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2023-03-31-accounts

THE HISTORIC ENGLAND FOUNDATION (A charitable company limited by guarantee without share capital)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

CONTENTS

TRUSTEES’ REPORT .......................................................................................................................... 3 INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE HISTORIC ENGLAND FOUNDATION .................................................................................................................................... 11 STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH ................................................................................................ 15 BALANCE SHEET AS AT 31 MARCH ............................................................................................... 16 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH ........................................... 17 NOTES TO THE FINANCIAL STATEMENTS .................................................................................... 18

2

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

TRUSTEES’ REPORT

The directors, who are also trustees, present their report and the audited financial statements for the year ended 31 March 2023. The Trustees’ Report also contains the information required of the directors by company law.

Trustees

The trustees of the charity who were in office during the period and up to the date of signing the financial statements were:

Jay Barrymore Peter Beckett Fiona Kirk (resigned 15 January 2023) David Laing (from 1 January 2023) Ellen Leslie Sir Laurie Magnus Matthew O’Connell Dr Fabian Richter Satwinder Singh Samuel Swire

Objectives and activities

The objects of the charity are, for the benefit of the public:

To achieve its aims, the charity seeks to secure grants and donations from charitable trusts and foundations, as well as individuals. It then distributes these as grants to other bodies who operate in line with the charity’s objects and with its grant-making policy which states that:

The trustees have had regard to Charity Commission guidance on public benefit in shaping the objectives of the charity and planning its activities.

3

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

TRUSTEES’ REPORT (continued)

Achievements and performance

Financial achievements are set out within the financial review.

Fundraising targets were approved by trustees at the beginning of the financial year, with income recorded against the following programme areas: Learning, Skills & Engagement; Heritage at Risk; Archive; Technical and Scientific; and Other. Although income was lower than originally forecast, achieving a total of £1,624,441 compared to the target of £2,018,275, income for the Hamish Ogston Foundation Heritage Building Skills Programme and Donations and Legacies both performed well. Income across other areas was impacted due to delays in, and changes to, programme development.

Fundraising

The charity does not employ any staff. All fundraising activity is outsourced to the Partnerships and Philanthropy Team within Historic England, under the terms of a Shared Services Agreement, and their costs are recharged on a full cost basis to the charity. The trustees direct the work of the Historic England Partnerships and Philanthropy Team in order to implement the strategy agreed by the trustees, and, particularly, to:

The activities of the Partnerships and Philanthropy Team are monitored and directed by the trustees who review and approve the Fundraising Strategy.

No third-party professional fundraisers or commercial participators have been engaged by the charity. No complaints have been received by the charity relating to its fundraising activities and the charity does not direct mail or e-mail members of the general public for the purposes of fundraising.

Financial review

Financial position

The charity has had a successful fundraising year, securing restricted funding of £1,569,441 with a further £55,000 of unrestricted funding.

Grants have been awarded to Historic England for the following projects:

Further information is available in Note 12. Outgoing resources in Note 12 include grants as well as support costs charged to restricted funds.

At the end of the year, the charity has restricted funds of £172,194 and unrestricted funds of £74,873.

4

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

TRUSTEES’ REPORT (continued)

During the year, the charity recognised grants and donations including:

The charity has also recognised other donations and legacies from companies and individuals totalling £101,260, including Gift Aid on individual donations.

An explanation of the restrictions on these grants and donations and how they support the key objectives of the charity is contained in Note 12.

We would like to extend our thanks all those trusts, individuals and companies who have supported The Historic England Foundation during the last financial year.

Principal risks and uncertainties

The key risks (and mitigations) facing the charity are as follows:

Reserves policy

The trustees have determined that holding reserves is unnecessary, because expenditure for the charity is easily controlled as there are no directly employed staff. Fixed and staff costs represent the largest single cost to the charity. Therefore, in the event of a failure to secure sufficient unrestricted funding, the work of the charity could be reduced. The trustees are content that the charity will continue to operate as a going concern for at least the twelve months from the date on which the report and financial statements have been signed, as per Note 1c on page 18.

