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2025-12-31-accounts

The Attingham Trust for the Study of Historic Houses and Collections in Britain

Annual report and accounts

31 December 2025

Charity Registration Number: 1210957

Contents

Reports

Reports
Reference and administrative details of
the charity, its patrons, trustees
and advisers 1
Report of the trustees 4
Independent auditor’s report 10
Accounts
Statement of financial activities 15
Comparative statement of financial
activities 16
Balance sheet 17
Statement of cash flows 18
Principal accounting policies 19
Notes to the accounts 23

The Attingham Trust for the Study of Historic Houses and Collections in Britain

Reference and administrative details of the charity, its patrons, trustees, and advisers

Patrons H M Ambassador to Washington
The Duke of Buccleuch & Queensberry KT,
GCVO, KBE, DL, FSA, FRSE, FRSGS
Dr Thomas P Campbell
Professor Sir David Cannadine FBA, FRSL, FSA
Sir Timothy Clifford
The Lord Crathorne KCVO, KSTJ, FRSA, FSA
The Marquess of Cholmondeley KCVO, DL
The Duke of Devonshire KCVO, CBE, DL
Judith Goodison FSA
The Marquis of Lansdowne LVO, DL
Rosemary Lomax-Simpson
Sir Jonathan Marsden KCVO, FSA
Sir Hugh Roberts GCVO, FSA
The Rt. Hon. the Lord Swire KCMG, PC
Honorary President Sir John Lewis OBE
Trustees Timothy Cooke OBE
Wolf Burchard
Sir Robert Hildyard
Dounia Nadar
Adrian Sassoon
Council Members Dr Adriano Aymonino
Dr Ben Cowell OBE, FSA, RSA
Helen Dorey MBE, FSA
Dr Jane Eade FSA
Dr Rupert Goulding FSA
Tim Knox CVO, FSA
Rebecca Lyons FSA
Sarah Medlam
James Rothwell FSA
Annabel Westman MBE, FSA
Executive Director Dr Helen Jacobsen FSA
Treasurer Ewa Manias FCCA

The Attingham Trust for the Study of Historic Houses and Collections in Britain 1

Reference and administrative details of the charity, its patrons, trustees, and advisers

Course Directors and
Coordinators
The Attingham Summer School David Adshead FSA (Co-director)
Tessa Wild FSA (Co-director)
Sabrina Silva (Co-ordinator)
Royal Collection Studies Dr Helen Jacobsen FSA (Director)
Beatrice Goddard (Co-ordinator)
The Attingham Study Programme – Helen Jacobsen FSA (Co-director)
From Granada to Madrid Annabel Westman MBE, FSA (Co-director)
Cristina Alfonsin Barriero (Co-ordinator)
Short Course – New Perspectives Elizabeth Jamieson (Director)
in Country House Studies Rita Grudzień (Co-ordinator)
The London House Course David Adshead FSA (Director)
Sabrina Silva (Co-ordinator)
Short Course – The Historic House Elizabeth Jamieson (Director)
in Ireland Rita Grudzień (Co-ordinator)
Postal address 70 Cowcross Street
London
EC1M 6EJ
Charity registration number 1210957
Auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL

The Attingham Trust for the Study of Historic Houses and Collections in Britain 2

Reference and administrative details of the charity, its patrons, trustees, and advisers

Bankers HSBC Bank plc
56 Queen Square
Cardiff
CF10 2PX
CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Unity Trust Bank
Four Brindleyplace
Birmingham
B1 2JB
Investment managers BlackRock Investment Management (UK) Limited
12 Throgmorton Avenue
London
EC2V 2DL
M & G Securities Limited
M & G House
Victoria Road
Chelmsford
CM1 1FB
Rathbones Group plc
8 Finsbury Circus
London
EC2M 7AZ
W1M Investment Management Limited
16 Babmaes Street
London
SW1Y 6AH
Solicitors Eversheds LLP
Senator House
85 Queen Victoria Street
London
EC4V 4JL

The Attingham Trust for the Study of Historic Houses and Collections in Britain 3

Report of the trustees Year to 31 December 2025

The trustees present their report together with the accounts of The Attingham Trust for the Study of Historic Houses and Collections in Britain (known as “The Attingham Trust” (the Trust)) for the year to 31 December 2025.

The accounts have been prepared in accordance with the accounting policies set out on pages 19 to 22 of the attached accounts and comply with the Trust’s governing document, applicable laws and 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 United Kingdom and Republic of Ireland (FRS 102).

Introduction

With effect from midnight on 1 January 2025, the activities, assets and liabilities of The Attingham Trust for the Study of Country Houses and Collections in Britain (Registered Charity Number: 262819) (the Charitable Trust) were transferred to The Attingham Trust for the Study of Historic Houses and Collections in Britain (Registered Charity Number: 1210957) (the CIO or Trust) in accordance with a legal transfer of undertaking deed. Although the previous charity is a separate legal entity to the CIO, these financial statements have been prepared under merger accounting in accordance with paragraphs 27.12 - 27.13 of the Charities SORP FRS 102 in recognition that the new legal entity is continuing with the charitable purposes of the previously entity. As such, the results of the Charitable Trust for the year to 31 December 2024 form the comparative period for the purpose of these financial statements.

The Attingham Trust is a Charitable Incorporated Organisation (CIO) governed by a Constitution and registered with the Charity Commission on 15 November 2024. The CIO remained dormant from 15 November 2024 until the transfer of the activities, assets and liabilities from the Charitable Trust at midnight on 1 January 2025, therefore the activities of the CIO for the year represent the year from 1 January 2025 to 31 December 2025 in these financial statements.

