18.069) (8.259) {2.152) 20. 2b 1,579 7.579 2.386 2,386 PrcKeeds frorn the sale of p¥operty. plant ond equiL¥nent Purchose of propèrty. plont ond eovipment ond inrongible ossets Puichose of fixed osset investments 13. 14. 15 [9.55 (9.552) 5.0811 {15.0811 U.829) 4.518) 0.8291 114.517) Net cosh (use(l inl investing octi¥ities 18.0451 18.0451 Cosh flows from finoncing OCtivities- Decreose in other bofiowings l Net cosh used in finoncing octivities 25. 28 (8941 {8941 18941 {894) 14071 (407) 14071 {407} (17.008) U7.198) 117,6771 (17.0761 Cosh ond co5h equivolents Ot the beginning of the reporting period Cash tsnd £0sh equivolents Lltthe end of the reporting period 43.078 42.947 60.755 60,023 26.070 25.749 43.078 42.947 English HefitOgeAnnuol Rewt 3)24n5 Annuol Reprrt of theTr￿tees'. FInorK￿l siotements Analysis of changes in net debt Group Asat Other non-cosh chonges £'ooo Asot 31 Morch 2025 £'ooo 2024 Ctsshflows E'OOO Cash ond cosh eouivolents Cosh 43.078 117.9021 25,176 43,078 {17.9021 25,176 Chofity Asot 1 April 2024 rooo Other non-cosh chonges Asat 31 March 2025 £'ooo Coshflows £'ooo C05h and cash equivolent5 Cash 42.947 08.0921 24.855 42,947 {18.092} 24.855 Group Asot 1 April 2024 £'ooo Other ngn-c05h chonye5 £'ooo Asot 31 Morch 2025 E'OOO C05hflows E'QOO Borrowing Oetjt due wiihin one veor 894 18941 1.787 1.787 Debt due ofter one veor .941 11.3501 437 22.591 24.835 1894) 24.378 Charity Asat l April 2024 £'ooo Other non-c05h chonges E'OOO Asot 31 Morch 2025 £'ooo Coshflows £'ooo Borrowing Oebt due wiihin one yeor Oebt Llue ofter one yeor 894 18941 1.787 1.787 23.941 11.3501 437 22.591 24.835 1894) 24.37B Tlie Iioies 011 puyes 43 iu 75 fuirii wi L ul 111¥se ULLOUlIts. 42 An￿￿1 Report ottheTrv5tee5.' FirnrK￿l Stom￿15 Énglish HerithgeAThnuol Peport 2024n5 Group Other non-cosh hanges £'ooo Asot 31 Morch 2024 É'ooo 1 April 2023 £'ooo Coshflow5 £'ooo Cosh ond c05h equivolents- restated Cosh 60,755 60.755 117.6771 07.6771 43.078 43.078 Charity Asot Other non-cash chonges Asot 31 March 20?4 £'ooo 2023 Coshflows £'ooo E'OOO Cash und cash equt¥alents- re5totetl Cosh 60.023 07.0761 (17.0761 42.947 60.023 42.947 Group Asot 1 April 2023 £'ooo Other non-cosh chonges £'ooo Asot 31 March 2024 E'ooo Coshfiows E'OOO Borrowing Debt due within one yeor Debt due ofter one yeoi 894 894 24.348 14071 487 ?3.941 24.348 24.835 Charity Asot 1 April 2023 £'ooo Other non-cosh changes Asut 31 Morch 2024 £'ooo Coshflows £'ooo £'ooo Borrowlng Dèbt clue within one yeoi 894 894 Debt due ofter one yeor 24.348 14071 487 ?3.941 24.348 24.835 The notes on poges 43 to 75 foim port of these occounts. English HoritageAnnuol Repyt KIW25 Annual Res￿01thèTrustte￿ We5 tothe finuntiol stetemÈnts 43 Notes to the financial statements 1 Statement of occounting policies 2024125 was likely to be chollenging. os we continued to reposition the chority In response to the end of governmenr funding whilst continuin9 to deliver the tvpe of work thot the furbding Supported Stsnce the 2022123-2024125 curient Strotegic Plon wos finolised in lote 2021122 the rnocro environment has chonged sub5rantiolly. whtch hos odded increosed Inllotionofy p¥@ssuie to our cost bose os well os reduung consumer confidence. We met or exceeded torgets for ihe moin finonciDI metrics for the Ihree yeors to 2024125 set out in the Strategic Plon. however this Includes the impoct of the reshoDin9 progromme ond expenditure control meosures. both implemented in 2024125 in response to below torget finonciol performonce. The English Heritoge Trust Is o charity registered in England. chority no.. 1140351. Cornpony no.. 07447221. The reglstered orfice is The Engine House. Firèflv Avenue. Swindon. SN2 2EH. The principol occounting pollcies ore summorised below. The occounting policies ho¥e been opplied consistently throughout the yeor. a) Basis of preporation The finonciol stoternents hove been prepore(l in occordonce with Accounring ono* Reporting bv Chorities.. Stotement of Recofflmended Proctice oDplicoble to chorities preporing their occounts in occofdonce with the Finonciol Reporting Srondord opplicoble in the UK ond Republic of Irelond IFRS 102) leffective1 Jonuory 20191- 'Chorities SORP. ond the Componies Att 2006. The 2025126 budget is for unresiricted ievenue ond copitol expenditure to be funded entirely from 2025126 unrestricted income ond hos been prepored on the bosis thot we ore no longer US5uming o return to we-pondemic vi51tor numbers. with budgeted visitor numbers In line with octuol visitor numbers in 2024125. Alongside the ?025126 budget we Pfepored sensit15ed scenorios ocross visitor numbers. member recruitment. member renewols. retoil ond food ond bevefoge gross morgins ond unrestricted development income. We will monitor performonce c105ely to ensure thot mitlgotions ore Implemented if we identify risks to delivering budgeted net unrestricted income before depreciotK>n or urbresiricted cosh for ?02S126. We will rninimise the Impoct of these mitsgotions on profitoble revenue 9rowth, olthovgh some temporory deloy moy be vnovoidoble. The En91ish Heritoge Trust meets the deffinitHM of o public benefrt eniitv. As5et5 ond Iiobilitie5 ore initiolty recognised ot historicol cost or tronsoction volue unless otherwise stoted in the relevont occounting policy nore. bl Preparation of the accounts on a going concern basis In odopting the going concern bosis for preporin9 the finonciol stotemenis. the Trustees hove considered rhe business octivities on¢J principol risks set out on poge$ 17-19. The Trtjstees hove reviewed the lotest finonciol projections ovw o period of o minimum of 12 monih5 from rhe dote of si9ning of the oudited accounts ond ore sotished thot English Heritoge continues to odopt the going concern bosis in oreporlng its frnonool stotements. We ore re9ulorly modelling ond ijpdoting olternotive scenarios which ollow us to odopt our bu51ness model to respond io o wide ronge of outcomes. If chongin9 circumstances jeopofdise our projections. we will odopt our business model occordingly. Our finunciol projections ore driverl by detoiled forecosts of visitof numbers ond the member bose. These forecosts ore colculoted using visitor projections which odopt site-level bose doto with ossumptions opplied for domestic ond inl)ound tourisr poying visitor numbers os well os member V151t5 linked to the overoll member bose", inbound tourism projections using Oepoitment foi Culture. Media ond Sport lorecosting.. ond predicted member bose growth which is projected by applying historicol onsirp convgrsinn rntpE and al%n nffsiiP arqijisirion ond rÈtention metrics. to forecost poying vtsitor numbers ond predicted memberships due to renew in ftjtvre finonciol yeors. We ossessed the 2025126 budget in the context of our medium-term position. currently projected to 2027128. to ensure thot we ore fi"r>onciallv 5U5tainoble ond build finoncial ¥esilience. We ore forecosting thot we will stort to generote onnuol cosh surpluses from 2026127. btjt the exceptionollv chollenging 9lobol economic environment meons there Is uncertointv inherent In forecosts. Our forecosis ossume thot the Culture Recovery Fund k)on1£23.4 million) received in Morch 2021 15 iepoid nvpr rhp rwpnry-ypnr rprm wirh thp firsr rppnympnr hoving been mode in Morch 2025. 44 Annual Reporr of thg Trustse¥.' Nores to fmtK¥JI storerrents English HeiittyeAM￿l Rewrr 3)24125 c) Group financial statements The finonciol stotements consoli¢Jote the results of The English Heritoge Trust (the chorityl ond it5 wholly owned subsidiory. English Heiitoge Troding Limited IEHTLI Itogether English Heritogel. compony nurnber 02970369, on o line-by-line bosis. The results of the compony con be found ot Nore 4. os Ihe relevont period over which to ollocote the life membership income. Income from gronts is occounred for on o receivable bosis. when the choriry hos cenoin ond rneosuroble entiilement to the income lie. the condition5 for its oword hove been sotisfiedl. d) Income Income is shown within four cote901￿$ in the Storement of Finonool Artivities". Oonotions ond Legocies Choritoble Activities Other Troding Activities Investments Rent ond service chorge income. which is due from tenonts who rent property owned by the ehoritv. i% occounted for irb the oppioprioie period. Any income receivèd from tenonts in odvonce is treated os betng deferred Income ot the conclusion of the h"nonciol yeor. The subsM8y income received from Historic Englond hos been clossifi'ed os suppon for the choritV'5 choritoble octivities in these finoncicil stotements. A brief description of the items contoined wfthin these heodings Is os follows.. Other trading octivities MLJch of this Income is generoted in EHTL. Income is primarily iomprised of income generoied by the Retoil ond Coteiing operotions ot troding sttes, with turnover reloting to soles of goods ond souvenirs, guidebooks ond cotering k7roducts both ot sites ond online. Income Is iecognised in the perio(J ¢n whKh a sole is mode. Donotions ond legacies Legocies ore recognised when entitlement to the incorne exists. ir is proboble thot the lego(v will be received, ond it Is possible to estimote the omount receivoble with sufficient occurocy Receipt is determined os pioboble when there h05 been groni of probote,. the executors hove estoblished thot there ole suffi.cient ossets in the estote. ofter settling ony liobilitie5. to poy the legocy,. ond uny conditions ottoched to the le9ocy ore either witfw"n thp rnnrrrjl c)f Fnglish Hpritoge. nr hnve. bepn mp.r. Licensing ond Sponsorship incoTne, from the licencing of En91ish Heritoge bronded goods ond comrnprrinl s¥Trr)nsnr%hip orrongpmpnts resppr.tivplv. olso included In this cotegory. with income being r￿Ognised In line with the terms of the relevont ogreement. Income from donotions or gronts is recognised when there is evidence of entitlement to the gift. receipt is proboble ond r(s omount con bè meosureil relioblv. A150 included in other troding octivities is income from wedding bookings, holidoy cottoge let5 on¢J hospitolity events. This is recognised in the occovnting period to which the income relotes. Choritoble octivities Income ffom choritoble octivities is primorily r￿de up of Income generoted by odmi55ion5 10 sires ond membèrship incomÈ. This cotegory olso includes g¥onts received, rents ond sefvice chorges received from tenonts. 