Plans for future periods

The trustees reviewed the forward business plan in the 2022-23 financial year and has set new targets for the period 2023-2026. The new forward business plan outlines how the charity intends to build up income in support of its grant-making activities:

5

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

TRUSTEES’ REPORT (continued)

Income generated from the general public may be restricted to specific programmes of activity or be unrestricted, in which case it will be allocated by trustees in accordance with the charity’s grant-making policy. A fundraising case for support and mid-level giving programme will be developed to secure support and long-term engagement from a wider range of individuals and increase levels of unrestricted income. A legacy marketing programme will also be developed, including awarenessbuilding of the role legacies can play in developing income for The Historic England Foundation, the provision of information on how to leave a legacy, the direct ask to an individual to leave a legacy and the stewardship of legacy pledgers.

Individuals are able to donate via The Historic England Foundation website, enabling contributions, of any size, to contribute to a range of programme areas in delivery by Historic England. These online donations are automatically restricted to the programme area selected, however, there is also the option to make unrestricted donations, for Historic England to use ‘where the need is greatest’.

Structure, governance and management

Structure

The charity does not directly employ staff and hence does not have an organisational structure in the traditional sense. It operates as a subsidiary of Historic England, which is the sole member of the charity.

The charity is limited by guarantee without share capital, incorporated on 16 January 2017, and is a subsidiary undertaking of Historic England. Its governing document is its Memorandum and Articles of Association. On 14 May 2018, The Historic England Foundation was registered as a charity with the Charity Commission for England and Wales.

Governance

The trustees, for the purposes of company law, are also its directors. The trustees consist of at least three individuals, of whom no more than a minority shall be Historic England commissioners or Historic England employees, provided that there shall always be at least a quorum of trustees who are not Historic England commissioners or Historic England employees.

The trustees elect a Chair from among their number (provided such person is not an Historic England Commissioner or an Historic England employee). The Chair holds office for four years or for as long as they remain a trustee, whichever period is shorter, and will be eligible for re-appointment at the end of their first term of office.

Three full trustee meetings have been held in the financial year and one meeting at the end of the calendar year to approve the 2021-22 Accounts. This meeting was attended by a smaller number of Trustees, along with National Audit Office and Historic England Finance colleagues and was quorate. Attendance at regular Trustee meetings throughout the year has been very strong with only a very small number of apologies received.

6

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

TRUSTEES’ REPORT (continued)

Management

The day-to-day management and administration of the charity’s operations is delegated to specific Historic England staff within the Partnerships and Philanthropy, and Finance Teams. The service provided is paid for by the charity under the arrangement between the two organisations. Strategic decisions are taken by the trustee board following discussions at board meetings and based upon the recommendations of the Partnerships and Philanthropy Team.

Details of the related party transactions and group relationships are contained within Notes 13 and 14 respectively.

Trustee recruitment and induction

During the year, Fiona Kirk retired after serving two terms as a HEF Trustee and David Laing was appointed for a term of four years. Fabian Richter was nominated and elected by trustees, and confirmed by Historic England, to serve as Chair of the Foundation.

Trustees represented the charity at events and visits during the year, including Kensington Palace Orangery, where guests were hosted by Historic Royal Palaces and treated to a tour of the orangery and demonstrations from Emma Simpson, Brickwork Conservator, and one of the apprentices she has supported, and the opening event at Shrewsbury Flaxmill Maltings. This was delayed due to the death of Queen Elizabeth II and hosted the Heritage Minister Lord Parkinson. In March, trustees hosted a visit to the HE Archive at Swindon for prospective funders and donors and this was followed by the spring trustee meeting.

7

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

TRUSTEES’ REPORT (continued)

Reference and administrative details

Registered Office: The Engine House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2EH
Charity Registration Number: 1178368
Company Registration Number: 10564101
Trustees: Jay Barrymore
Peter Beckett
Fiona Kirk (resigned 15 January 2023)
David Laing (from 1 January 2023)
Ellen Leslie
Sir Laurie Magnus
Matthew O’Connell
Dr Fabian Richter
Satwinder Singh
Samuel Swire
Auditors: Comptroller and Auditor General
National Audit Office
157-159 Buckingham Palace Road
London
SW1W 9SP
Bankers: HSBC Holdings plc
Keith House
133 Regent Street
London
W1B 4HX

Exemptions from disclosure

The charity is entitled to the small companies’ exemption in relation to the preparation of a Strategic Report under section 414A of the Companies Act 2006.