The charitable objectives of the Trust are as follows:

The Attingham Trust for the Study of Historic Houses and Collections in Britain 4

Report of the trustees Year to 31 December 2025

Activities, specific objectives, and relevant policies

♦ General

The charity runs a programme of intensive residential and non-residential study courses which provides those who work in the heritage sector the ability to engage with houses, palaces, gardens and collections through focused, on-site study.

Applications for the courses are competitive. Participants include museum curators, architectural historians, conservators, historic house professionals and owners, art market professionals and academics from around the world. The Attingham scholarship programme continues as an integral element of the courses offered by the charity.

♦ Public benefit

In setting the charity’s objectives and planning its activities, the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.

♦ Investment policy

The Trust’s investment policy is to provide a sufficient total return, in a relatively predictable manner, in order to fund the approximate level of expenditure envisaged by the trustees in accordance with the objectives laid out in the Rules.

A regular review of the investments takes place to ensure that the portfolio provides a spread of risk and balance between equity and fixed interest investments. The various types of investment in the portfolio are compared to benchmarks as agreed between the trustees and their advisers.

The charity’s investments experienced net gains during the year to 31 December 2025 of £476,414 (2024: net gains of £141,491). The trustees are satisfied that their investment policy remains appropriate for the long term, but they will continue to monitor the investments on an ongoing basis during 2026 due to the continuing impact of economic and political uncertainties on investment markets.

Achievements and performance

2025 was a busy year for Attingham. Unusually, the Trust ran six courses, welcoming 151 participants from Asia, USA, Australia, Europe and the UK. The Attingham Summer School was based in Sussex, the Midlands and Northamptonshire, allowing for exploration of neighbouring counties. 40 participants visited 26 properties over 16 days and benefited from the input of more than 80 lecturers, tutors and property staff. Royal Collection Studies attracted 30 heritage professionals from four continents and visited both inhabited and uninhabited royal palaces to study the architecture and collections. The London House Course, a non-residential course designed to gain an understanding of the chronological development of the London house, comprised a week of close-up study, contextualising lectures and walking tours. A short course, New Perspectives in Country House Studies, comprised visits to seven Yorkshire houses, discussions, lectures and on-site seminars exploring some of the newer and emerging aspects of historic house studies. The 2025 Study Programme was based in Granada and Madrid, and traced the development of Spanish architecture, interiors and decorative arts with emphasis on connections to Britain. Finally, an extra course was laid on for those who had missed part of the 2022 Study Programme due to Covid. Held in the Republic of Ireland, it included visits to 11 properties in and around Cork

The Attingham Trust for the Study of Historic Houses and Collections in Britain 5

Report of the trustees Year to 31 December 2025

and West Waterford. The Trust is grateful to all the owners, custodians and experts who generously contributed to the courses and to the members who shared their knowledge and insights.

In addition to the 2025 courses, a programme of alumni visits, exhibition tours and events, including the annual lecture and reunion of the Attingham Society, were arranged to provide ongoing studying and networking opportunities for all alumni. These included gatherings in London, the Netherlands, Paris, Sydney and Melbourne, as well as the regular activities of the American Friends of Attingham in the USA.

As the international and UK economies continue to pose challenges for charitable organisations, the Trust is aware of the need to grow its financial resources in order to guarantee the future stability of Attingham and its scholarship model. In 2025, as in previous years, the trustees were extremely grateful for the generosity of regular donors and welcomed new ones into the Attingham family; in particular, the Oliver Ford Foundation. The Trust itself continued to award scholarships in line with its charitable remit, details of which can be found in the notes to the accounts. Additionally, an endowment appeal was launched in March 2025 to provide a scholarship in the name of Dame Rosalind Savill, which has raised nearly £300,000 for future scholarships. The trustees would like to thank all those who have contributed so generously.

Financial review

Results for the period

A summary of the results for the year is given on page 15 of the attached accounts.

Total income for the year amounted to £973,388 (2024: £638,396). Expenditure during the year totalled £628,659 (2024: £562,860). Net income before investment gains, therefore, was £344,729 (2024: £75,536). The net income and net increase in funds, after accounting for net investment gains of £476,414 was £821,143 (2024: net income and net increase in funds, after accounting for net investment gains of £141,491 was £217,027).

Reserves policy and financial position

Reserves policy

Within unrestricted reserves the Trust holds designated funds for the specific purpose of generating income towards annual scholarships. The total of these designated funds amounts to £2,946,298 (2024: £2,497,470). Trustees consider that the General Fund of £250,000 as sufficient free reserves which exceed a minimum of three to six months of unrestricted charitable expenditure. Trustees continue to keep the Trust’s reserves policy under review and to seek income generating opportunities as they arise.

Financial position

The balance sheet at 31 December 2025 shows total funds of £4,590,579 (2024: £3,769,436) representing investments of £4,273,202 (2024: £3,536,314) and net current assets of £315,839 (2024: £232,670).

The Attingham Trust for the Study of Historic Houses and Collections in Britain 6

Report of the trustees Year to 31 December 2025

Total funds include endowed funds of £504,434 (2024: £185,009) being monies received from The Monument Trust to fund a Summer School scholarship in memory of Simon Sainsbury, monies received for the Sansovino Fund and monies received for the Dame Rosalind Savill Fund to fund scholarships in the future. The purpose of the funds and an analysis of their movements are set out in note 14 to the accounts.