05 well os income receive(1 under the New Model orrongements. Investments Inierest on ftJnd5 held on deposit 15 Qccounted for when receivoble ond the omount con be meosured reliobly by English Heiitoge". this is normolly vpon rK)tificotion of the interest poid or poyoble by the bonk. Income generoted by odmi$510ns to Sites Trs recognised ot point ol sole for wolk-up sole¥ ond in the month of odmission for sO￿S in 0dvor￿. Other income Other income include5 the net goin5 o¥isin9 on disposol of fixe(l ossets. Annuol income received from Members is recognisee in the SOFA over the peri{￿ to which the membership relotes. lile membership SL*bKriptions received ore credited to the Choriiy's Bolonce Sheet ond rèleosed to the SOFA in ten equol onnuol instolments. Surveys of life members. ond onolysis of ovoiloble doto, Indicotes ihot life members enjoy the mojority of rheir membership beneth.ts In the lirst len yeors ol their arrongernent. The chority therefore feels it is opgropriore to use ten yeois Deferred income Individuol income itern5 over EI0.000 ore reviewed in the month in which they orise to ensure thot thev ore re(ognised in the correct occounting period. Delerred Income comprise5 predominontly onnuol ond life membership incorne, os well os income from odvonce booking for events ond holidov cottoge stoys. En9llsh HerltO9o Anwal ReKkxL S)un5 Attnuol Repwtof theTru5tees'. Notes to srotements 45 Copitol gront income Culture Recovery Fund copitol gront income. Heritoge Stimulus. Fund revenue 9ront income. on¢ fet011. leisure ond h05Pltulity 9ront income Trs recognised in the occounting period when funds ore received os drowdown request5 ore submitted in orreors ond the SORP income re(09nition criterio ore only ochieved when drowdown is opproved ond funds ore simultoneou51y remitted. overoll nil chorge for tax (see Note 91. This exception is only opplicoble os it is proboble thot the Gift Aid poyment will be mode by EHTL to the chority within 9 months of the reporting dote. g) Fund accounting Unfesrricted funds ore ovoiloble for use ot the discretion of the Trustees in furtheronce of the generol objectives of English Heritoge. e) Government gronts 6uv¥itiiiient groti(5 ore o>ciounteutoble to choiitoble ociivities or raising funds. Suppoir costs include thnonce. HR. IT. leg01. poyroll ond governonce costs thot Support English Heritoge's choritoblÈ remit. For ?025126 support costs also Include the restructuring s)rovi&on which is covered in more detoil ot note 29. Gift Aid poyments EHTL poys oll it5 roxoble profits for the ieporting period to the chority under the Gift Aid scheme. The Gift Aid poyment is recognised os o distribution to the charity in equity within retoined eornings in EHTL. on¢J in Fundroising incorne in the choritv_ The occounting policy for Gift Aid poyments results in the recognition of o toxotion chorge on the profits of EHTL for the yeor. However. the opplicotion of the exception under porogroph 29.14A of FRS 102 syovides relief in respect of the occounting for the tox chorge. This results in on Support costs hove either been directly ullotated occordin9 to octivity. or hove been opportioned bosed on Ehor octivity's shore of costs. pro-roted occording to stuff numbèrs or expenditure. 46 t)uol Report otth¢Tr¥5tyes". N¢xe5 10 IIE sio￿￿ts Eng&sh HeritoyAMuoI Repoit 2024ns Following this ollocoiion of supDoii costs. English Heritoge's totol expenditure hos then been opportioned ocross its moin octivities in o monner thot monogemenr feels is m05t opproDiiote. Plant ond mochinery, informotion systems ond furniture ond fittings Plonr ond mochinery. informotion system5 eouiprnent. furn¢Ture ond fittin9s ore initiollv recorde¢ In the Bolonce Sheet ot cost. Subsequent expendituie of more thon £10,000 is recorded on the 8olonce Sheer if the expenditure enhonces the economic benefits of the 055et. English HeritO9e's income hos olso been ops)ortioned uyng the some methodology. ond Note 7 shows the net in(ome or expenditure for eoch of English Heritoge's moin octivities. These ossets ore reviewed onnuolly to ensure thot the coriying volue remoins oppropfiote. A chonge to simplify the opportionment methodology wos introduced this yeor. Income ond expenditure hove olso been reviewed ond re-mopped to betrer reflect the charity's structure ond how resouices ore generoted ond used ocr¢Jss the chority's moin octivities. bosed on the m05t up to dote Informution. Assets under construction Assets under constfuction comprise expenditure on the creotion or enhoncemenr of Fixed Assets not broughi into use ot the Bolonce Sheet dote. Tronsfers ore mode from Assets Under Construction to the relevont category of Fixed Asset when the osset is brought into use. As o result, comporotive figures rnoy not be direcilv comporoble with rhose reJx)rted in the previous veor. Thi5 reflects o chonge In occounting estimote under SORP porogroph 3 35. not on error of omis5￿n under porogroph 3.36. The 2023124 figures remoin 0pprOpr￿te bosed on the informotion ovoiloble ot the time. Heritoge ossets. ortefocts and archives Heritoge ossets ore held in pursuit of overoll objectives in relotion to the enjoyment ont% p¥eservotion of the Notionol Heritoge Collection. Artefocts ond orchives ore recognised ot cost or. where donored. ot the prevoilin9 current morket volue ot the time of donotion. Expenditvre thot, in English Heritoge's view. is required to preserve or prevent further deteriorotion of Individuol collection ond orchive items is recognised in the SOFA os It is incurred. The impoct of this chon9e hos been reflected in the figures presented in Note 6. j} Fixed assets Fixed assets ore recognised ot historicol COSL Donated assets Assets donoted by third porties either by gift of the 055et or by woy ol funds for the o55et. will be tieoted os Fixed Assets ond held ot current morket volue on receipt. with the corresponding goin recognised os income from donotions within the SOFA. Oonoted ossets ore deprecioted in the some WOY 05 Other Fixed Assets. Discrete osset purchose5 Qf mrme thon £10,000 ond project expenditure of more thon E50.000 ore copitalised on the Bolonce Sheet where the FRS102 reiognition criterio ore met. Intangible o55ets Licences to use softwore purthosed from third portiÈs with o life of more thon one yeor ore shown on the 8olonce Sheet 05 intongible ossets ond omortised over Ihe life of the Iicence or the lrfe of the rÈloted osset where there is no licence expiry dote. Annuol Iicences to use softwore ore chorged to Ihe SOFA 0$ Ihev ore incurred. Systems development Is copitolised ond omortssed ov its useful economic life. Depreciotion ond amortisotion Depreciation 15 provided on property (excluding lond oné ossets Under constrvctTronl, plont, mochinery. informotion systems equipment, furniture ond fittings. ond omortisotion is provided on soft¥vore Iicences ond systems development. in eouol omounts eoch yeor. in order to write down their cost to their estimoted residual volue over their onticipoted useful economic lives. These ore os follows.. Operotional lond ond buildings Individuol ossets with on e(onomic life of mofe thon one yeor o¥e copitolised ond deprecioted over their estimoted useful economic lives on o stroight-line bosis. All odditions ure initiolly recognised 01 c05l. ond oll osset5 ore subsequently held ot deprecioted C05l. Intongible osset5 Softwore licences Sysiems development 3-10 yeors 4-10 yeors Engllsh HerittigeAnnuol Repry( ￿24n5 AnnLhil Reportof Ih¢Truste¢s'. Note5 totheflfi￿oo1 staiements 47 Tongible assets Permonent or brick/stone buildings Other non-bricklstone structUfe5 Poths. car porks. oloygrounds Gordens Refurbishments Exhibition5 ond interpretotions Plont ond mochinerv IT equipment. furniture ond fitting combined corrying omount for intongible ond tongible ossets. This work orovided comfort Dver the corrying omount for the corporote ossets in the somple os well os the tDtol combined corrying omount for intongible orTrd tongible ossets. No impoirmeni losses hove been illenttfied. Irnooirment losses ore chtsr4JÈd to the Stotement of Finonciol Activities in the period they orise ond aisclosed within Support Cosis whtch ore opportioned occordin9ly to the octivitv. 50 yeors 20-40 yeors 20-25 yeors 20-SO yeors 10-20 ywrs 5-20 yeors 5-25 yeors 4-20 yeors When considering onticipoted useful economic live5. re9ord is given tts the requirement of Sertion 17 of FRS102. to identify ossets thot have distinct mojor components with substontiolly different useful economic lives. Where such ossets ole identifjed. seporote useful economic lives for component ossets ore COn￿dered. k) Investments in subsidiory The investment in the sUbS￿l0rY undertoking. EHTL. is held ot foir volue. Any unreolised goin ot the Bolonce Sheet dote is token directly to reserves. Impoirment En91ish Heritoge opplie5 FRS 102 S27 to deiermine whether o fixed osset is impoired. All fixed 055ets ore reviewed onnuolly to ensuie rhoT The remoirbing onticipoted useful economic life is oppropriote. Following the chollenging troding yeor in 2024125 Ifurther detoil ot the Finonciol review section on Poge 12-16. monogement corried our on impoirment review of intongible ond tongible ossets on o somple bosis. For ton9ible ossets Icopirol woiks ot sites in oll cosesl this comprised o comporison of the net book volue of ossets ottributoble to the site (the most oppropriote cosh generotin9 unit IFRS102 S27.811 to the volue in use of those Q55ets, token to be the net present volue of future coshflows from thot site over the shorter of the remoining onticipoied useful economic life of the ossets or 10 yeor5. In the mojority of coses rhe volue in use exceeded the corrying omount. The Two in5tonces where corrying omount exceeded volue in use relotecl to free to enter sites. Monogement org L)[ Llie view Lliut irive5tiiieiil iti Iree to eiiier 5ile5 is okin to the holding of osseis primorily to provide service5 to beneliciories in line wilh rhe Choritie5 SORP S12.12-12.14. ond fhot depreciated replocement m) Stocks cost would be the oppropriote meosure of service Goods held for resole ore stoted ot the lower of potentiol ond therefoie volue in use for these ossets given the 5peciolist noture of the sites in cost ond net reolisoble volue. Droinotion costs the chority's core. ond t>y extension works ot those of internolly produced publKotions for ￿sole site5. Monogement hove not corried out o (Jetoiled ore written off over the fi.rst print run. depreciuted replocement cost review In the two Instonce5 where corrying omount exceeds volue In use, but ore comfortoble thor. in rhe curreni Inflotionory environmenr. the c05t To reploce the ossets would exceed the carrying omount For intongible assets the somthe items were corporote osset5 10 which it is not possible to ossign specif coshflows. or to identrfy on oppropriote cosh generoting vnit. To goin Comfort overthe corrying omount for these ossets monogement reviewed the net present volue of the chority s future coshllows tsut to 2027128. 