Funds held as custodian trustee on behalf of others

The charity does not hold any funds on behalf of others.

8

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

TRUSTEES’ REPORT (continued)

Statement of trustees’ responsibilities

The trustees (who are also the directors of The Historic England Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company and charity law requires the trustees to prepare financial statements for each financial year. Under these laws, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

As far as each of the trustees is aware:

The auditors have indicated their willingness to continue in office and a resolution concerning their reappointment will be proposed at a Board meeting.

9

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

TRUSTEES’ REPORT (continued)

Other matters

The accounts have been audited by the Comptroller and Auditor General, National Audit Office since the inception of the company.

Audit fees charged for the year are reported in note 3.

These financial accounts were authorised for issue by the Board of Trustees and were signed on their behalf by:

Dr Fabian Richter Trustee 25[th] July 2023

10

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

INDEPENDENT AUDITOR’S REPORT TO THE BOARD OF TRUSTEES OF THE HISTORIC ENGLAND FOUNDATION

Opinion on financial statements

I have audited the financial statements of The Historic England Foundation (‘the Company’) for the year ended 31 March 2023 under the Companies Act 2006 which comprise the Company’s:

The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) as applied in accordance with the provisions of the Companies Act 2006.

In my opinion the financial statements:

Basis for opinion

I conducted my audit in accordance with International Standards on Auditing (ISAs) (UK) and applicable law. My responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of my report.

Those standards require me and my staff to comply with the Financial Reporting Council’s Revised Ethical Standard 2019 . I am independent of the Company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK. My staff and I have fulfilled our other ethical responsibilities in accordance with these requirements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

In auditing the financial statements, I have concluded that the Company’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

My responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE HISTORIC ENGLAND FOUNDATION (CONTINUED)

Other Information

The other information comprises the information included in the Trustees’ Report but does not include the financial statements and my auditor’s report thereon. The Trustees are responsible for the other information.

My opinion on the financial statements does not cover the other information and except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

My responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or my knowledge obtained in the audit or otherwise appears to be materially misstated.

If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.

I have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which I report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, I have not identified material misstatements in the Trustees’ Report.

I have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires me to report to you if, in my opinion:

Responsibilities of the Trustees for the financial statements

As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees are responsible for:

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THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE HISTORIC ENGLAND FOUNDATION (continued)

Auditor’s responsibilities for the audit of the financial statements

My responsibility is to audit and report on the financial statements in accordance with applicable law and International Standards on Auditing (ISAs) (UK)

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

Extent to which the audit was considered capable of detecting non-compliance with laws and regulations including fraud

I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of non-compliance with laws and regulation, including fraud. The extent to which my procedures are capable of detecting non-compliance with laws and regulations, including fraud is detailed below.

Identifying and assessing potential risks related to non-compliance with laws and regulations, including fraud

In identifying and assessing risks of material misstatement in respect of non-compliance with laws and regulations, including fraud, I:

13

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE HISTORIC ENGLAND FOUNDATION (continued)

As a result of these procedures, I considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud in the following areas: revenue recognition, posting of unusual journals, complex transactions and bias in management estimates. In common with all audits under ISAs (UK), I am also required to perform specific procedures to respond to the risk of management override.

I obtained an understanding of the Company’s framework of authority and other legal and regulatory frameworks in which the Company operates, I focused on those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements or that had a fundamental effect on the operations of the Company. The key laws and regulations I considered in this context included Companies Act 2006 and the Charities Act 2011.

Audit response to identified risk

To respond to the identified risks resulting from the above procedures:

I communicated relevant identified laws and regulations and potential risks of fraud to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of my responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of my report.