Funds totalling £888,309 (2024: £836,505) are restricted. These comprise the John Cornforth Memorial Fund, the Peter and Wilhelmina Minet Scholarship Fund, The Monument Trust Fund, the J. Paul Getty Junior Charitable Trust Fund, the Simon Sainsbury Fund, the Sir Geoffrey de Bellaigue Scholar Fund, the Basil Samuel Charitable Trust Fund, the Caroline Rimell Fund, the Giles Waterfield Memorial Fund, the Leche Trust Scholarship Fund, the 70th Anniversary Scholarship Fund, the Attingham Scholarship Fund, the Oliver Ford Foundation Scholarship Fund, the Radcliffe Trust Scholarship Fund, the Drue Heinz Charitable Trust Fund, the Dame Rosalind Fund and other funds. The purpose of the funds and an analysis of their movements are set out in note 15 to the accounts.

Also included in total funds is an amount of £2,946,298 (2024: £2,497,470) which has been designated, or set aside, by the trustees for specific purposes as described in note 16 to the accounts.

General funds of the charity at 31 December 2025 total £250,000 (2024: £250,000). The trustees consider this level of general funds is adequate.

Future plans

Far from diminishing, the demand for professional study and debate on historic houses and collections appears to be as strong as ever, and the Attingham mix of close-up, contextual study with discussions around interpretation, engagement and social and global histories is continuing to fill a demand from institutions around the world. Importantly, the courses have furthered understanding and cooperation in the heritage sector globally and the professional network engendered by the Trust’s work leads to collaborative ventures such as exhibitions, research projects, conferences and publications. It is the Trust’s intention to continue to facilitate these interactions and to develop alumni opportunities.

Governance, structure, and management

Governance

The Attingham Trust is a Charitable Incorporated Organisation (CIO) governed by a Constitution and registered with the Charity Commission on 15 November 2024.

Trustees

Trustees are appointed in accordance with the Rules and in accordance with agreed policy guidelines.

The Attingham Trust for the Study of Historic Houses and Collections in Britain 7

Report of the trustees Year to 31 December 2025

The trustees who served during the period and up to the date of approval of these financial statements were as follows. All trustees were appointed on incorporation of the CIO and served as trustees of the predecessor Charitable Trust, other than as detailed below:

Name
Timothy Cooke OBE (Chairman)
Diana Berry Resigned 10 December 2025
Dr Wolf Burchard
Sir Robert Hildyard
Dounia Nadar Appointed 29 May 2025
Adrian Sassoon

Trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the charity and of its income and expenditure for that period. In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the Rules. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

Key management personnel

The day-to-day management of the charity is handled by the Executive Director, the Treasurer and the Trust Manager. The Executive Director and Treasurer report directly to the Chairman on a regular basis and they comprise the key management of the charity in charge of directing and controlling, running, and operating the charity.

The Attingham Trust for the Study of Historic Houses and Collections in Britain 8

Report of the trustees Year to 31 December 2025

The trustees receive no remuneration for their work as trustees. The Executive Director, the Treasurer and the Trust Manager are employed by the charity.

The course directors, course coordinators and visiting lecturers are remunerated for services provided under a contract for services. The fees paid to them are based on normal commercial terms.

Risk management

The trustees have assessed the major risks to which the charity is exposed and those relating to the specific operational areas of the charity, its investments and its finances. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

The charity’s principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets and the related volatility caused by worldwide events. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees review the investment managers’ performance on a regular basis.

Raising funds

The charity aims to achieve best practice in the way in which it communicates with donors and other supporters. It takes care with both the tone of its communication and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react and to investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the period, the charity received no complaints about its fundraising activities.

Approved by the trustees and signed on their behalf by:

Timothy Cook OBE

Trustee

Date of approval: 5 May 2026

The Attingham Trust for the Study of Historic Houses and Collections in Britain 9

Independent auditor’s report Year to 31 December 2025

Independent auditor’s report to the trustees of The Attingham Trust for the Study of Historic Houses and Collections in Britain

Opinion

We have audited the accounts of The Attingham Trust for the Study of Historic Houses and Collections in Britain (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies, and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

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

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

The Attingham Trust for the Study of Historic Houses and Collections in Britain 10

Independent auditor’s report Year to 31 December 2025

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 8 and page 9 the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

The Attingham Trust for the Study of Historic Houses and Collections in Britain 11

Independent auditor’s report Year to 31 December 2025

Auditor’s responsibilities for the audit of the accounts

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

The Attingham Trust for the Study of Historic Houses and Collections in Britain 12

Independent auditor’s report Year to 31 December 2025

Auditor’s responsibilities for the audit of the accounts (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

The Attingham Trust for the Study of Historic Houses and Collections in Britain 13

Independent auditor’s report Year to 31 December 2025

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL

7 May 2026

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

The Attingham Trust for the Study of Historic Houses and Collections in Britain 14