05 well os colculoting the tefrninol volue of future coshflows to provide o foir volue for the chority ond comooring this to the totol Unreolised losse5 Ot the Bolonce Sheet dote ore written off ogoinst the proportion of ony credit bolonce thot relotes to rhe investment concerned. Arty other unreolised losses ore chorged ro the SOFA. l) Financiol instruments English Heritoge only holds b05ic finonciol instruments. Fixed osset investments ore meosured or foir volue. with ony 90ins or losses reflected in the SOFA in the period in which they orise. Other finonool Instruments Inotobly trode ijebtcsrs, current osset investments. C05h OT bonk ond in hond. ond trode creditors) ure initiolly recogni5eé ot fL)ir volue li.e. c05tl plus or minus moteriol tronsoction costs directly ottributoble to their ocouisition Dr issue.. ond subsequently meosure(J OT cosr. le55 impoirment where moteriol. The or9onisaiion is exposed to vorious finonciol risks from its use of finonciol instruments. including price. credit. liquidity. orhd cosh flow risks. These ore effecrively monoged through internol contrds ond rlsk policies. n) Operoting leoses Operoting le05e costs ole chorged to the SOFA on 0 5troight-line b051s over the leose term. o) Cosh at bank and in hond C¢Jsh comprises cosh on hond ond on-demond deposits. Cosh equivolents ore Investment5 Wlth o short-ierm moturity of less thon three months from the dote of oiquisition. Cosh thot is surplus to immedioie requirements Is ploced on deposit in occordonce wilh English HeritO9e's Investment Policy. Annwl ReportoftheTrustees.' Notes to fifK¥K¥JI s[oter￿ts n9￿Sh HErita9R Annuol Report ￿24n5 p) Investments Finoncial Inve5tfflents ole held for the purposes of capitol growth ond income generotion in line with the investment policy ond to contribute to OLJr Financiol Sustoinobility objective. Provisions ore recognised where English Heritoge hos o leg01 or const¥ucti¥e obligotion but either the timing or the omount of the futufe expenditure reouired to settle the obligotion is uncertoin. Contingent liobilities ore disclosed when o rjossible obligotion oirses from o posr event but its existence con only be confirmed by future events which ore not within English Heritoge s control, ond where o tfonsfer of economic benefit ro Settle the possible obligotion is Th)t proboble. Current osset investments ore meosured ot foir volue ond ore defined os ony omount ploced on occount with o notice peciod of more thon three rnonth5 ond less thon one yeor All deposits ore held in sterling occounts. All other invesrments. which ore intended to produce o long-term retuin, ore treoted os fixed osset Investments. Such investments ore initiallv held ot cost ond 5ub5eouentty meosured ot foil volue through profit or loss. These investments comprise multi-osser funds t) SignifKont occounting estimotes ond judgements Kev souices of estimcrtion, uncertointy and judgements mode in opplying occounting policy exist in relotion to the pèriod over which life memberships ore deferred, which hos been estimoted ot ten yeors (see olso Note Idl. q) Pension Costs Stoff worksiiy luc English Heritoge whose controcts of employment tronsferred from Historic Englond on 1 April 2015 remoin in the Principol Civil Service Pension Scheme IPCSPSI. This is o multi-employer benefit scheme. In ￿?412j o moteriol provision hos been recognised for ie(luniJoncy costs relotirig to o restruciuring progromme committeij to prior to 31 March 2025 Isee note 291. The provision wos colculoted using e5timoted leoving dotes for impocred individuols. which in turn orovided estimoted reaundoncv costs. The leovin9 dotes ond therefore the costs were not confirmed ot the tirne ot which the occounts were prepoied. Stoff who joined English Heritoge oftei l April Kl15 ore entitled to join the English Heritoge Group Personol Pension Plun. o colleciion ol defined contribution pefsonol pension plons odministered bv Legol and Generol Assvronce Society Limited. Employer pension c0515 ore chorged to the SOFA os they ore incurred. u) Legal status of English Heritage English Heritoge Is o compuny limited by guorontee on¢J hos no Shore copitol. In the event of English Heritoge being wound up. the liabilify in respect of the guoronree 15 limited to £1 fo¥ the sole legol mefflber of English HeritQge, which is Historic Englond. r) Debtors and contingent assets Trade ond other olebtors ole recogni5ed ot the settlemenr omount due after ony trode discount offered. They ore meosured on the bosis of their recoveroble amount v) Redundancy and severonce costs Redundoncv ond severonce cost5 ore re(ognised when there is o detoiled. formol plon In relotion to the redundoncy ond this h05 been formollv communicoted. The bod debt provision is colculoted from the oged debtor report os at 31 Morch. All invoices greoier thon 60 doys overdue ore provided foi in full. Prepoyments orÈ voluÈd ot the omount prepoid. net of ony trcxle discounts due. w) Borrowings The Culture Recovery Fund ICRFI loon15ee note 281 15 treoted 05 0 conce55ionory loon ond, in line with the Chorities SORP S21.26. wos initiolly iecogni5ed ond meosured ot the amount received. with the corrying omount odjusted in subsequent yeors to reflect iepoyments ond ony gccrued interest ond odjusted if necessory for ony im6)oirment. Contingent osset5 ore disclosed when o posSi￿e osset orises from o post event but its existence con only be confirmed by lurure events whKh ore not within English Heritoge's control. s) Creditors, provisions and contingent liabilities Creditors ore occounted for ot tionsoction prKe. English HeritageAnnutsl Rwt x)>n5 Report of theTn￿ees.. NNe5 to thèlinDnci015rorernenis 2 Analysis of income by activity and noture o) Group 2024125 ?023124 Museums etoil Oth from Historic Englond É'ooo trodir m155tons Mernber5Np5 CQt*rw [￿00 EDOO 9ronr5 rots) EOOO É'ooo É'ooo Donotions ond le9acies Funclroising Choritoble octivities 12.no 12.710 7.640 Conserving Ouf Pfopefties Membership ond odmi5510ns New model 1.946 2.130 4.076 2.361 42,641 55.680 9n 39 99,331 92.348 714 714 1.005 Other trading octivitie5 Running our properties Licensing ond sponsorship Investments 86 31.441 3,890 601 35,417 34,397 1,343 1.278 742 1.579 I,S79 Other income Totol Income 4zn7 55.680 31A41 13.4S2 8.993 2.130 753 155.176 141.415 b) Chority 2024125 2023124 ML&evms Inccffjè keta4 Orffiotkms Other ttodlThJ xNbltkn acrtsit￿s tox lelief E1>00 E'OOO Aomis*ons MwhbttSNPS coier&vJ £'ooo £'ooo £'wo EY)00 E'OOO EDQO Donotions ond legocies Fundroising Choritable octivities 13.639 13.639 8.956 Conserving our properties 1.946 2.130 4.076 2.361 Mernber5hip ond odmi5sions 42.641 55.680 9n 39 99,331 9?,349 New modpl 714 7M 1,005 Other troding octivitiès Running our properties 10.174 10.262 20.S22 18.691 Licensing ond sponsorship 467 467 483 Investments 7.$79 1.579 2.386 Other Income Totol income 42.n7 55.680 10.174 13.639 15,231 2.130 753 140.334 126,231 Othertruding octivities includes rentol ond service chorge income. os wdl os income from ￿>sprtalitY, filmlng. weddings ond holidoy cottoges. EO 6 million1231?4.. É0.9 million) of the income received from Historic ETh9￿nd is in the *orm of o subsidy reloting to the deficit fvneing of the chority which 15 Port of the New Model lunding oirongements. The remoining £0.2 million123124 £0.1 million) is income received in ielotion 10 5hGred servtces pro¥tded to Historic Englond. 50 Annuol RewrottheTrustees: Mxes to $rot£¥7￿ Engwsh IleritO9e Annuol Repvi 2024125 3 Investment income All investment income of £1.579.000123124." £2,386.0001 is 9eneroted from interest on bonk ociounts ond fi'xed-notice deposit occounts in the UK ond no moteriol monogement costs ore ossociotèd with the generotion of this income. 4 English Heritoge Trading Limited The chority is the sole shoreholder of English Heritoge Troding limited. Incorporated in 1994. On 1 April 2015. the shores in English Heritoge Troding Limited were rrunsferred from the Commission to the chority for E1. The following resLtlts of English Herttoge Tfoding Limtted hove been inclu¢Jed in the consol￿ote￿ results.. 2024125 £'ooo 20?3124 £'ooo Incorne and expenditure Turnover 22.168 23.171 Expenditure Gront income {21.2381 121.8591 Operoting profir Interest receivable on# similor Incorne 930 1.312 Profit on ordinary activities before and after taxotion 930 1.312 2024125 E'OOO 2023124 £'ooo Net g5sets os at 31 Morch Current ossets 9.783 7.563 Creditors.. amounts falling due within one year Credittrts. omounis folling due afrer mwe Ihon one yeof Net 055ets {7.7551 15.5351 2,028 2,028 2,028 Shore copitol- ordinary shores or £1 eoch Profil ond loss occount 2.028 Shoreholder5' funds 2.028 2,028 English Heritoge Troding Limited will moke gift old donotions of lis distributoble profits to the chority within nine months of the finonciol yeor end. subject to hoving sufficieni distributablè reserves. The Gift Aid poyment Is recogni5ed 05 a distribution to the thority in eqijity within ietoined eornings in EHTL ond in Fundroi5ing Income in the chority. Poro9roph 32.8 of FRS 102 only ollows such trOn￿(tionS to be recognised in the yeor thot the profits orise v¥here o legol obligotion to moke such o poyment e¥ists ot the Bobnce Sheet dote. Eng1Ssh Herita9eAnnuol Reptyr knuol Report of theTrusteeK Notss io rhe finorKol stoteNvénts si 5 Total resources expended o) Group 2024125 2023124 Properties. Stolt reguirs& ¢ost5 m￿[nIe￿an¢¥ E'o EYJOO Costof 900ds OtheJ dlrect tgsrs E-000 Arncrt150tI &depre(totbwi Impthrfflent E'OOO ofsupwt U>st5 £'o(K) Totgl £000 É'ooo Roising funds Fundroising Running our properties 7.821 19 993 872 3.705 3.638 12.247 3.243 72.8￿ n.687 8.871 48.868 34.564 Licensing ond sponsorship Choritoble octtvities 104. 