Other auditor’s responsibilities

I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

Alexander Macnab (Senior Statutory Auditor) 18 August 2023

For and on behalf of the

Comptroller and Auditor General (Statutory Auditor)

National Audit Office 157-197 Buckingham Palace Road Victoria London SW1W 9SP

14

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH

Note 2022-2023
Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds
£		 2021-2022
Total
Funds
£
Income From:
Donations and Legacies
2
Grants
2
Total
Expenditure On:
Raising Funds
3,4,5
Charitable Activity
3,4,5
Total
Net Income
Transfers Between Funds
Reconciliation of Funds:
Total Funds Brought Forward
12
Total Funds Carried Forward
12		 1,800
160,960
162,760
53,200
1,408,481
1,461,681
55,000
1,569,441
1,624,441
15,946
93
16,039
33,325
1,679,056
1,712,381
49,271
1,679,149
1,728,420
5,729
(109,708)
(103,979)
49,365
(49,365)
-
19,779
331,267
351,046
74,873
172,194
247,067		 97,547
396,530
494,077
15,298
560,079
575,377
(81,300)
-
432,346
351,046

All the revenue and operating results relate to the continuing operations of the charity.

The charity had no recognised gains or losses during the period other than those in the Statement of Financial Activities.

The notes on pages 18 to 26 form part of these financial statements.

15

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

BALANCE SHEET AS AT 31 MARCH

Note 2023
Total
Funds
£		 2022
Total
Funds
£
Non-Current Assets
Intangible Asset
7
Total Non-Current Assets
Current Assets
Debtors
8,9
Cash at Bank and in Hand
8,10
Total Current Assets
Current Liabilities
Creditors: Amounts Falling Due
Within One Year
8,11
Total Current Liabilities
Total Net Assets
The Funds of the Charity
Restricted Funds
12
Unrestricted Funds
12
Total Funds		 41,158
41,158
128,077
177,596
305,673
(99,764)
(99,764)
247,067
172,194
74,873
247,067		 -
-
52,000
306,846
358,846
(7,800)
(7,800)
351,046
331,267
19,779
351,046

The notes on pages 18 to 26 form part of these financial statements.

These financial accounts were approved and authorised for signature by the Board of Trustees on 25[th] July 2023 and were signed on their behalf by:

Dr Fabian Richter Trustee

16

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH

Note 2022-2023
£		 2021-2022
£
Net Income for the Financial Year
Adjustments for:
Depreciation
7
(Increase)/Decrease in Debtors
9
Increase/(Decrease) in Creditors
11
Net Cash Generated by Operating Activities
Cash Flows from Investing Activities
Purchase of Intangible Asset
7
Cash and Cash Equivalents at the Beginning of the Year
10
Change in Cash and Cash Equivalents During the Year
Cash and Cash Equivalents at the End of the Year
10		 (103,979)
13,719
(76,077)
91,964
(74,373)
(54,877)
(54,877)
306,846
(129,250)
177,596		 (81,300)
-
(52,000)
(25,045)
(158,345)
-
-
465,191
(158,345)
306,846

The notes on pages 18 to 26 form part of these financial statements.

17

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

NOTES TO THE FINANCIAL STATEMENTS

1 Statement of Accounting Policies

a) General information

The Historic England Foundation was incorporated on 16 January 2017 and is a subsidiary undertaking of Historic England. It was registered as a charity on 14 May 2018. The charity provides grants to applicable bodies which meet the aims and objectives of the charity in line with its established Memorandum and Articles of Association.

The charity is a public benefit entity limited by guarantee without share capital and is incorporated in England. The registered office is The Engine House, Fire Fly Avenue, Swindon, Wiltshire, SN2 2EH.

The financial statements are prepared on the historic cost basis and presented in British Pounds Sterling.

b) Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - ‘Charities SORP’ and the Companies Act 2006.

c) Basis of preparation – going concern

The financial statements are prepared on a going concern basis. The charity currently meets its financial obligations through receipt of funding from unrestricted grants from Historic England and is targeting an individual fundraising strategy to reduce this reliance.