Statement of financial activities Year to 31 December 2025

Notes Un-
restricted
funds
£		 Restricted
funds
£		 Endowment
funds
£		 2025
Total
£		 2024
Total
£
Income from:
Donations
1
Investments and interest receivable
2
Charitable activities
. Course fees
3
. Short course fees
Other miscellaneous sources
Total income
Expenditure on:
Raising funds
. Investment manager fees
Charitable activities
. Courses to study selected historic
houses and collections
4
. Short course expenditure
. Attingham Society
Total expenditure
Net income (expenditure) for the year
before net investment gains
Net investment gains
11
Net income
7
Transfer between funds
Net movement in funds
7
Reconciliation of funds:
Fund balances brought forward at
1 January 2025
Fund balances carried forward at
31 December 2025		 9,203
62,396
432,457
—
8,146		 144,063
30,531
—
—
—		 286,592
—
—
—
—		 439,858
92,927
432,457
—
8,146		 169,885
60,641
397,742
8,658
1,470
512,202 174,594 286,592 973,388 638,396
900
623,811
—
3,948		 —
—
—
—		 —
—
—
—		 900
623,811
—
3,948		 356
556,053
4,308
2,143
628,659 — — 628,659 562,860
(116,457)
443,581		 174,594
—		 286,592
32,833		 344,729
476,414		 75,536
141,491
327,124
122,790		 174,594
(122,790)		 319,425
—		 821,143
—		 217,027
—
449,914
2,747,922		 51,804
836,505		 319,425
185,009		 821,143
3,769,436		 217,027
3,552,409
3,197,836 888,309 504,434 4,590,579 3,769,436

As described in the Trustees report, this CIO was newly established to continue the activities of its predecessor Charitable Trust, with assets and activities being transferred with effect from midnight on 1 January 2025.

Merger accounting has been applied in these financial statements in accordance with paragraphs 27.12 - 27.13 of the Charities SORP FRS 102 in recognition that the new legal entity is continuing with the charitable purposes and serving the same beneficiaries of the previous entity. Consequently, the comparative figures presented above and in these financial statements relate solely to the Charitable Trust for the year ended 31 December 2024 as the CIO was dormant during that period. The results for the year ended 31 December 2025 relate solely to the CIO as the Charitable Trust was dormant during this period.

Comparative information split by fund for the year to 31 December 2024 is provided on the next page.

All recognised gains and losses are included in the statement of financial activities above.

The Attingham Trust for the Study of Historic Houses and Collections in Britain 15

Comparative statement of financial activities Year to 31 December 2024

Notes Un-
restricted
funds
£
Restricted
funds
£		 Endowment
funds
£
2024
Total
£
Income from:
Donations
1
Investments and interest receivable
2
Charitable activities
. Course fees
3
. Short course fees
Other miscellaneous sources
Total income
Expenditure on:
Raising funds
. Investment manager fees
Charitable activities
. Courses to study selected historic
houses and collections
4
. Short course expenditure
. Attingham Society
Total expenditure
Net income (expenditure) for the year
before net investment gains (losses)
Net investment gains (losses)
11
Net income (expenditure)
7
Transfer between funds
Net movement in funds
7
Reconciliation of funds:
Fund balances brought forward at
1 January 2024
Fund balances carried forward at
31 December 2024		 5,640
40,050
397,742
8,658
1,470
164,245

20,591

—

—

—		 —
—
—
—
—		 169,885
60,641
397,742
8,658
1,470
453,560
184,836		 — 638,396
356
556,053
4,308
2,143
—

—

—

—		 —
—
—
—		 356
556,053
4,308
2,143
562,860
—		 — 562,860
(109,300)
141,767
184,836

—		 —
(276)		 75,536
141,491
32,467
79,200
184,836

(79,200)		 (276)
—		 217,027
—
111,667
2,636,255
105,636

730,869		 (276)
185,285		 217,027
3,552,409
2,747,922
836,505		 185,009 3,769,436

The Attingham Trust for the Study of Historic Houses and Collections in Britain 16

Balance sheet 31 December 2025

Notes 2025
£		 2025
£		 2024
£		 2024
£
Fixed assets
Investments
11
Tangible fixed assets
Current assets
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
13
Net current assets
Total net assets
The funds of the charity:
Funds and reserves
Capital funds
Endowment funds
14
Income funds
Restricted funds
15
Unrestricted funds:
. Designated funds
16
. Tangible fixed asset fund
. General fund		 93,137
280,090		 4,273,202
1,538		 47,957
240,085		 3,536,314
452
4,274,740
315,839		 3,536,766
232,670
373,227
(57,388)		 288,042
(55,372)
4,590,579 3,769,436
504,434
888,309
2,946,298
1,538
250,000		 185,009
836,505
2,497,470
452
250,000
4,590,579 3,769,436

Approved by the trustees and signed on their behalf by:

Timothy Cook OBE Trustee Approved on: 5 May 2026

The Attingham Trust for the Study of Historic Houses and Collections in Britain 17

Statement of cash flows Year to 31 December 2025

A. Notes
2025
Total
£		 2024
Total
£
Cash flows from operating activities:
Net cash (used in) provided by operating activities
A
Cash flows from investing activities:
Investment income and interest received
Purchase of tangible fixed assets
Purchase of Investments

Proceeds from sale of investments
Net cash used in investing activities
Cash flows from financing activities:
Receipt of endowment
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2025
Cash and cash equivalents at 31 December 2025
B

**(57,377) **		 78,955


72,863
(1,599)
(3,619,291)
3,376,747		 60,641
—
(199,786)
439
**(171,280) ** (138,706)


286,592		 —
286,592 —

57,935

240,384
 (59,751)
300,135

298,319		 240,384
activities
B. 2025
Total
£		 2024
Total
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation
Gains on investments
Investment income and interest receivable
Receipt of endowment
Decrease (increase) in debtors
Increase in creditors
Net cash(used in) provided by operating activities		 821,143
513
(476,414)
(92,927)
(286,592)
(25,116)
2,016		 217,027
151
(141,491)
(60,641)
—
47,591
16,318
(57,377) 78,955
Analysis of cash and cash equivalents 2025
£		 2024
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 280,090
18,229		 240,085
299
298,319 240,384

No separate statement of changes in net debt has been prepared as there is no difference between the movements in cash and cash equivalents and movement in net cash (debt).