53 351 639 Conserving our rjroperties 11185 19.K30 9.723 7.787 50.325 53,009 Membeiship ond odmissions 27.705 13.549 18.327 59.587 63.643 Support Costs 15.876 .12.647 7.436 1561 (35.9101 Grond totol 71.026 22.901 12.820 48,703 7.436 1561 162,830 155,493 uppoit coot*u ore dircctly ollocoted occoiding to octivity or ore ops)Drtioned bosed on thot orrivity't shore nf costs, pro-roted occording to stoff numbers 01 expenditure. This includes Depreootion ond Amortisotson which ore both opportioned occordingly between eoch octivity on the SOFA. X)24125 2023124 Other shared seryi¢e chorges E'OOO Other support costs InfOrmot￿ te¢hnologv E'l)00 Govémtsnct E'c￿0 Finonct E'OOO restyJr£es Totol Total 'ooo Roising funds Fvndroising Running our properties 219 74 273 872 565 57 3.133 2.184 740 2,735 8.871 4.742 Licensing ond sponsorship 53 108 Chorltcble octivlties Conserving our ioperties 82 4.485 i.n2 17 897 7,787 6,771 Membership ond odmi5$10ns 4.350 5.431 1.841 54 6.sn 18.327 16.938 Grand total 224 12.299 9.563 3,241 95 10.488 35.910 29.124 Included within governance costs ore externol oudit fee& poyoble to the Notionol Audit Oflice. of £91.350 for the chority 123124." E94.1001 ond £17.000 for English HeiitO9e Trodin9 Limiteol123124." £16.5001 In relotion to Notionol Audit Office's work. No services other rhon stotutory oudii were commi551(N￿￿ during the yeor123124". £nill. Also included within governonce ore costs of £111.220 ossociated with internol oudit. Orher support costs include the restructvring provision of £6.2 millionlsee nore 291. S2 Annuol Reportof theTntstee5: Ntsles lott￿ fmncKd Stoierwits English HEr￿llE Annuol Report 2024125 b) Charity 2024125 2023124 Properties. St(bft repoif5& rosrs makTtenan¢* C05rof gDod5 Other AppOr￿anment Amoriisaii &oeprwtsth)n Impoim)th)t £￿00 fost5 Totol E'OOO Totoi EX)00 roo) £￿00 E'C￿0 E'OOO Roising funds Fund¥oi5ing Running our propertie5 1.741 19 962 872 3,594 3.904 2.852 3.329 11.250 37.423 22,411 Liien51ng ond sp￿s01$hIp 53 339 256 Charitable act*vities Conserving our properties 19.630 9.258 7.787 48.663 51,442 Membership on¢J o¢missions 26.545 13.097 18.327 57.969 62.296 Support costs 15.875 12.648 7.436 1561 135.9101 Grond totol 67.454 22.510 3.329 47.315 7.436 (56) 147.988 MO,309 Svppo¥t costs ore direttiy ollocoted occording to ortwity or ore opponioned b05ed on thot octivitV'5 shore of costs. pro-roted occording to stoff numbers or expendrture. This inclv¢Jes Depfeciotion on¢ Amortisotion which ore both opportioned occordlngly between each octiviiy on the SOFA. 2024125 2023124 shored service chor9es £'ooo Other suppori costs E'OOO Information technolog¥ £'ooo fjovernarKe Flnonc• iesources Totol £'ooo Totol £'ooo f'ooo E'OOO Raising funds Fundfoising Running our roperties 299 741 273 872 547 53 3.137 2.184 740 22 2.735 8.871 3.969 Licensin9 ond sponsorshio Choritoble octivities Conser¥ing our properries 4.491 1.7 17 7.787 5.290 embership ond gdrnissions 73 4,356 5.431 1,842 6,S71 18.327 15.591 Grtsnd totol 208 11315 3.242 95 35.910 25,406 Included within governonce costs ore externol uudit fees, poyoble to the Nationol Audit Oflice, of E91.350 for the chority 123124." E94.1001. No services other thon stotutory oudit were commissioned durin9 the yeor123124.. £nill. Also included within governonce ore costs of £111.220 05SOCiQted with internol oudit. English Heritoge AMUOI Reoort Thn5 Annwl Rewtof th•Trustees: Note5 10 the thonciol stoiements 51 6 Net income/(expenditure) by activity a) Group 2024n5 £'ooo 2023124 É'O¢JO Roising funds Fundroisin9 Running our properties Licen51ng ond sponsorship 9.OOS (13.4S11 992 4.002 U671 639 13,454) 4.474 Charitoble ottiyitiès Conserving our properties Membership ond adTnisyons (46.244 39.750 150,6481 28.705 New model 1.005 IS.7791 1.579 120.9381 2.386 Investments hlet Ilossesllgoins on investments Net incomellexpenditurel 1761 17.7301 260 113.818) b) Chority 2024125 £'ooo 20231?4 £'ooo Roising fvn(Js Fundffoising Running our properries Licensing ond soonsor5hip 10.045 5.052 13.7201 2?7 (16,9011 128 16.n81 1,559 Charitable ts¢tivitie5 Conserving OLJr properties Membership an¢J oclmissions 144.581) 41.362 149,0811 30.053 New model 714 1.005 1?.505} 1.579 118.0231 2.386 Investments Net goins11osses on investments Net incomellexpenditurel 1761 17.7301 260 113.8181 7 Net income/(expenditure) Group Net expenditure on the unrestricted reserve is £12.7 million123124". E15.7 millTronl. Net income on the restricted reserve is £4.9 mtllion123124." £1.7 million). Net incorne on the endowment reserve is £0.1 million123124.. £0_2 million). There is therefore on overall operotlng deficit of E7.7 million123124.. £13.8 million?. Charity Net expenditure on the unrestricted ieserve is £12.7 million (23124." £15.7 million). Net income on the restricted reserve is £4.9 million123124'. £1.7 millionl Net income on the endovwment reserve is £0.1 million (23124: £0.2 million). There is therefore un overoll operoting deficit of E7.7 million123124. £13.8 million}. Annuol ReportofthtTfUStees'. Noies tothe 51Oten￿ts En91ish HeritO9e Annuol Rep(xt 2024ns 8 Transfers between funds During the finonciol yeor. E2 million of resrrirted funds wos spent on the c¥eotion and ocqui51tion of new fixed ossets bv The chority123124". [0.9 millK)nl. The ossets creored con be used for unrestricterl purposes in occordance with the chority's objectives ond hence E2 million l231?4" 10.9 million) of resrricted funds hove been tronsferred to uniestricted funds under the term5 01 the Choritie5' SORP ￿78. 9 Taxation a) Taxable status Charity English Heritoge. 05 0 re9lStered chortfy, Is entitle(I to certoin tox exemptions on Income ond surpluses on any troding octivities corried out In furtheronce of the chority's orim¢Jry obiÈctives, if these profits ond surpluses ore opplied solely toi choritoble purposes. Group English Heritoge Troding Llmited will gift oll of rts toxoble prolt.ts to the chority under the Gift Aiol scheme, subject to hoving sufficient di5tribuioble reserves, norfflolly resultin9 in no liobility to corporotion tox within the group accounts. The￿ is no impoct on the corporotion tox liobility with the group os it Is onticipoted thot. os in previous yeors. the lull distributoble profit5 mode by En9Iish Heritoge Troding Limited will be poid to The English Heritoge Trust In cosh within nine mnths of the yeor end. Further detoil on this chonge is contoinèd in Note 1f. b) Tax on profit on ordinary activities Chority ?024125 E'OOO 2023124 £'ooo Loss on OTdinory octivities before toxotjon Tox on Pfofit ot UK corpoiotion tox rote Effects of.. 17.730) 11.933) 113,8181 13.4551 Expected ouolil¥ing choritoble (SonOtM￿s Current tox charge for the period 1.933 3.455 10 Net income/(expenditure) Net incornellexpenditurel is stoted ofter chorging.. 2024125 E'ooo 2023124 £'ooo Auditors'fees.. Group ond choritv fof ovdit of The En91ish HeiitO9e Trust Group only for oudit of English Heriroge Troding limited 94 17 17 108 Depreciution ond amortisotion: Group ond charitv intongible ossets tongible ossets 1.455 1.532 5,925 5.554 Net expendituie 7.380 7.086 Tliei'g were t)0 lees Doy0￿e to the externol ouditors non-oudii W¥￿e5 during the finonaol veor123124.. £nill. English Heritoge Annwl R¢K)ort>)24n5 Ann1￿1 Rewtof theTrustees.' Notes ro ihe fmorKiol sioiwnwt5 ss 11 Employees Group ond charitv o) Employee numbers The overo9e monthly heod count wos 2,548 stoff123Q4- 2,5071 ond the overoge number of oeisons employed during the year expressed os full-time equivolents wo¥. Group 2024125 ?023124 Full-time number Port-time number Total nurnber Number Roi5ing funds FL*ndr0i51ng Running our properties Licensino ond sponsorship 28 31 441 487 928 942 Chofitoble octivities Conservino Qui properties 276 32 248 242 Membership oncl oclmissions 118 139 147 Support services 108 17 125 914 560 1.474 1.475 Chority 2024n5 2023124 Full-time nwiber Part-time numbei Total nvrnber Number Roising funds Fundroising Running wr kiropertie5 Choritoble activities 31 34 32 441 487 928 942 Conserving our propefties Membership ond odmi5sions 216 32 248 ?42 118 139 147 Support services 108 17 125 112 560 1.474 1,475 All stoff engoged. either on o full-time or o shofed bosis, hove controcts of employment with The English Heritoge Trust. The solories ond othei employrnent Costs borne by English Heritoge Trodin9 Limited ore rechorged ond disclosed 05 such in the English Heriroge Troding Limited fin¢Jnciol stotemenrs. Annual Report of theTrustees'. Notes to finorKA)15tote*Y*nts English Heri(ogeAnnuol Rewt 2024ns b) Employment costs Group 2024125 £'ooo 20?3124 E'ooo Woges ond 501oriès Social secuflty costs 52.437 49.500 4.410 4.4?6 Pension costs 4.822 Redundoncy ond severance c05rs Agency stoff costs 6.858 53 ZS91 3,240 3.982 Recruitment. troining ond other t05ts Totol employment costs 4.731 76.073 66.023 Chority 2024125 É'ooo 2023124 £'ooo Woges ond sok>ries Sociol security costs Pension costs 49.378 45,937 4,207 4,221 4.824 4.581 Redun¢Joncv and 5everonce costs 6,858 2,506 53 Agency stoff costs Recruitment. troining on¢J othei costs 3.167 4,n1 3.954 Totol employment CQ5ts 72.484 61.913 Included within the lost toble ore costs os follows thot hove been copitolised within Fixed Assets (Notes 14. 