After making enquiries of Historic England regarding receipt of ongoing unrestricted funding, the trustees have a reasonable expectation that the charity will have access to adequate resources to continue in operational existence for at least twelve months from the date the accounts were approved. The charity therefore adopts the going concern basis in preparing its financial statements on the basis that there are no material uncertainties about the charity’s ability to continue to operate.

d) Accounting judgments and estimates

There are no critical judgments, estimates or assumptions present in these financial statements.

e) Revenue recognition

All revenue is generated from donations, legacies, grants and Gift Aid and is measured at the fair value of the consideration received or receivable. Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

Legacies are recognised as income when there has been grant of probate, there are sufficient assets in the estate, evidence of entitlement has been received from the executor, and the amount receivable can be measured with sufficient accuracy.

Gift Aid is recognised when the claim is made to HMRC.

Accrued income is recognised where a formal offer of funding has been communicated to HEF and terms and conditions have been met, but cash has not yet been received.

18

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

NOTES TO THE FINANCIAL STATEMENTS

f) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Restricted funds are donations (plus any related Gift Aid) or grants which the donor has specified are to be solely used for particular purposes and/or at particular times.

Costs charged to restricted funds relate to activities undertaken to further the specific charitable purposes the fund was established to support. These costs include both direct and support costs associated with the activities undertaken by the restricted fund.

Support costs which can be so associated have been apportioned according to the number of transactions on restricted and unrestricted funds.

g) Expenditure recognition

Expenditure is accounted for on an accruals basis in line with the requirements of Charity SORP and is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

The charity is not registered for VAT and as a result all expenditure is inclusive of input VAT incurred.

h) Grant making activities

Grants awarded, notified to the recipient and accepted are accounted for on an accruals basis in line with the requirements of Charity SORP and are recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

i) Apportionment and allocation of costs

In accordance with the requirements of the Charities SORP, the charity has developed a model to apportion support costs across its main activities. The results of this can be found at Note 4.

Support costs are those functions that assist the work of the charity but are not directly attributable to raising funds or charitable activities. Support costs include finance, legal and governance costs that support the charity’s charitable remit.

Support costs have either been apportioned based on that activity’s share of costs or pro-rated according to the expenditure.

j) Taxation

Taxation expenses comprise current corporation tax recognised in the reporting period.

As the company is registered as a charity it is generally exempt from the requirement to pay corporation tax.

k) Non-Current Assets

Non-current assets consist of The Historic England Foundation website. It is recognised on a historic cost basis with amortisation provided over 4 years with no residual value assumed.

19

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

NOTES TO THE FINANCIAL STATEMENTS

Impairment reviews are carried out at the end of each reporting period in accordance with FRS102 to ensure that the carrying value of the asset does not exceed its recoverable amount.

Amortisation is included in finance and administrative costs in note 3 and allocated with the other support costs as detailed in note 4.

l) Cash at bank and in hand

Cash at bank and in hand include cash in hand, deposits held on call or with maturities of less than three months.

m) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably.

n) Financial instruments

The charity only holds non-complex financial instruments.

2 Income from Donations and Legacies

2022-2023
Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds
£		 2021-2022
Total
Funds
£
Donations
Grants
Gift Aid
Legacies
Total Income		 1,785
85,865
87,650
53,200
1,408,481
1,461,681
15
4,606
4,621
-
70,489
70,489
55,000
1,569,441
1,624,441		 85,278
396,530
12,269
-
494,077

3 Support Costs

2022-2023

Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds
£		 2021-2022
Total
Funds
£
Audit Fee
Finance and Administrative
Total Support Costs		 8,520
-
8,520
25,117
10,038
35,155
33,637
10,038
43,675		 7,800
28,011
35,811

Details on the method of allocation and apportionment of costs between restricted and unrestricted funds are available at Note 1i).

Remuneration paid to auditors in respect of non-audit services in 2022-2023 was nil (2021-2022: nil).