Included within cash at bank and in hand is cash of £41,024 (2024: £nil) which forms part of the endowment funds and is therefore not available for immediate application to the charitable activities.

The Attingham Trust for the Study of Historic Houses and Collections in Britain 18

Principal accounting policies Year to 31 December 2025

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year ended 31 December 2025 with comparative information provided in respect to the year ended 31 December 2024.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

The accounts are presented in sterling and are rounded to the nearest pound.

Merger accounting

The assets, liabilities and activities of the Charitable Trust were transferred to the new incorporated entity on 1 January 2025. Merger accounting has been applied in these financial statements in accordance with paragraphs 27. 12 - 27. 13 of the Charities SORP FRS102 in recognition that the new legal entity is continuing with the charitable purposes and beneficiaries of the previous entity. Consequently, the comparative figures presented in these financial statements relate to the legacy charity for the year ended 31 December 2024.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees and management to make significant judgements and estimates.

The key area in the accounts where such judgements and estimates have been made is in respect to the apportionment of support costs between charitable activities.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

With regard to the next accounting period, the year ending 31 December 2026, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).

The Attingham Trust for the Study of Historic Houses and Collections in Britain 19

Principal accounting policies Year to 31 December 2025

The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably, and it is probable that the income will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the provider of the income has specified that the income is to be expended in a future accounting year.

Income comprises donations, investment income, interest receivable, course fees and related income, and miscellaneous income.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity, and it is probable that those conditions will be fulfilled in the reporting period.

In accordance with the Charities SORP FRS 102 volunteer time is not recognised.

Investment income is recognised once the dividend or equivalent has been declared and notification has been received of the amount due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Fee income is recognised when the charity is entitled to receipt – usually at the date on which the relevant course commences. Course fees and related income includes fees payable by those attending courses together with scholarships received in respect to specific courses. Fees and related income include contributions received from restricted funds for scholarships, which are awarded at the discretion of the Trust.

Other miscellaneous income is measured at fair value and accounted for on an accruals basis.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

The Attingham Trust for the Study of Historic Houses and Collections in Britain 20

Principal accounting policies Year to 31 December 2025

All expenditure is stated inclusive of irrecoverable VAT.

Support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial procedures, provision of office services and equipment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

All expenditure on support and governance is attributed directly to the charitable activities of running the courses to study selected historic houses and collections and the Attingham Society. Any apportionment of such costs to the provision of donations is considered negligible.

Tangible fixed assets

All assets costing more than £500 and with an expected useful life exceeding one year are capitalised.

Depreciation is provided on a straight-line basis on assets held at the end of the year at the following annual rates in order to write off each asset over its estimated useful life:

Computer equipment 25%

All tangible fixed assets relate to computer equipment.

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives, or other complex financial instruments.

As noted above, the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of

The Attingham Trust for the Study of Historic Houses and Collections in Britain 21

Principal accounting policies Year to 31 December 2025

financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund structure

The general fund comprises those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees. The designated funds are monies set aside and designated for specific purposes by the trustees.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor-imposed conditions.

Endowment funds comprise monies which must be held as capital. Permanent endowment funds must be permanently retained by the Trustees and cannot normally be spent as if they were income. Where the Trustees have a power of discretion to convert endowed capital into income, the fund is known as an expendable endowment. The income generated from the funds may be applied towards specific or general purposes as appropriate.

Foreign currencies

Assets and liabilities are translated at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds.

Pensions

The charity offers its employees membership of a defined contribution pension scheme administered by the National Employment Savings Trust (NEST). Contributions to the scheme are debited to the statement of financial activities in the year in which they are payable to the scheme. The assets of the scheme are held by an independent corporate trustee, whose activities are governed by the National Employment Savings Trust Order 2010, made by the Secretary of State in exercise of powers confirmed under the Pensions Act 2008.

The Attingham Trust for the Study of Historic Houses and Collections in Britain 22

Notes to the accounts Year ended 31 December 2025

1 Income from: Donations

Income from: Donations
Donations Unrestricted
funds
£


Restricted
funds
£		 Endowment
funds
£		 2025
Total
£
9,203
144,063		 286,592 439,858
9,203
144,063		 286,592 439,858
Donations Unrestricted
funds
£


Restricted
funds
£		 Endowment
funds
£		 2024
Total
£
5,640
164,245		 — 169,885
5,640
164,245		 — 169,885

2 Income from: Investments and interest receivable

Unrestricted
funds
£
54,441
7,955
62,396		 Restricted
funds
£
30,263
268
30,531
Endowment
funds
£
2025
Total
£
Income from listed investments
Bank interest		 —
—
84,704

8,223
—
92,927
Unrestricted
funds
£
32,890
7,160
40,050		 Restricted
funds
£
20,591
—
20,591
Endowment
funds
£
2024
Total
£
Income from listed investments
Bank interest		 —
—		 53,481
7,160
— 60,641