15 ond 161. £802.000 woges oné solories costs123124.. £1.688.0001 £19.000 sociol Security costs123124.. £98.0001. £23.000 perbsion costs123124.. E73.0001 only £6,000 ogen(v stoff cost$123124. £17.0001. The redundoncy arKJ severonce costs ot)ove relote to the re-shoDino progromme chonges detoiled in the Finonciol review on poges 12-16. Included within ¥edundoncy ond severonce costs ore ex-grotio poymenrs totolling Enil, 12034124." £24.0001 which relote to settlement 09reements in respect of doims to the Emplovrnent Trib(Jnol. English Heritoge operotes two pènsion schemes. the Prinopol Civil Service Penyon Scheme IPCSPSI. for stoff who tronsferred Irom Historic Englond on l April 2015 ond o Group Personol Pension Plun IGPPPI. As the PCSPS is on unfunded multi-employer defined benetii scheme, English Herttoge is unoble to identify Its shore of the underlying osse15. liobiliries. surplus or defiiit. English Heritoge is nor owore of onv implicotions orising from the current stotus of the PCSPS. A full octuoriol voluotion w05 corried out 0$ ot 31 Mofch 2020. Deioils can be found in the resouice occounts of the Cobinet Office Civil Superannuotion Iwww.civilser¥icepènsionscheme.org.ukl En91ish HeritO9e hos no Iiobiliiy beyorKJ the onnuol pension contributlDns mode on beholf of its employees. The scheme octuory reviews employw contributions fdlowing o full scheme voluotion. The contribution rotes ore set to meet the costs of the benefits occruin9 dursng the yeof ended 31 Morch 2025 to be poid when the member retired ond not the benefits poid during the period to existing pensioners. In 2024125. contributions omounted to £2.6 million12023124'. £2.6 milliorbl which wos chorged to the SOFA. The expenses ond liobiliiies reloting tts the stheme ore disclosed in uniestricted expenditure and hove been ollocored in occordonce with employee octivlty. eng115h H¢rltageAnnuol Reprwt 2024ns ATrwMtdRebw¢of theTrustee& Notes to rhefiThyKd stoteff*nrs 57 The GPPP ts o defined contribution scheme ond. os such. contribvtions mode to it in the yeor ore accounted for os on expense in the SOFA. In 2024125. e¥penses omounted to £2.3 million123124.. £2.1 million). The expenses ond liobilities reloting to the s(heme ore di5dosed in unrestrKteol expenditure ond I￿ve been ollocoted in occordonce with employee octsvity. Totol employer pension contributions for the yeor omounted to £S.1 Mill￿nI23/24". E4.7 million) of which E2.7 million wos poyoble 10 rhe PCSPS123124". £2.6 rnillionl. The totol employee benefits lincluding employer pen￿On contributions) received bv the Senior Monogement Teom in the year to 31 Morch 2025 wos £1.2 million123124.. £0.8 million). Senior Monogement Teom expenses totolled £38.731 Irestoted 23124.. £52.8281 comprising £26.167123124.. £39.9501 for trovel. £6,407123124.- £10.8431 for subsistence ond other expenses of E6,157123n4. £10351. In 2024125 the CEO wos poid o solory of £172.800. The CEO olso received benefits to the volue of £7.200. comprising employer contributions to the Grotjp Personol Pension Plon. whKh is o defined Contributi¢￿ scheme odministered by Le901 & Generol. The followin9 numbei of em ￿0¥eeS within the whole chority received solories. bonuses ond other ollowonces in excess of £60,000.. 2024125 2023124 Number Number É60.000- £69.999 29 28 £70.000- [79.999 14 16 E80.000- E89.999 E90.000- E99.999 É100,000- E109.999 £120.000- £129.999 É130.000- £139.999 £150.000- £159,999 É170.000- É179.999 E240.000- £249.999 62 59 The toble obove includes redundoncy costs in relotion to the re-shoping progromme detoiled in the Finonciol revievw on poges 12-16 where poyments were mode before the yeor end. This resulted in one employee's totol employee benefits for rhe yeor exceeding those of the CEO. The choiity's Trustees weie not poid on¢J not receive ony Oiher beneh.ts from employment with English Heritoge or its subsidiory in the yeoi IX)23124.. Enill. Four individuol Trustees were reimbursed expense5 during the yeoi. with o volve of £2.422123124. £4.3501. These cosis reloted to tio¥el ond wbsistence incurfed by these indivK1uols while they undertook Trustee business. In oddition. Trustees poriicipoted in meetin95 in the London office ond in ￿e En91ish Heritoge Trust 8oord regionol visit. The Trustees. shore of the venue. occommodotion ond subsistence costs reloting to meetings in the London office ond In one EHTB site ¥￿it hos been colculoted os E8.8J6123124". E14.6981. Ann￿1 Report of the Trustets.. thtes tothe fiTh)ncKI Slotw￿ En9Nsh HeritQ9e Annuol Report 2024n5 12 Related party tran50Ctions and connected bodies Connected bodies Historic Englond is the sole member of the choiity ond is regorded 0$ o reloted poity There were materiol tronsoctl¢Y15 Wlth Hisroric Englond in re5peci of poyments mode to Histoiic Englond for shored services 117.3 million, 2023124. £7.8 million) ond receipts reloting to the onnuol subsidy whtch forms port of the New Model orrangemenis1£0.6 million. 2023124.. £1 million) ond for $f￿red services provided to Historic Englond IEO.1 million, 20231?4.. £0.I millronl. Moteriol transoctions with reloted porty interests During the yeor, the chority hod the follov4ing rdoied porty rror)soctions, oll of which were mode on an orm's length bosis, thot reouire disclosure. Trustees Lord Lern￿ CMG CBE 15 0 member of the House of Lords which received El,000 for Venue hire. Peter Liney is the Choirmon of Tour Portne( Group whKh po￿ E270.000 for site visits of which £9,000 wos OUTStonding ot the yeof end. Professor Williom Whyie 15 Ihe Choir of Trusrees of Oxford Preservotion Trust which receivett E3.000 of monogement ogreement fees for North Hinksey Condutt House. No other Trustees. key monogeriol stoff or other relute¢J ponies hove undwtoken ony moteriol reloted portv tron50Ctions with the chority during the yeor. 13 Intangible assets Group and choritv Softwore licences System Assets under develtspment construction £'ooo £'ooo Tottsl £'ooo E'ooo Cost or ¥mluation at 1 April 2024 155 10.617 2.718 13.490 Ad(titions ?.546 2.546 Rtrcltsssifications 403 14031 D15F)osoIs 17551 17551 IS.281 At 31 Morch 2025 155 10.265 4.861 Amortisotion ot l April 2024 Chorge(J in year Disposols 105 2.848 2.953 14 1.441 1.4S5 17541 17541 3.6S4 At 31 Morch 2025 119 3.535 Coriying cjmount ot 31 Moich ?024 7.769 2.718 10.537 Corrying amount at 31 Morch 2025 36 6.730 4,661 11,627 Enyjish H•ritogq Annuol Rewr ￿4￿5 An1*￿I￿epDrtoftt￿Trlths'. th>ie5 to thefiwrKioI stoternent5 59 14 Tongible assets Group ond charity Operationol lund & buildings £'ooo Assets under construction ant& mochinery Inforrnotion systems £'ooo Furniture & fittings E'ooo Totol £'ooo E'OOO £'ooo Cost or voluotion at 1 April 2024 Ad¢Jitions 54,885 7.940 1.900 1895 6.703 74.323 26 769 5.?85 6.134 Reclossifications 7.454 916 .4031 Disposols At 31 Morch 202S 14681 6t897 Q411 V09) 1.845 1441 3.767 1862> 79.595 3.585 Depreciotion ot 1 April 2024 Chorged in veor Disposols 15.6n 4.649 1.391 1.083 22.794 4.237 1.041 355 5.925 14681 19.440 (2391 U09) 1441 18601 27.859 At 31 Morch 2025 5.451 1.637 1.331 Corrying omount ttt 31 Morch 2024 39.214 3.?91 509 1.812 6.703 51.529 Cofryin9 amount ot 31 Morch 202S 41457 3.050 1436 3.585 51.736 15 Heritage assets Group ond chority 2024125 £'ooo 2023124 £'ooo Held on the Balunce Sheet Cost or ¥oluation ot l April 671 Additions 39 340 Corrying amount ot 31 Morth 710 2024ns £'ooo ?023J24 E'ooo 20??1?3 £'ooo 2021122 £'ooo 2020n1 £'ooo Purchose5 ond odditions 39 340 Donotions Totol odditions 39 HeritO9e assets chorged to SOFA in yeor No impoirments of hwitoge ossets were iecognised during the yeor12024'. nonel ond there were no disposols during the yeor12024.' none). 60 RePort0ft￿T￿jSteeS. Notes lolhefTh￿￿1$[0teMents Engffish Herltage Ann￿1 Report 2024ns 16 Further information on the charity's heritage ossets Land and buildings From l April 2015. the core ond monogernent of the Notionol Heritoge Collection (the Collection) of over 400 historic site5 hos been transferred from Historic Englond to rhe chority by woy of an ei9ht-yeor Property Licence ond Operoting AgreemÈnt (this ogreement V40s extenLled to ￿251. In July 2024. 0 new Property Licence wos signed lor on initiol 10-yeor term from April 2025. extendoble to up to 20 yeors. The chority monoge5 the Collection of over 400 historic Dropertie5 throughout Englond providing o diverse portfolio thot includes World Heritoge Sites. industriol monument5. costles, histoiTrc houses. obbeys. forts, stone orcles ond o lorge port of Hodrion's Woll. They ron9e from prehistoric ruins to the lovishly furnished Osborne. In Oge they ronge from Neolithbc buriol chofflbefs doting from 3500-26008C to 20th-century houses. The No(l￿K)I Herifuye CulleLLlUii is Iield by HisLoiii Eiigluii¢J uii¢Jer vurious uriuiiyeiTIEiILs. WItII iTlUlly beli iy iii the gU0rd￿nShIp of the Secrerory of Srore for Cultvre. Medio ond Sport with ihe freehold being retoined bv the owner. The remoining properties ole in the ownership of Historic Englond, other government deportments or the Crown Estote. A full listing of the Collection is contoined in the Membership Hondbook ond is ovoiloble on the website. The hon(Jbook olso includes full detoils of publK occess to these sites. All expenditure on the co[￿rYot10n ond mointenonce ol propeitv h05 been chorged to the SOFA 05 It W05 incurre(J. English Heritage 15 commiited 10 mointoining ond conserving the physicol remosns. setting ond 0sSOCiOted Iwrfr051fuLluiE ul sitES UIKJ IllUllUlTieiiL5 iii Ifs Luie oii¢J Iv iiiukiiiy tfrieiri os OLLe5siblv us wssiL)Iv LLI biuuderivd oudiences. The Estotes Directorote. ossisiecl by other directorotes. executes regionol progrommes of cyclicol on¢J plonned fflointenonce. ond o notionol pro9fomme of remediol conservotion projects on specific sites. These progrommes ore informed by regulor ossessments of condition. ond opproisols of significonce ond vulnerobilify. En91ish Heritoge's strotegy for Su5toinoble Conservotion opprooch is published here.. www.engli5h-heritgge.org.uklobout-uslour-prioritieslsustainobility. English Heritoge operotes o policy of ocquirtng propeftv withtn three cotegories.. historic lond ond buildings for oddition to the Notionol Heritoge Collection," lond ond buildings oncillory to ony of the historic properties in the Notionol Heritoge Collection.. ond lond ond buildings for purely odministrotive oi commerciol purposes. The historic propenies thor English Heritoge moy seek 10 ocquire will be nor just of outstonding notionol significonce, but olso will be in need ot o benign owner. will coirect o locuno in the coverage of the NotlDnol Heritoge Collection ond will enhonce the obility to tell the notion's story. Acquisition con come through o voriety of routes and con be proairive on the pon of En91i5h Heritoge or reoctive where PToperties ore ot risk or offere(I for potentiol ocouisition. A cross-dewrtmentol group mokes recommendotion5 to the Senior Monogement Teom ond Board of Trusiees oround pioposeil ocquisitions. Acquisition of properties for the Notionol He¥itO9e Collection. or of arKillory properties. requires ogreement of Historic Englond ond DCMS. At pre5enr. English Heritoge does not hove o poltcy or process for the t1iswsol of sttes within the Notionol Heritoge Collection, 01 components of those ytes. All of the properties moy be enrerecl wholly oi in pon. or in o very srnull nvmbeT of cose5. viewed from outside. il occess connot be mode sofe English