20

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

NOTES TO THE FINANCIAL STATEMENTS

4 Allocation of Support Costs

Details on the method of allocation and apportionment of support costs between activities are available at Note 1i).

a) Expenditure by Activity

Grant
Staff and
Trustee
Giving
£
Costs
£
Other
£		 Allocation
£		 Total
£
For the Year Ended 31 March 2023
Raising Funds
Charitable Activity
Support Costs
Total Expenditure		 -
15,634
-
1,669,111
-
-
-
20,677
22,998
1,669,111
36,311
22,998
Grant
Staff and
Trustee
Giving
£
Costs
£
Other
£		 405
43,270
(43,675)		 16,039
1,712,381
-
1,728,420
Total
£
-
Allocation
£
For the Year Ended 31 March 2022
Raising Funds
Charitable Activity
Support Costs
Total Expenditure		 -
14,346
-
525,220
-
-
-
27,152
8,659
525,220
41,498
8,659		 952
34,859
(35,811)		 15,298
560,079
-
575,377
-

b) Support Costs by Activity

Governance
£
Finance
£
Total
£
For the Year Ended 31 March 2023
Raising Funds
Charitable Activities
Total Support Costs		 79
326
405
8,441
34,829
43,270
8,520
35,155
43,675
Governance
£
Finance
£
Total
£
For the Year Ended 31 March 2022
Raising Funds
Charitable Activities
Total Support Costs		 207
745
952
7,593
27,266
34,859
7,800
28,011
35,811

21

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

NOTES TO THE FINANCIAL STATEMENTS

5 Trustees' Remuneration

None of the trustees received any remuneration or any other benefits by any group or other entity during the period in respect of The Historic England Foundation.

One trustee had £54 of travel expenses reimbursed by the charity during the financial year.

6 Employee Benefits

The charity did not directly employ any staff during the accounting period. This means that no disclosure of staff receiving benefits of more than £60,000 is required. All staff engaged on charity business have a contract of employment with Historic England. The costs of these staff are included with overheads in the management charge from Historic England.

7 Intangible Asset

A full year of amortisation is provided in the year of acquisition and none in the year of disposal.

Total
£
Cost at 1 April 2022
Additions
At 31 March 2023
Amortisation at 1 April 2022
Charged in year
Amortisation at 31 March 2023
Carrying amount at 31 March 2023		 -
54,877
54,877
-
13,719
13,719
41,158

8 Summary of Current Assets and Liabilities

2022-2023
Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds
£		 2021-2022
Total Funds
£
Current Assets
Current Liabilities
Net Current Assets		 78,600
227,073
305,673
(99,764)
-
(99,764)
(21,164)
227,073
205,909		 358,846
(7,800)
351,046

22

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

NOTES TO THE FINANCIAL STATEMENTS

9 Debtors

2022-2023

Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds
£		 2021-2022
Total
Funds
£
Accrued Income
Total Debtors		 53,200
74,877
128,077
53,200
74,877
128,077		 52,000
52,000

10 Cash at Bank and in Hand

2022-2023

Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds
£		 2021-2022
Total
Funds
£
Cash at Bank 25,400
152,196
177,596		 306,846

11 Creditors: Amounts Falling Due Within One Year

2022-2023
Unrestricted
Funds
£
Restricted
Funds
£
Total
Funds
£		 2021-2022
Total
Funds
£
Accrued Expenditure
Total Creditors		 99,764
-
99,764
99,764
-
99,764		 7,800
7,800

23

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

NOTES TO THE FINANCIAL STATEMENTS

12 Reconciliation of Movement in Funds

At 1
April
2022
Incoming
Resources
Outgoing
Resources
Transfers
Between
Funds
At 31
March
2023
£
£
£
£
£
Restricted Funds
Apprenticeships
Archive
Heritage Building Skills
Heritage Construction
Historic England
Rejuvenate
Shrewsbury Flaxmill Maltings
Skills and Education
Website
Total Restricted Funds
Unrestricted Funds
General Fund
Total Unrestricted Funds
Total Funds
125,579
-
(99,101)
-
26,478
-
70,489
(602)
-
69,887
1,376
1,334,477
(1,339,662)
3,809
-
7,600
-
-
-
7,600
9,792
-
-
-
9,792
24,698
5,000
(31,401)
1,703
-
162,222
84,598
(208,383)
-
38,437
-
20,000
-
-
20,000
-
54,877
-
(54,877)
-
331,267
1,569,441
(1,679,149)
(49,365)
172,194

19,779
55,000
(49,271)
49,365
74,873
19,779
55,000
(49,271)
49,365
74,873
351,046
1,624,441
(1,728,420)
-
247,067

The purposes and restrictions of the material individual funds are described below. Outgoing resources above include both grants and support costs charged to restricted funds.