3 Income from: Course fees

Income from: Course fees
2025
£
212,671
83,925
139,686
24,563
51,822
42,580
555,247
(122,790)
432,457		 2024
£
Summer School
Study Programme
Royal Collection Studies
London House Programme
Short Course – New Perspectives in Country House Studies
Short Course – The Historic House in Ireland
Scholarships awarded (note 15)
Total funds		 209,528
64,435
138,060
—
64,919
—
476,942
(79,200)
397,742

The Attingham Trust for the Study of Historic Houses and Collections in Britain 23

Notes to the accounts Year ended 31 December 2025

4 Expenditure on: Courses to study selected historic houses and collections

Unrestricted funds Unrestricted funds
2025
Total
£		 2024
Total
£
9,425
102,261
228,706
29,736
22,377
6,322
21,269
420,096
135,957
556,053
Direct Costs
Lecturers’ fees and expenses
Officers’ fees and expenses
Accommodation and meals
Transport
Entrance charges
Marketing, printing, postage, telephone and stationery
Miscellaneous expenses
Support costs (note 5)		 13,368
128,727
250,972
31,332
42,463
5,231
15,275
487,368
136,443
623,811

The direct costs relating to each of the courses were as follows:

Summer
School
£		 Study
Programme
£		 Royal
Collection
Studies
£


London
House
Course
£
Short
Course –
New
Perspecti
ves
£		 Short
Course –
Ireland
£		 Total
2025
£
Lecturers’ fees and
expenses
Officers’ fees and
expenses
Accommodation and
meals
Transport
Entrance charges
Marketing, printing,
postage, telephone and
stationery
Miscellaneous expenses		 7,441
41,877
102,327
11,969
18,885
2,293
**4,049 **
854

26,458

38,119

4,042

6,222

791

2,292		 1,315
19,774
78,312
7,628
1,984
1,282
5,081
2,510

12,042

2,381

1,000

4,428

109

**818 **
1,248

15,272

17,359

2,830

4,022

427

1,877		 —
13,304
12,474
3,863
6,922
329
1,158		 13,368
128,727
250,972

31,332

42,463
5,231

15,275
**188,841 **
78,778		 115,376
**23,288 **
43,035
38,050
487,368
Summer
School
£
Study
Programme
£
Royal
Collection
Studies
£
Short
Course
£
5,899
1,784
1,162
580
42,902
20,442
21,583
17,334
99,382
22,877
77,243
29,204
12,585
6,155
7,731
3,265
14,446
4,831
2,512
588
2,936
1,031
1,545
810
4,667
1,530
12,486
2,586
182,817
58,650
124,262
_54,367 _

Total
2024
£
Lecturers’ fees and expenses
Officers’ fees and expenses
Accommodation and meals
Transport
Entrance charges
Marketing, printing, postage, telephone and
stationery
Miscellaneous expenses
9,425
102,261
228,706

29,736

22,377

6,322

21,269
420,096

The Attingham Trust for the Study of Historic Houses and Collections in Britain 24

Notes to the accounts Year ended 31 December 2025

5 Support costs

The support costs and the basis of their allocation were as follows:

Course
expenditure
**£ **
Attingham
Society
£
Total
2025
£		 Basis of
apportionment
Publicity, publications, website
development and maintenance
Printing, postage, books,
stationery, and office supplies
Fees (including staff costs)
Depreciation
Bank charges
Other support costs
Governance costs (note 6)		 3,475
1,261
101,164
1,020
618
10,778
**18,127 **
22

8

640

6

4

68

115
3,497

1,269

101,804

1,026

622

10,846

18,242		 Pro rata expenditure.
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
**136,443 **
863
137,306
Course
expenditure
_£ _
Attingham
Society
£
Total
2024
£		 Basis of
apportionment
Publicity, publications, website
development and maintenance
Printing, postage, books,
stationery, and office supplies
Fees (including staff costs)
Depreciation
Bank charges
Other support costs
Governance costs (note 6)		 5,100
871
88,074
150
782
19,115
_21,865 _
20

3

339

1

3

74

84
5,120

874

88,413

151

785

19,189

21,949		 Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
_135,957 _
524
136,481

6 Governance costs

Governance costs
2025
£		 2024
£
Professional fees
Annual report and meeting expenses
Total funds		 14,212
4,030		 20,652
1,297
18,242 21,949

7 Net income and net movement in funds

This is stated after charging (crediting):

2025
Total
£
85,803
1,026
12,000
2,121		 2024
Total
£
Staff costs (note 8)
Depreciation
Auditor’s remuneration (including VAT)
. Statutory audit fees
.. Current period
.. Previousperiod		 76,490
151
9,400
(1,108)

The Attingham Trust for the Study of Historic Houses and Collections in Britain 25

Notes to the accounts Year ended 31 December 2025

8 Staff costs and key management personnel

Staff costs and key management personnel
2025
Total
£		 2024
Total
£
Wages and salaries
National insurance
Pension contribution		 83,307
1,463
1,033		 73,718
1,690
1,082
85,803 76,490

The charity employed 3 members of part-time staff during the period (2024: four members of part time staff).

No employees earned £60,000 or more during the period (2024: none).

The day-to-day management of the charity is handled by the Executive Director, the Treasurer and the Trust Manager. The Executive Director and Treasurer report directly to the Chairman on a regular basis and they comprise the key management of the charity in charge of directing and controlling, running, and operating the charity. The total amount of employee benefits (including taxable benefits and employer’s pension contributions and national insurance contributions) received by key management personnel for their services to the charity was £68,007 (2024: £65,787).

