**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:
- ♦ To examine the architectural and social history of historic houses and collections and their gardens and landscape setting.
- ♦ To study the contents of these houses - their paintings, sculpture, furniture, ceramics, silver, textiles, and other applied arts, as well as the planning and decorative treatment of the interiors.
- ♦ To stimulate discussion on challenges relating to interpretation, conservation and presentation of the historic house and its contents.
- ♦ To create lasting national and international links for those working in the heritage field.
- ♦ To provide scholarship assistance for those who wish to engage in the foregoing.
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:
- ♦ select suitable accounting policies and then apply them consistently;
- ♦ observe the methods and principles of 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);
- ♦ make judgements and estimates that are reasonable and prudent;
- ♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- ♦ prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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:
- ♦ give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its income and expenditure for the period then ended;
- ♦ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- ♦ have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- ♦ the information given in the trustees’ report is inconsistent in any material respect with the accounts; or
- ♦ sufficient accounting records have not been kept; or
- ♦ the accounts are not in agreement with the accounting records; or
- ♦ we have not received all the information and explanations we require for our audit.
## **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:
- ♦ The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- ♦ We identified the laws and regulations applicable to the charity through discussions with Treasurer and from our knowledge and experience of the charity sector;
- ♦ We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); and
- ♦ We assessed the extent of compliance with the laws and regulations identified above through making enquiries of the Treasurer and those charged with governance and review of minutes of trustees’ meetings.
We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:
- ♦ Making enquiries of the Treasurer and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- ♦ Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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:
- ♦ Performed analytical procedures to identify any unusual or unexpected relationships;
- ♦ Tested and reviewed journal entries to identify unusual transactions;
- ♦ Tested the authorisation of expenditure;
- ♦ Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- ♦ Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- ♦ Agreeing accounts disclosures to underlying supporting documentation;
- ♦ Reading the minutes of meetings of trustees; and
- ♦ Enquiring of as to actual and potential litigation and claims.
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
- ♦ Course expenditure – the costs associated with running the charity’s programme of intensive, residential, and non-residential courses which provide attendees with a chance to study selected historic houses and collections; and
- ♦ Attingham Society – the costs associated with the Attingham Society.
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 Simon Sainsbury Endowment Fund comprises monies donated by The Monument Trust to be held in order to generate income to fund a scholarship for the Summer School in memory of Simon Sainsbury. The fund must be retained indefinitely.
- ♦ The Sansovino Fund comprises monies to be held in order to generate income to fund scholarships for those attending courses organised by the charity. The fund must be retained indefinitely.
- ♦ The Dame Rosalind Savill Endowment Fund comprises monies donated by various individuals, trusts and foundations in memory of Dame Rosalind Savill. Any income produced by the fund, or any increases in capital value of the fund, are to be used at the discretion of the Trustees to fund scholarships for the Summer School or Royal Collection Studies in Dame Rosalind’s name, to be awarded to anyone working or studying in the field of the decorative arts.
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.
- ♦ John Cornforth Memorial Fund
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
- ♦ Peter and Wilhelmina Minet Scholarship Fund The fund includes monies received to be used to provide scholarships for those attending courses organised by the charity, in particular the Summer School and Study Programme. £3,500 in scholarships were paid during the year (2024: £nil).
- ♦ The Monument Trust Fund This fund comprises the final donation from the Monument Trust received in 2016, to be used over a period of at least ten years. It is to be used to provide scholarships for those attending courses organised by the charity. £18,650 in scholarships was paid during the year (2024: £3,000).
- ♦ J Paul Getty Junior Charitable Trust Fund This fund is to be used to provide scholarships for those attending courses organised by the charity. £4,650 in scholarships were paid during the year (2024: £1,500).
- ♦ Simon Sainsbury Fund
- This is represented by funds generated by the Simon Sainsbury Endowment Fund to be used to provide scholarships for the Summer School. £4,300 in scholarships were paid during the year (2024: £4,300).
- ♦ The Sir Geoffrey de Bellaigue Scholar Fund This fund is to be used to provide scholarships for those attending the Royal Collection Studies course or the French Eighteenth-Century Studies course organised by the charity. £4,000 in scholarships were paid during the year (2024: £2,600).
- ♦ The Basil Samuel Charitable Trust Fund This fund is to be used to provide scholarships for those attending courses organised by the charity. No scholarships were paid during the year (2024: £nil).
- ♦ The Caroline Rimell Fund The donation to this fund was received in December 2015 and is to be used to provide scholarships for those attending the Study Programme. £2,500 in scholarships was paid during the year (2024: £nil).
- ♦ The Giles Waterfield Memorial Fund This fund comprises monies raised in memory of Giles Waterfield and is to be used to finance scholarships in future years. £4,650 in scholarships were paid during the year (2024: £1,500).
- ♦ The Leche Trust Fund
- This fund is to be used to provide scholarships for those attending courses organised by the charity. £4,000 in scholarships were paid during the year (2024: £4,000).
The Attingham Trust for the Study of Historic Houses and Collections in Britain **30**
## **Notes to the accounts** Year ended 31 December 2025
- ♦ The 70[th] Anniversary Scholarship Fund In the year to 31 December 2021, the charity received a donation towards the costs of a 70[th] Anniversary party in March 2022. The surplus from this event and specific donations in 2022 will provide 70[th] Anniversary Scholarships for courses in 2023. Any remaining funds will be used to increase scholarship funds in future years. £2,550 in scholarships were paid during the year (2024: £nil).
- ♦ Attingham Scholarship Fund
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).
- ♦ Oliver Ford Foundation This fund is to be used to provide scholarships for those attending Royal Collection Studies courses organised by the charity. £4,650 in scholarships were paid during the year (2024: £4,600).
- ♦ Radcliffe Trust This fund is to be used to provide scholarships for those attending courses organised by the charity. £2,650 scholarships were paid during the year (2024: £3,500).
- ♦ Albert Dawson Educational Trust This fund comprised monies to be used to provide scholarships for those attending the arts and crafts study programme organised by the charity. No scholarships were paid during the year (2024: £9,600).
- ♦ Drue Heinz Charitable Trust This fund comprises monies to be used to provide scholarships for programmes organised by the charity. £10,000 scholarships were paid during the year (2024: £nil).
- ♦ Dame Rosalind Savill Fund This fund comprises monies raised in memory of Dame Rosalind Savill and comprises monies to be used to provide scholarships for programmes organised by the charity.
- ♦ Other funds
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)_||
- ♦ Attingham Society Fund
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**