Heritoge is committed to extending occess to sites, both through physicol provision of poths. stoirs. romps ond wolkwoys, ond through print ond digitol medio. Ènglish HeritagE Annuol Repori X24ns Annwl Repwt of theTrustet& Notes to thè fir￿00[ stotement5 Historic ortefocts English Heritoge olso monoges o lorge ond diverse object colleaion thot reloies to the properties. This numbers more thon o million indivtduol items. They ore on integrul port of the Collection. As well 0$ being of signifi"conce In their own right. they ossist In interpreting ond presenting sites to the public ond they provide o voluoble reseorch resource for heritoge professionols oncl English Heritoge employees. Eiiylls11 Hwltugg Iiu5 u published i)ot1￿}01 coll￿tIon 0￿￿0pment Policy enhonced through u 5uil¥ uf &te- specific collections stotements. New occessions or disposols ore reviewed in line with our Collection Development policy ond token through the AcquisiDon. Diswsol ond loon Commtrtee IAOLCI. We employ speciolist teorns ocross curotion, conservotion. collections monogement. documentotion ond registrv. Curotors ore oble to ploce the collection5 in theii sociol ond hisioricol context bosed on rigorous reseorch. Conservotors OLJdit collection condition ond schedule preventotive ond treotment-bosed progrommes. The teom of consefvotors hos oversight of collection environments (store5 ond disploys). insect pest rnonogement. moteriol 5rienr.e on(J hn7nrd identificorion. Oli¥ iollectinns rnonogefflent tpom pnsijrp. ar)proprifjte Etnrngp. faciliTies ond provide occess to the ossemblo9es. The documeniotion teom undwpin record keeping through our collection monogement system. Our Registrors oversee inwo¥d ond outword loon& insufonce ond legol responsibilities. English HeritO9e works to remove borriers io phy5i¢oI ond intellectual ¢Jccess to the collectM)ns in our core. whether for ocodemic ond wider public benefit, ot our &tes. within our stores ond through digitol plotforms. The orgonisotion is workin9 toword on-line occess to the colleciion cotolo9ue. 17 Conservation and management English Heritoge hos developed on Asset hAonogement Aon IAMP) to monoge the estote occordin9 to notionolly estoblishgd conservotion priorities. This gives En91ish Heritoge on oworeness of the scole of the conservotion eficit in relotion to the resources o¥oiknble to it olong wiih impoct 055essments of English Heritoge's obiliTy to pr¢xure the necessory works. The workstreoms are os follows-. Conservotion Mointenonce Pro9romme.' used to fund works to Otldress the conservotion defects on heritoge osset5, specificolly on lond ond building5. Annuol Mointenonce Pro9romme'. ptonne(I cyclicol ond resp(mse muintenonce. Minor Plonned hAointenonce Progromme." smoll repoir project5 usuolly of less thon £50.000. Mojor Plonned Repoir Progromme.. lorger long-term or one-off conservotK)n p¥oiKtS U5uolly of mo¥e thon £S0.000. Totol expenditure on site mointenonce of £14.8 million wos incurred during the vÈor ended 31 Morch 2025 12024. [18.5 millionl_ English Heritage olso monoges the ocoui51tion. conservot40n ojyl storoge of oirelocts. collecti￿$ ond historic interiors using its own experrs. who speooli5e in the cole of fine ond opplied ori. conservol￿n science. environmentol ond pest control. It is English Heritoge's responsibility to ensure thot the conservation. commerciol onLI visitof-led development of sites is guided. plonned ond executed so os to sustoin the volues ond signithconce of the sites. English Heritoge 15 0150 re5pongble for the development of presentotion ond interpretotion scheme5 ond the development of Heiituge Protection AgreernentS Ot siies. Ann¥ol fteportglthe TNstees Notes to ￿ firKJrKK4 S￿le￿t$ Engltsh HeritO9eAnnuol Reptyt X)2&ns 18 Investments a) Fixed assets Chorltv 2025 £'ooo 2024 £'ooo At 1 April Amount to be distributed under Gift by English HeritO9e Ttocling Limited Profit in English Heritoge Troding Limited At 31 Morch 2.028 2.028 19301 U.3121 1.312 930 2.028 2.028 Oetoils of the subsidiory undertokings ore given in note 4. b) Current assets Group ond charity 202S £'ooo 2024 £'ooo At 1 April In yeor movement In investment At 31 March c) Fixed osset investments Group and charity 2025 E'ooo 20?4 £'ooo Foir volue ot 1 Aprbl Aedifions to oorrfolio ot cost 3.236 1.147 1.829 Net Ilossl on invesrment 176) 3.239 26D Cost ot 31 Morch 3.236 Analysis of investments In¥es¢ment ossets in the UK ulti fund 955ets 3.239 3.?36 Cosh Total 3.242 3.238 In June 2022. Trustees Oppfoved on Investment Policy StotemenL setting out risk oppetite, tor¢Jet finonciol returns. ond the opprooch to environmentol. sociol ond 9ove¥nonce criierio governing the chority s first investment portfolio. Rothbones Y4ere oppoinied os Investment monogers for the portfolio. with oversight from the 8oord s Audit ond Risk Commillee. Engllsh Herkoge AMUOI RepuFt J)24ns Annuul Rewt of IheTfustres'. Notes to the fmiontiol stotemEnts 63 19 Stocks Group Chority 2025 E'ooo ?024 £'ooo 2025 £'ooo 2024 £'ooo Stock held lor ¥e5ale 5.966 6.945 102 121 Work in progress 26 6.005 6.9n 109 128 A provision of E461k wos mode in English HerrtO9e Troding Limited during yeor for slow-moving stock 12023124. £1nkl 20 Debtors Group Char%ty 2025 £'ooo 20?4 £'ooo 2025 £'ooo 2024 £'ooo Tiode debtors 1.412 2.008 1.337 1.692 Toxotion oncl sociol securitv Prepovments ond occrued Income 964 10.942 7.698 10.942 7.698 Other debtor5 23 98 23 100 Amount5 owéd by grcHJP untJèrrokin9S 1.390 699 9.050 6,187 Totol debtors 13.767 71.41VI 21.352 16.641 All of the obove debtors Qfe due within one yeor. 64 Anthuol Report of thÈTiustres.' Note5 (othefx4JrKK4 Stolen￿[% En9lbh H¢rItU￿Annu[ll Repori 2024125 21 Cosh at bank ond in hand Group 20?5 E'OOO 2024 E'ooo At l April Net chonge In cosh ¢Jr bonk ond in hijnd At 31 Morch 43.078 60.755 117.008) 26.070 07.6771 43.078 The balonces at 31 Morch were held 0> Cash In hand 19,075 15.245 Notice deposits (less ihon 3 months) 6.995 27.833 At 31 Morch 26.070 43.078 The bolonces ot 31 March were held with: Commerciol bonks in the Uniied Kin9dcvn At 31 March 26.070 26.070 43.078 43.078 Choritv 202S É'ooo 2024 £'ooo At 1 April 42.947 (17.198) 25,749 60.023 Nei chonge cosh oi bonk ond in horLcI At 31 Morch 07.0761 42.947 The bolonces ot 31 Morch were held os.. Cosh in hon¢J 18,754 15,114 Noiice deoosit5 (les5 Ihon 3 months) 6.995 ?7,833 At 31 March 25,749 42.947 The balan￿$ at 37 Morch were held wtth= Ctsmmerciol bonks in the United Kingd¢Jm 25,749 42,947 At 31 Moich 25.749 42.947 Eng115h HeritogeAMuol RepOri￿24ns RewtoftheTruste¢k" Notes to the fin0￿￿￿ stoiwnenr5 65 22 Commitments o) Group and charity Expenditure controcted ot 31 Morch 2025 but rhot provided for in the th'nonciol stutements omounted to £15.9 rnillion12024. £18.5 million) including copitol commitments of [2.3 mill￿nI20?4.. £4.2 million). £13.6 million 12024.. £14.3 million) of the commitment comprised stock." conswvotion ond rnointenonce.. professionol fees,. utility costs ond stoff costs. V4hich will be Incurred in 20?5126. fun(Jed by ongoing operotions The COPIEOI commitment5 inclucje visitor improvements for Stonehenge ond EPOS IElectronic Point of Solel till svstems upgrode lor site5. Both conce110￿e ond non-concelloble commitments ore Included. b) Operoting leoses Totol future minimum leose poyments under operotin9 leoses ore given in the toble below for eoch of the following periods. split between lond ond building5 ond oiher. 2025 £'ooo 2024 £'ooo Lond ond buildin9S Not loter ihon one yeor Loter thon one Yeor ond Th)t loter than five yeors Loter than five yeors 699 740 1.181 1,752 7.063 7.177 8,943 9.669 Other Not loter thon one yeor Loter thon one veor on¢ not loter thon five veors 57 105 Loter thon five yeors Total operoting lease commitments 9.105 9.684 The mojority of leoses relote to property rentols ond ore subject to lent reviews. During the yeor ended 31 Morch 2025 poyments under operuiing leose5 totolled £2.49 millM)n12024.. £2.25 million). 23 Contingent assets Group and chority English Heiitoge ond English Heritoge Troding Limiced ore members of the HistoiK Englond VAT group. Certoin transoctions of Historic England group ore exempi from VAT on¢J conseouenily rhe group 15 Ilossified os partiollv exempt. During 2021122 the group rÈviÈwed their ogreed partiol exemption colculotion ond os o resuli hove proposed to HMRC a chon9e in the treotment of o numbei of elements of input VAT used to colculote the omovnt of VAT thot con be recloimed. Depending on ony new ogreement of the portiol exemption colculotion Dgreed with HMRC, this moy 91ve rise to o repoyrnenr of VAT to the 9roup. including English Heritoge. The timing ond volue of ony such repoyrnent remoins uncertoin. ond, os it is not Drocticoble to estimote the potential linonciol effect with sufficient reliobilitv. Anhuol Report of theTr￿leeS.' ￿lIeS io the Stoierrwrs En91i5h Heritogp Amuol RffK)Tt 2024125 24 Contingent liabilities Group ond charity Vorious outstonding cloims Èxisted or 31 Morth 20?5_ Prowsion hos been mode in the occounts for the yeor ended 31 Morch 2025 for those ourstondin9 liobilities thot will protKJbly require settlement. ond where the omount of the liobility con be reliobly estimored INote 301. £196.000 of contingent liobiliries hove been identified ot 31 March 202512024". £65.2501. This relotes to seven person¢Jl injury cloim512024. 31 for which the timin9 Ot ony potentiol outflow is uncertoin ond 090inst which no reimbursemernt is onticipoted. 25 Creditors: amounts falling due within one year GfOIIP Charity 2025 £'ooo 2024 £'ooo 2025 £'ooo 2024 £'ooo Trode creditors 6.889 11.509 6.889 11.509 Toxotion ond sociol secuiitv 1.000 990 990 Defefre¢J income 18.