9 Trustees and related party transactions

No trustees received any remuneration for their services as trustees during the year (2024: none). £167 total expenses were reimbursed to one trustee during the year to 31 December 2025 (2024: £743 to one trustee).

Donations totalling £28,700 were received from four trustees (2024: £9,605 from four trustees). In the year to 31 December 2025, £28,500 (2024: £nil) of this was for the Dame Rosalind Savill Endowment Fund (2024: £nil).

Donations totalling £5,000 (2024: £nil) were received from The Cassone Trust, of which Diana Berry is a trustee. This donation was for scholarships for Royal Collection Studies.

£1,000 (2024: £nil) was received from the spouse of a trustee for the Dame Rosalind Savill Endowment Fund.

£1,035 (2024: £1,035) was paid to Flintham Hall as part of the Summer School course of which one trustee is a member of the board.

During the year to 31 December 2024, £100,000 was received from the Drue Heinz Charitable Trust towards scholarships for 10 years from 2025 onwards. Sir Robert Hildyard's wife is a trustee of Drue Heinz Charitable Trust.

There were no other related party transactions during the year to 31 December 2025 (2024: none).

The Attingham Trust for the Study of Historic Houses and Collections in Britain 26

Notes to the accounts Year ended 31 December 2025

10 Taxation

The Trust is a registered charity and, therefore, is not liable to income tax or capital gains tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

11 Investments

Investments
2025
£		 2024
£
Listed investments
Fair (market) value at 1 January 2025
Additions
Disposals (see below)
Unrealised gains on revaluation
Fair (market) value at 31 December 2025
Cash held by investment managers
Cost of listed investments at 31 December 2025
3,536,015
3,619,291
(3,157,306)
256,973		 3,195,177

199,786

(445)
141,497
4,254,973
18,229
3,536,015

299
4,273,202
3,536,314
4,007,616 1,664,326

Disposals at book value included above are made up of the following:

2025
£		 2024
£
Proceeds
(Gains) losses
Disposals at openingbook value		 3,376,747
**(219,441) **		 439
6
3,157,306 445

Listed investments held at 31 December 2025 comprised:

Market
value
£		 Percentage
of
portfolio
%
90.29
9.71
UK common investment funds
. Waverton Charity Growth and Income Fund
. Rathbones Unit Trust Management		 3,841,993
412,980

12 Debtors

Debtors
2025
£		 2024
£
Prepayments for courses
Other prepayments
Accrued investment income
Other accrued income
Other debtors		 57,648
—
20,064
15,425
—		 43,901
4,036
—
—
20
93,137 47,957

The Attingham Trust for the Study of Historic Houses and Collections in Britain 27

Notes to the accounts Year ended 31 December 2025

13 Creditors: amounts falling due within one period

Creditors: amounts falling due within one period
2025
£		 2024
£
Accruals and deferred income
Expense and sundry creditors
Deferred income at 1 January 2025
Released during the year
Resources deferred in the year
Deferred Income at 31 December 2025		 50,040
7,348		 49,993
5,379
57,388 55,372
11,198
(11,198)
398		 —
—
11,198
398 11,198

14 Endowment funds

Endowment funds
At 1
January
2025
£		 Income
£		 Investment
gains
£		 At 31
December
2025
£
Permanent endowments
The Simon Sainsbury Endowment Fund
The Sansovino Fund
Expendable endowments
The Dame Rosalind Savill Endowment
Fund		 155,515
29,494		 —
—		 16,605
3,006		 172,120
32,500
185,009
—		 —
286,592		 19,611
13,222		 204,620
299,814
185,009 286,592 32,833 504,434
At 1
January
2024
£		 Income
£		 Investment
losses
£		 At 31
December
2024
£
The Simon Sainsbury Endowment Fund
The Sansovino Fund		 155,628
29,657		 —
—		 (113)
(163)		 155,515
29,494
185,285 — (276) 185,009

The Attingham Trust for the Study of Historic Houses and Collections in Britain 28

Notes to the accounts Year ended 31 December 2025

15 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and legacies held on trust to be applied for specific purposes:

purposes:
At 1
January
2025
£



Income
£

Transfers
£		 At 31
December
2025
£
John Cornforth Memorial Fund
Peter and Wilhelmina Minet Scholarship Fund
The Monument Trust Fund
J Paul Getty Junior Charitable Trust Fund
Simon Sainsbury Fund
The Sir Geoffrey de Bellaigue Scholar Fund
The Basil Samuel Charitable Trust Fund
The Caroline Rimell Fund
The Giles Waterfield Memorial Fund
The Leche Trust
The 70thAnniversary Scholarship Fund
Attingham Scholarship Fund
Oliver Ford Foundation
Radcliffe Trust
Drue Heinz Charitable Trust
Dame Rosalind SavillFund
Other funds		 97,914
89,625
275,374
18,513
89,875
8,383
64
2,710
80,441
1,110
3,026
17,353
—
9,688
100,000
—
42,429
2,242

2,052

6,304

424

11,254

6,442

1

62

1,842

10,025

69

8,587

79,650

222

2,289

2,185

40,944
(4,000)

(3,500)

(18,650)

(4,650)

(4,300)

(4,000)

-

(2,500)

(4,650)

(4,000)

(2,550)

(13,498)

(4,650)

(2,650)

(10,000)