Apprenticeships

This fund is for The Historic England Foundation to pioneer the new heritage apprenticeship standards for the sector, setting best practice for recruitment and training and creating a new, more accessible entry route into the heritage workforce for a much more diverse talent pool of young people. This will enable us to help address critical skills shortages, working in partnership with a wide range of organisations to make the heritage sector more inclusive and sustainable long term.

A grant of £98,900 was made to Historic England during 2022-23 from this fund.

Archive

In 2022-23 a legacy of £70,489 was received from C.J. Neaverson to support the work of the Historic England Archive.

Heritage Building Skills

In 2022-23 grants totalling £1,334,477 were received from The Hamish Ogston Foundation to be used to fund an in-work training and apprenticeships programme that will help to ensure that the trade and craft skills needed to repair and maintain historic buildings are passed onto future generations.

Grants totalling £1,334,477 were made to Historic England during 2022-23 from the grant received from The Hamish Ogston Foundation.

A grant of £3,780 was also paid to Historic England to fund a summer school at Wentworth Woodhouse.

24

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

NOTES TO THE FINANCIAL STATEMENTS

Rejuvenate

In 2022-23 a grant of £5,000 was received from the Edward Vinson 1957 Charitable Settlement restricted to researching the most effective ways to improve the lives of vulnerable young people with a particular view to increasing wellbeing through enhancing life opportunities, including to prevent involvement with the criminal justice system and to respond to the challenges of being in the criminal justice system, and reduce re-offending.

A grant of £31,000 was made to Historic England during 2022-23 from this fund.

Shrewsbury Flaxmill Maltings

In 2022-23 a grant of £11,127 from Pilgrim Trust, a grant of £3,000 from L G Harris Trust and donations of £65,865 along with Gift Aid on donations of £4,606 received in the year are restricted to work undertaken at Shrewsbury Flaxmill Maltings

Grants of £200,954 were awarded to Historic England in year in relation to Shrewsbury Flaxmill Maltings.

Skills and Education

In 2022-23 a grant of £20,000 from Lord Leverhulme’s Charitable Trust was recognised restricted to training in traditional skills.

Website

A grant of £54,877 was received from Historic England in 2022-23 for the development of The Historic England Foundation website.

These funds were transferred to unrestricted funds to purchase the website.

13 Related Party Transactions

Historic England is the sole member of the charity and is regarded as a related party. Grants of £1,669,111 were given to Historic England. Historic England invoiced the charity in respect of shared services of £36,310 and website build costs of £54,877 which were both unpaid at the end of the financial year. Historic England also provided capacity building grant funding to The Historic England Foundation of £108,077 which was unpaid at the end of the financial year. £52,000 of capacity building grant funding was paid related to the last financial year.

During the year, the charity had the following related party transactions which require disclosure:

No other trustees or other related parties have undertaken any material related party transactions with the charity during the year.

25

THE HISTORIC ENGLAND FOUNDATION

Charity Number: 1178368 Company Number: 10564101

NOTES TO THE FINANCIAL STATEMENTS

14 Controlling Parties

The parent entity and ultimate controlling party of The Historic England Foundation is Historic England (Historic Buildings and Monuments Commission for England) which is the public body that helps people care for, enjoy and celebrate England's spectacular historic environment which they achieve by:

Historic England as sole member of the charity and under the charity’s articles of association has the power to appoint and remove trustees.

Copies of the consolidated accounts are available to the public and may be obtained from www.historicengland.org.uk.

15 Events after the Reporting Period

There were no events after the reporting period to be declared in these accounts. The accounts were authorised for issue on the date the Independent Auditor’s Report was signed.

26