$62 18.795 18.537 18.770 Accruals 10.142 9.646 70.125 9.629 Culture recovery fund loon Other creditors 1.788 894 1.788 894 630 613 630 617 Amounts oweé by oroup vndertokings Totol creditors 60 7,091 3.496 7.420 3I0n 49.538 42.467 49.829 26 Creditors: amounts falling due ofter more than one year Group Chority 2025 £'ooo 2024 £'ooo 2025 E'OOO 2024 E'OOO Delefred income 2.141 3.139 2,141 3.139 Totol creditors 2.141 3.139 2.141 3.139 E2.1 million12023124.. £2.1 million) of the bolonce obove felotes to life membership. whKh hos been defefied over 10 years. The prior yeor remainder represents odvonce bookings for events. English HerltageAnNuol Rerywi X)24ns Annulll Rewtof the Trustees Notes tothe fiThJncioi stotemenis 27 Movement on deferred income Group Bolance os ot 1 April 2024 £'ooo Deferieil in yeor Releosed in yeor Bolonce as ot 31 Morch ?025 £'ooo E'OOO É'ooo Annuol membership 17.154 16.766 n7.1541 16.766 Advonce tK)okings for events Life membership 415 517 14751 517 2.671 513 15561 Q881 2.628 Holicloy cottoges Other rncome 301 301 1.406 491 0.406) 119.8191 497 Totol 21.934 18.588 20.703 The figures disclosed in This note relote to the group only. excluding the chority, to provide greoter clority on the movement of deferred income. Other deferred irwme for English Heritoge Troding Limited omounted to £25,000 foi the yeor12024.. £25.0001_ Group Bolonceos at 1 April 2023 £'ooo Deferred in yeov Released in year Bolonce os at 31 Uorch 2024 £'ooo É'ooo £'ooo Annuol membership 17.830 17.154 07.8301 ll.0011 17.154 Advonce booking5 for events 1.001 415 415 life membership oli(Joy cottoges Other Income 2.674 514 15171 13011 14711 120.1201 2,6n 288 4n 1.406 Totol 21277 19.777 21.934 Annuol Report oftheTrustees.' ￿$ ttyl￿ fir*)￿￿1 sto1vr￿ Efi9llsh Herltogt Ann￿ Reoc¥t 2024125 28 Other borrowings: amounts falling due after more than one year Group Choritv 2025 £'ooo 2024 E'ooo 2025 2024 £'ooo Culture Recovery Fund loon 22.591 23.941 22.591 23.941 Totol other boirowings 22.591 23.941 22.591 23.941 On 12 March 2021 the chority entered Into o Rèpoyoble Finonce Agreement with The Secrerory of Stote for the Oeportment of Digitol. Culture. Medio & Sport ond Thè Arts Council of Englond pertoining to o loon of £23.4 million from the Culture Recovery Fund. The l¢)on wos oworded ro offset projected unrestricted deficits ond provide liquidity ¢Jur1ll9 the recovery from the Covid-19 pandemic The loon will cover e55entiol bu5ine55 expenditure Istoff ond property running costsl ond criticol mointenonce. ensure the sofety of the sites ond collections and the retention ot speciolist skills ond experttse. ond enoble the chority to deliver it5 core choritoble ociiviries. The loon is unsecured. with o term of 20 yeors, 0 4-yeof rewyrnent holidoy ond on interest rote of 2% per onnum. The hrst E894k interesi poymenr h05 been repoi¢J in Nlorch 2025. The totol bolonce ot 31 March 2025 wos £24.4 million12024.. E24.8 fflilliolll, of which £1.8 was due withtn one yeor12024. £0.9 millioftl. There ore no h'nonciol covenonts. however there ore non-finonciol covenonts requiring the chority to exercise poy iestroint for ot leost 18 months.. demonstrote o commiiment to increosing its orgonisotionol diversity.. demonstrate o commitment to progress towords net 2eio 9reenhouse gos emissions bv ?0S0.' (Jemonstroie o commitment to Increose educotionolloutreoch work. 29 Provisions Group ond charitv All provisions IE6,458.0001 relote to legol ond consiructwe o￿190t10nS identified ot 31 Morch 2025 12024'.1£186.00011 Redundancy ond severonce costs Reduncsoncy ond severance costs ole recognised when there is o detoiled. forfflol plon in ielotion to the fedundoncy ond this hos been foin￿lI¥ communicoted. In 2024125 0 moteriol provI￿On hos been recognised for redundoncy costs reloting to o restructurtng wogrumme commitied to prior to 31 Morch 2025. The provision vvos colculoted using estimoted leoving dotes for impocted irbdividuols. which in tvrn provided estimotecl redunéancv costs. The leoving dotes. which ore stO99ere£l ihroughoLrt 2025126 bosed on operotionol requirements. ond therefore the costs were not conthrmed ot the time ot which rhe occounts were prepored. At 1 April 2024 £'ooo Amounts chorge £'ooo At 31 Morch 2025 £'ooo Additions £'ooo Restrucruring pio¥i5Jon 6.241 6.241 Other piovi510nS 31 217 Totol 6,2n 6.458 English Hevitoge AnNol Rewt 2024n5 Annuol Rqpwtof th•Triist•es'. Notes tot￿ f￿0￿101 srDternents 69 30 Reconciliation of movement in funds At 1 Aptil 2024 ro Inc¢)miDy restyJrtes t9oin9 resouries Tfty)sler between funds E'OOO At 31 Marth 2025 E'OOO £￿00 É'ooo Stonehenge Elizubeth Wuglond Funcl Leiston Fliniy 32 3.652 U731 0701 3,341 2.382 21 2,403 (91 871 RICHeS Fotiliiies 833 Q2) 811 Lon¢J Acquisition Fund Gordens 8ursory Scheme Development Direct Thornborough Henges Kenwood 751 17 768 552 50 580 755 735 p40) 17) 550 517 12 522 275 246 Rongw's House NLHF Communit¥ Coftnect*on5 Go Green 956 521 021 16081 217 124 112 132 104 Reochin9 Greotef Heights EU Pro-Heritage Enèrgy Sustoinability HW1900 1271 99 85 87 92 47 152) 87 74 81oomberg Connects Appvl¢Jufcombe House 155 (871 71 65 66 Osborne 55 31 1301 56 Michoel Bishop Woll Pointings Kenilworih 382 (3441 47 46 40 19 01 0081 38 Giime's Groves 101 38 Morble Hill 95 45 0061 Q501 V251 153) 34 Berwick Borrocks 958 17541 31 Wrest Pork ond Gordens m2 44 31 Bolsover Costle ?? 29 Creotive Progromme Other 1.068 U.20 14431 Total restricted funds 8.703 8.748 {3.866} 12.095) 11,490 Endowment fund.. The Once ond FLtture Fund 1.828 67 1,89S 1.895 Total endrjwment ftsnds 1.828 67 Unrestricted funds- Generol funés 40.091 146.142 58.8211 ?.095 29.507 Totol unrestricted funds 40.091 146.142 1158.821) 2.095 29,507 Net movement in funds 50.622 154.957 1162,687) 42.892 Annual Report oltheTrustee¥: Notes to stoten*nts English HerlW9e AnnLK4 *eport 2024ns Prior year At1 April 2023 £'ooo IncomlThJ resources Outgoirvj resources Tron%fer between fvnds È'ooo At 31 March 2024 £'ooo £'ooo Elizobeth Wogland Fund Ronger's Ho(Jse Conservotion Legocv Lond AcqLJiSitior> Fund Gordens Bur50¥y Scherne Thornborough Henges Michoel 8i5hop 7.267 Q91 0501 964 2.382 470 636 956 743 755 1.00? 12901 1221 0761 751 546 552 189 517 421 1511 381 Developrnent Operotions Cijnservotion Appeol Non Site. North 251 251 346 11451 201 309 11501 159 Bloomberg Connects Kenwood 227 15S 88 119) 161 13d Go Green 213 187) 132 Kenilworth 11481 128 Wrest Pork ond Gordens 97 46 Morble Hill 243 237 1290} 193) 97 Energy Sustoinobilitv EU Pro-Heritoge gervwck Borrocks 42 92 162 86 20 317 Q601 P51 77 HW1900 97 72 Appuldurcombe House Bdsover Costle 66 49 17 161 118) 60 Osborne 45 56 Wall pointings Blue ploques Stonehenge Revenonts ond remoins 44 45 39 24 52 {441 32 30 31 Corisbrooke Costle 34 10 041 30 OD Gordens & Londscope 25 26 8elscJy Holl ?2 1.203 U.082) 0191 24 Walmer Costle and Gordens 12 23 Othèr 1.294 592 0.118) (4.016) 14861 138) 282 Total restritted funds 7.056 5.701 8.703 Endowment fund.. The Once and Future Fund 1.674 154 1.828 Totol endowment funds 1.674 1S4 1.828 Unrestricted funds". Revoluotion reserve Generol funds 55.no 135.919 U51.5761 U51.5761 40.091 Yotol unrestricted funds 55.710 135.919 38 40.091 Net movement in funds . 64,"440 -1155,5921 English Herftaw An￿L￿1 Repori 2024ns AnNol RepNtof thETvu5teE& NDre51ot￿finQn(IQl 5toternents The tobles on po9es 69 ond 70 show the position for the gfOUP 05 o whole. The position of oll funL%s in the choritv ore the some, bor the General Fund which is £2.0?8k lower12024". £2.028k lower). This represer)ts the foir volue of the investment of EHTL held by the choritv. Purpose of unrestricted funds Unrestricted fund5 moy be utiltsed ot the discretion of the Trustees in pursuit of the charity objectives. Purpose of restricted funds All restricted funds ore used to support specific sites or projetts os requested by the donor, within the stoted oims of the £horitv. The Stonehenge fund wos estoblished to support the constfuction of o dedicorèd Educotion Céntre ond Neolithic Clossroom. It will focilitote leorning. skills development. on¢J community en9ogement ond wovide occessible, inclusive educotional opporcunities for children ond odufcs. On 28 Morch 2073, the Elizaberh Woglond Fund Ichority registrotion number IM0351-11 wos linked ro The English HeriTogÈ Trusr under Section 12111 of the Choritie5 Act 2011. Fund5 ore used to 5UPDOlt the specific purpose of the Elizobeth Woglond Fund os omended bv o cy-près scheme on 2 July 2012 ond movements on the Fund ore shown in the note obove. Endowment funds The Once ond Future Fund 15 on endowment provided by the Notionol Lottery Heritoge Fund, with oll income roised by the chority under the cumpoign Icompleted in 20211221 motched by the Noiionol Lottery Heritoge Fund ond the resuttont copitol endowment molntoined for ot leost 20 yeors Thè endowment hos bèen invested, with income from the investment used primorily on conservotion. improvements ond public engogement ot our free-to-enTer sites. 31 Analysis of net assets between funds Group os at 31 Morch 2025 Endowment fund5 £'ooo Restricted funds £'ooo Generol fvnd £'ooo Totol £'ooo Fixed ossets 64.073 64.073 3.239 Fixe¢J osset Investments 1.895 1.344 Cosh ot bonk ond In ￿nL1 6.479 19.591 26,070 19.772 Other cuirent ossws 3.667 16.105 Creditors.. omounts folling due withit7 one veor Creditors". omounis follino due ofter more thon one yeor 9.071) (39.0711 137.1911 {31,1911 Totol 1.895 11.490 29.507 42,892 Annuol Report of iheTruste¢%" Nores to rhe siorerrwts En9W HeTrtQ9e Annuol Report 2024125 Charity as at 31 March 2025 Endowment Restricted funds funds E'OOO E'OOO Finonciol osset reserve General fund £'ooo Totol £'ooo £'ooo Fixed ossets 2.028 64.073 66.701 Fixed osset investments 1.895 3.239 Cosh ot bonk ond In hon 6.479 19.270 25,749 Other current ossets 3.667 17.794 21.461 Creditors." omounts folling due within one year 142.4671 142.4671 Credirors.. omounts folling due ofter more than one yeor Totol 131.1911 131.1971 1.895 11.490 2.028 27.479 42.892 Group os ot 31 Morch 2024 Endowment funds E'ooo Restricted funds £'ooo General fun E'OOO Totol £'ooo Fixèd ossets 6?.737 62.737 Fixed osset Invesiments 1.828 1.408 3.236 Cosh oi bonk ond in hond 4.042 39.036 43.078 Oiher current ossets 4.253 14.1 18.375 Crediiors. omounrs folling due with¢n one vea Creditors omounts folling due oftei more ¢hon one veor .0001 148.S381 149.538) 127,2661 127.266} Totol t828 8.703 40,091 50.622 Charity as at 31 Morch 2024 Endowment funds £'ooo Restricted fund5 E'OOO Finonciol asset reserve Generol fund £'ooo Total £'ooo £'ooo Fixe¢ ossets ?.028 62.737 64.765 Fixed osset investments 1.828 1.408 3,236 Cosh ai bank and in h¢Jnd 4.042 38.905 42.947 Other cuirènt ossets 4.253 12.516 16.769 Creditors.. on)ounts folling due wiihin one yeoi y.o¢xJi 148.8291 {49.829) Creditors.. ornounrs follino clue ofter more thon one yeor 127.2661 127.2661 Totol l828 8.703 2.028 38.063 50.622 Engllsh H¢ritoge Annuol Reporr ￿4￿5 Afir￿1 Rep)rtof theTruttees'. Noie5 ro rhe fi￿1￿￿1 5torements 32 Financial instruments In June 2012. English Heritoge oppioved on Invesiment Policy Srotement. setting out risk oppetite, torget finonciol reiurns. ond the oporooch to environmentol, sociol ond governonce criteiia governing the investment portfolio. An investment monoger hos been oppointed to oversee the porrfolio. English Heritoge will invest omounts which will r￿t be iequired to meet liobilities over the following three veors. with the objective of mointoining on¢J growing the reol volue of the ossers ond 9eneroting stoble, sustoinoble and distributoble rerurn5. sufficient to moinroin the purthosin9 power of those distributions A totol return opprooch Ithoi 15. moximising the opportunities for cooitol growth ond income generotion within the porometers of the investment policy) is odopted the investment portfolio. At 3151 M¢rch 2025. English Heritoge held lon9-term irwestmen15 with on investment monoger, omountin9 to £3.242,0001?024.. £3.238.0001. 