—

(39,192)		 96,156
88,177
263,028
14,287
96,829
10,825
65
272
77,633
7,135
545
12,442
75,000
7,260
92,289
2,185
44,181
836,505
174,594
(122,790)		 888,309
At 1
January
2024
£



Income
£

Transfers
£		 At 31
December
2024
£
John Cornforth Memorial Fund
Peter and Wilhelmina Minet Scholarship Fund
The Monument Trust Fund
J Paul Getty Junior Charitable Trust Fund
Simon Sainsbury Fund
The Sir Geoffrey de Bellaigue Scholar Fund
The Basil Samuel Charitable Trust Fund
The Caroline Rimell Fund
The Giles Waterfield Memorial Fund
The Leche Trust
The 70th Anniversary Scholarship Fund
Attingham Scholarship Fund
Oliver Ford Foundation
Radcliffe Trust
Albert Dawson Education Trust
Drue Heinz Charitable Trust
Other funds		 97,009
88,345
274,399
19,727
82,968
10,826
63
2,671
80,771
5,037
2,983
14,596
—
13,000
—
—
38,474
1,405

1,280

3,975

286

11,207

157

1

39

1,170

73

43

6,657

4,600

188

9,600

100,000

44,155
(500)

—

(3,000)

(1,500)

(4,300)

(2,600)

—

—

(1,500)

(4,000)

—

(3,900)

(4,600)

(3,500)

(9,600)

—

(40,200)		 97,914
89,625
275,374
18,513
89,875
8,383
64
2,710
80,441
1,110
3,026
17,353
—
9,688
—
100,000
42,429
730,869
184,836
(79,200)		 836,505

Transfers between funds are largely represented by scholarships awarded (note 3). Details in relation to each fund are shown below.

The fund includes monies received to be used to provide scholarships for those attending courses organised by the charity, in particular the Summer School courses. £4,000 in scholarships was paid during the year (2024: £500).

The Attingham Trust for the Study of Historic Houses and Collections in Britain 29

Notes to the accounts Year ended 31 December 2025

The Attingham Trust for the Study of Historic Houses and Collections in Britain 30

Notes to the accounts Year ended 31 December 2025

This fund is to be used to provide scholarships for those attending courses organised by the charity. One £5,000 scholarship was awarded in the memory of the late Dame Rosalind Savill, celebrating her 50-year association with the Attingham Trust. £13,498 in scholarships were paid during the year (2024: £3,900).

These funds include monies received to be used to provide scholarships for those attending courses organised by the charity and for meeting specific expenses. £39,192 in scholarships was paid during the year (2024: £40,200).

The Attingham Trust for the Study of Historic Houses and Collections in Britain 31

Notes to the accounts Year ended 31 December 2025

16 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1
January
2025
£
 New
designations
£


Utilised or
released
£		 At 31
December
2025
£
32,819
2,822,807
13,292
77,380
2,946,298
At 31
December
2024
£
28,738
2,378,060
13,292
77,380
2,497,470
Attingham Society Fund
General reserve
Director training
The Giles Waterfield Memorial Fund		 28,738
2,378,060
13,292
77,380		 7,424
504,778
—
—		 (3,343)
(60,031)
—
—
2,497,470 512,202 (63,374)
At 1
January
2024
£		 New
designations
£


Utilised or
released
£
Attingham Society Fund
General reserve
Director training
The Giles Waterfield Memorial Fund		 24,330
2,270,650
13,292
77,380		 6,549
447,011
—
—		 (2,141)
(339,601)
—
—
2,385,652 453,560 (341,742)

The Attingham Society Fund represents monies generated by the Society in support of the activities of the charity. £3,343 was used in relation to delegate fees this year (2024: £2,141).

♦ General reserve

The general reserve represents monies invested or held by the charity with the aim of producing income to fund scholarships for those attending courses in future years.

♦ Director training The director training fund represents money donated by The Swire Trust and has been designated for training purposes.

♦ The Giles Waterfield Memorial Fund. This fund comprises funds set aside by the trustees in memory of Giles Waterfield and is to be used to finance scholarships in future years.

The Attingham Trust for the Study of Historic Houses and Collections in Britain 32

Notes to the accounts Year ended 31 December 2025

17 Analysis of net assets between funds

General
fund
£


Designated
funds
£		 Tangible
fixed asset
fund
£		 Restricted
funds
£		 Restricted
funds
£		 Endowment
fund
£		 Endowment
fund
£


Total funds
31
December
2025
£
Investments
Tangible fixed assets
Net current assets		 66,296
—
183,704
2,855,187

—

91,111		 —
1,538
—		 888,309
—
—		 463,410
—
41,024
4,273,202

1,538

315,839
250,000
2,946,298		 1,538 888,309 504,434
4,590,579
General
fund
£


Designated
funds
£		 Tangible
fixed asset
fund
£		 Restricted
funds
£		 Endowment
fund
£


Total funds
31 December
2024
£
Investments
Tangible fixed assets
Net current assets		 66,296
—
183,704
2,448,504

—

48,966		 —
452
—		 836,505
—
—		 185,009
—
—
3,536,314

452

232,670
250,000
2,497,470		 452 836,505 185,009
3,769,436
2025
£		 2024
£
1,871,689
1,730,191
1
141,497
1,871,689
247,357
1,871,689
(1,881,305)
256,973
247,357

18 Member’s liability

If the CIO is wound up, the member of the CIO has no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

The Attingham Trust for the Study of Historic Houses and Collections in Britain 33