2025 2024 Group £'ooo Churitv £'ooo Group £'ooo Charitv É'ooo Finonclo5 assets Debtor5 2.825 10.410 2.805 7.979 Fixed asset investments 3.239 3.239 3.236 3.236 Co5h 26.070 25.749 43.078 42.947 32.134 39.398 49.119 54.162 Crecfitors.. omounrs folling due within one veaf Other borrowings .5791 111.0151 122.5911 133.606) 09,?131 r23.9411 (43.154) U9,5461 123.9411 143,4871 122,5911 130,1701 33 Ultimate parent entity and ultimate controlling entity English Hèritoge is wholly controlled by Historic Englond. o body cws)orote which wos estoblished in Englond tjndei the Notionol Heritoge Act 1983 ond which Is on Executive Non-Deportrnentol Public Body sponsored by DCMS. Historic Englond exercises conti(A Ihrou9h Ihe oppointment of Trustees oroposed by English Heritoge. The lorgest group in which the fesults of English Heritoge ore consolicsoted is Htstoric Englond. which comprises the Historic Buildings ond Monuments Commisyon for En9lond. the English He¥itoge Trust. the Iveogh Bequest. Historic Englond Foun¢Jorion. Historic Englond Limited. English Heritoge Limited ond English HeritO9e Troding Limited. The grouo's consoli¢oted occounts ore ovoiloble to the public ond moy be obtoined fcom Historic Englond. The Engine House. Firefly Avenue. Swindon. SN2 ?EH. The ultimote controlling entwty is the Historic Buildings ond Monuments Commission for Englond (Historic Englondl, by virtue of being the sole mernbei of English Heritoge. The principol octivities of Historic Englond ore to look ofter Englond s historic enviionment by chompioning historic ploces ond helping people understond. volue ond cole for thèm. 34 Post Balance Sheet events These finonciol stotement5 were uuthori5ed for issue by the Boord of Trtjstees on the dote si9ned by the Choirmon, os set on the 8ulonce Sheet. The Chief Executive. Dr Nick Merrimon OB& resigned on 24 Jtjne 2025. The Choir. Lord Lemos CMG CBE. stepped doY4n on 22 July 2025. 74 Anhutsl Rep¢Yt of theTrustees'. Nore5 rothefiThyKKJl Slote￿ English HeritogÈAnnuoi Rep¢rt2024QS 35 Statement of financiol activities 2023124 o) Consolidoted stotement of finoncial activities {including consolidated income and expenditure occount) for year ending 31 March 2024. 2023124 20?3124 Unrestricted Restricted £'ooo £'ooo 2023n4 Endowment É'ooo 2023124 Totol £'ooo 2022123 Totol £'ooo Note Incorne from.. Donotions on¢J legocies Fundroising 2.714 4.866 7.640 12.071 Choritoble octivities Conserving our propertie5 Membership tsnd odmisgons ?0 2.000 2.361 2.710 20 92.348 92.348 81.911 New model 1.005 1,005 1,059 Other troding octiyities Running our woperties Licensing. sponsorship and o¢vertising Investments 34.397 34.397 30.835 1.278 1.278 546 ?9,3 2.117 269 2.386 908 Total 135.919 5.496 Ml.415 130.040 Expenditure on: Roising funds Fur)droising Running our properiies 13.6361 (34.3951 13.6381 13.0301 130.1381 069) 134.564) Licensing, sponsoiship and odvertising Charitoble octivities 1639) 16391 11451 Conserving our properriès 149.2651 163.6411 13.7441 153.009) 143.4001 156.9791 (7.4861 041,1781 Membership and odmissions 163.6431 New model Totol (151,576) 917) (155.4931 Net goins1105ses on investments Met incomellexpenditvrel before tax for the repwting period Transfets between funds 18c 106 154 260 05,657) l685 154 {118181 111,1381 8,30 38 (381 Net rnrJ¥ement in fund5 05.619) 1.647 03.8181 {11.1381 ReconcSllation of funds- Totol funds brought forword Totol funds coriied forwofd 5&710 7,056 1,674 64.440 75.S78 40.091 8.703 1.828 50.622 64.440 The stotement of finoncsol ocuvitie5 include5 011 goins ond losses recognised in the yeor. All income ond expenditure derives from contin(Jing octivities. The notes on poges 43 to 75 form port of these occounts. english HeritageAnnuol Rewt 3124ns Rewt of theTnJstEek Note$tOthe￿onCiol stotements 75 b) English Heritoge Trust statement of financial activities {including income and expenditure occount) for yeor ending 31 Morch 2024. 2023124 2023n4 20?3124 Endowment £'ooo 2023124 Total £'ooo 2022123 Total É'ooo Unrestricted Restricted Note E'ooo £'ooo Incometrom.. Donotions ond legocies Fundroising Choritoble octiyities ?b 4.086 4.870 8.956 13,525 Conserving our properties Membership and odmi55ions 2b 2.000 2,361 2.710 2b 92.349 92.349 I,oos 81,913 New rnodd 1.005 1.059 Other trading octivities Punning our properties Licensing ond sponsoiship 78.697 78.691 16.648 483 4n Investments 2b.3 ?.117 269 2,386 908 Totol 120.731 5,$00 126.231 117.236 Expendlture on: Roising funds Fundrtsising Running our properties Sb (3.90 Q2.242) 13.904) 122.411) {2561 12.9781 119.8701 5b V69) Licensing ond soonsorship 5b Choritoble octivities Conserving our propeities Membership ono odmissions New model 5b 147.6941 13.748) 151.4421 162.2961 142.1561 155,7721 17,4861 (128.3741 5b 162.2941 5b Torgl V36.3881 11921) {140.3091 Ner goinsllosses on inve5tmenrs Net incomellexpenditurel before tox for the reportin9 period Transfèrs between funds 18c 260 (15.657) 1 l685 154 113,818) 1.138} 38 Net movement in funds U5.6191 7.647 154 03.8181 V1,1381 Reconciliution ot funds= Totol funds brought forword 30 55.no 7.056 1.674 64,440 75.578 Totol funds corried fofword 30 40.091 8.703 1.828 50.K22 64.440 The stotement of finonciol activities includes o1190inr ond recogni".ed in thc ycor. All income ond expenditure derives from continuing octivities. The notes on poges 43 to 75 form pon of ihese uccounts. Annuul Report of theTruMee* >jpp￿ Eng115h HeiitogeAnhuol Repori 2024125 Supporters English Heritage is very grateful to oll the benefactors who have contributed to its activities during the year to 31 March 2025. The following have given Thejohn S Cohen Foundotion or pledged amounts of £1,000 or more: Gorfield Weston Fotjndotion Corporote portners and supporters Agrio Pet Insuronce The Glodys Kr￿￿e Delmos Foundotion Gordon Froser Cknfitoble Tfust Croghoppers The Hodley Trust CSSC Sport5 & Leisure Énterprise Mobility The John ond Ruth Howoid Choritoble Trust Hyundoi Oceon Outdoor UK Ltd. Trusts, foundotions ond statutory bodles The Aldomo Founi8otion Keni￿V0rth Town Council Riviero Trovel The King's Own kott15h Bordeiers Rockefeller Copital Monogement Kusumo Trust UK The Ampersond Foundoti Sir Robert mCAl￿ne The Mogeni Trust SutKJru UK Art Fund The Mccorouodole C.hnritoblp. Trii%t Arts Council EnglorKI Ten Lrfestyle Concierge The Michoel Bishop Fountloiion Associotion lor Romon Archoeology Vigo Gollery The Notionol Gorden Scheme The Borboro Whotmore Choritoble Trust The Notionol Lottery Heritoge Fund Guardlons The Bofbour Foundotion Northumberlond County Council Christopher Beels Benefoct Trust Limite¢J The ￿[grIM Trust Soroh Belindo Foirthorne Blovatnik Fomily Foundotion The Professior￿1 Gordeners Guikl John Kelly The 8riLlget Riley ArT FounL*ation Redcliffe ond Temple Business Improvements Disrrict John Lee, Boron Lee of Trofford Costle Studies Trust Mi(Jlonds hAember The Rose FtyJndotion Cholcroft Choritoble Trust Royol Hoiticulturol Sooetv IRHS Bursorie51 Mr ond Mrs Meyer The clo￿ Duffi'eld Foundthon Chorles Hoore Noirne Colin Higgins Foundotion Stonley Smrth IUKI Horticulturol Trust Helen Poyne Cumberlond Council Thurrock Council Don Smolley ond Ann Morchonr The Deboroh Loeb Brice Foundotion UK Reseorch ond Innovotion Andrew Sutton E05t Suffolk Council W E Dunn Trust Bonkim Thonki FCC Communities Foundotion The Wolfson Foundotion The Friends of The Iveogh Bequest. Kenwood The Worshipful Compony of Arrs Scholors English Herita9eAnnuol Repwi AnnL￿1 Iteportof theTru$tee$.' Suppctriws Individuols G Girter Legocies En91ish Heritoge is very groteful to over 56 people who kindly left us o bequest in theii will in 2024125. T Ambrose Peter GocMl¥win Rebhi eoiqowi Elizobeth Gurney lin fflemorv of the lote Alon Gurney) Richord 8eles Michoel Honnoh RosomsJnd Bernoys Nigel Block ond Suzonne LEstronge John Hording We olso thonk those not listed here, including those who wish to remoln unonymous. John Hilton Michoel Brown Mike Kelly Julion ond Jenny Cozolet C Monr) Grohom Child Dovid Peorl D￿een Coopef M Rowlins Dorothy Jeon Cozens Sir Hugh ond Lody Cothefine steVen￿n Colin Crowford AThJrew Sutton lon Creg5ey Dovid Wolmslev M Denhom Chorles Wellesley. 9th Duke of Wellington Greg ond Melisso Fleming John Fry Leslie Weston Mory Gorner Chorles ond June Williorns co Heritage Fund English Heritage We're delighted that millions of people enjoyed exhibitions, events and educational programmes at our historic places in 2024125, discovering the past that shaped their present and experiencing the wonder of these magnif icent monuments. Join us For informotion on how to become o Mernber.. ehjoin.oig.uk 0370 333 1182 Help us They could not hove done so without the drive, passion and commitment of our employees and volunteers, or without the crucial support and encouragement we receive from our members, visitors, donors and other supporters. To find out more obout volunteering: www.english-heritQge.org.uklvolunteer 0370 333 1185 Support us To find out more obout supporting Etvjlish Heritoge= www.english-heritoge.org.uklsupport-us 020 7973 3797 Thank you Re9iStered office: The Engine House. Fire Fly A¥enue. Swndon SN? 2EH 020 7973 3000 www_english-heritage.org.uk ciradisabiiity 019 confKient Registered choiity no. 1140351 (Englond ond Wolesl. Limited compony. fegistered no. 07447221 IEnglon(J ond Wolesl. INVESTORS IN PEOPLE" COMM]TfED We invest in people Stsndaid