Charity no. 209934 

## **The Georgian Group Report and Audited Financial Statements 31 December 2025** 



## **The Georgian Group** 

## **Reference and administrative details** 

**For the year ended 31 December 2025** 

**Charity number** 209934 **Principal address** 6 Fitzroy Square London W1T 5DX 

The trustees and governing body who served during the year and up to the date of this report were as follows: 

|**Patron**|His Majesty, King Charles III||
|---|---|---|
|**Vice-Patron**|The Right Rev and Right Hon Lord Chartres||
|**President**|The Duchess of Argyll||
|**Chairman**|Paul Zisman||
|**Trustees**|Paul Zisman|Chairman|
||Patrick Newberry|Vice Chairman and Treasurer|
||Harriet Wennberg|Vice Chairman|
||Kate Bellamy||
||George Carter||
||Mark Hammond||
||Edward Holland||
||Valerie Humphrey||
||William Palin||
||Karen Phull|(appointed 10 July 2025)|
||Martin Randall||
||Caroline Stanford||
||Colin Thom||
||Duncan Wilson|(co-opted)|
|**Advisory Council**|Sophie Andreae||
||Clive Aslet||
||Lord Beith||
||Marcus Binney||
||The Duke of Buccleuch and|Queensberry|
||Lord Crathorne||
||Dan Cruickshank||
||Martin Drury||
||Michael Hoare||
||Baroness Rawlings||
|**Chief executive**|David Adshead|(until 31 March 2025)|
|**officer**|Anya Lucas|(from 1 April 2025)|



1 



## **The Georgian Group** 

## **Reference and administrative details** 

## **For the year ended 31 December 2025** 

**Bankers** C Hoare & Co 37 Fleet Street London EC4P 4DQ **Investment advisors** Cazenove Capital Schroder & Co Limited 1 London Wall Place London EC2Y 5AU **Auditors** Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD 

2 



## **The Georgian Group** 

## **Report of the Chairman of the Trustees** 

## **For the year ended 31 December 2025** 

The Georgian Group (The Group) fulfils its charitable objective to promote and protect our Georgian heritage through three principal activities; casework, the promotion of interest in Georgian buildings and heritage, and our work as a learned society. 

## **Casework** 

We are a statutory consultee in the planning systems in England and Wales, advising local authorities on listed building applications affecting fabric dating from between 1700 and 1840. During 2025 we received 6,379 consultations, an increase of 94% over the 3,286 consultations we received in 2019. 

Our casework is ever more important because of the continuing loss of historic buildings expertise in local authority planning teams, the relentless pressure on economic growth and the lack of focus of Historic England on Grade II listed buildings. 

The long running and complex question of what best to do with Clandon Park, Surrey, devastated by fire ten years ago, continues to preoccupy us. In January 2025, the Group objected to the National Trust’s proposals for Clandon Park, Surrey, a scheme affecting a fire-damaged Grade I listed building by Giacomo Leoni on which we had had extensive pre-application involvement. 

Our request to the Secretary of State to call the applications in was unsuccessful and, having taken legal advice, the Group decided to make an application to the High Court for a Judicial Review of Guildford Borough Council’s decision. 

We continue to believe that if the Clandon consents – predicated on the notion of a ‘post-fire significance’ - are not quashed this will set a dangerous precedent with far-reaching negative consequences for designated heritage assets. The Judicial Review therefore concerns an extremely important general principle - as well as an important listed building. 

More detail on the Clandon case and our other 2025 casework is given in the Trustees’ Report. 

## **Promotion of interest in Georgian buildings and heritage** 

During the year we held a full programme of both in person and online lectures, and organised visits. The Young Georgians ran their own events which included a popular and successful costume ball. 

As usual, a highlight of our year was the 2025 Georgian Group Architectural Awards, generously sponsored by Savills and with Dr John Goodall, Architectural Editor of Country Life, as the Chair of the judging panel. Once again, we were able to recognise and salute exemplary restoration and conservation projects, and the vision and commitment of those who bring them to fruition. 

More detail on the award winners is given in the Trustees’ Report. 

## **Our work as a learned society** 

The Georgian Group Journal, the most cited academic publication in its field, and the annual Symposium are important to the academic community and to all who wish to learn more about our period. 

Geoffrey Tyack, who has edited our Journal with such care and authority as a scholar for eighteen years, will step down with the publication of the 2026 volume, XXXIV. During his tenure he has also convened many of our symposia. We are enormously grateful for his contribution over these years. He is to be succeeded by Professor Frank Salmon, Director of the Centre for the Study of Classical Architecture at Cambridge University. 

3 



## **The Georgian Group** 

## **Report of the Chairman of the Trustees** 

## **For the year ended 31 December 2025** 

## **Finances** 

As in previous years, despite the statutory nature of the casework that we undertake, Government grants meet only 25% of the cost of casework. In 2025 the Group, as a statutory consultee, has had to cover £153,400 of unfunded core casework costs. Without this deficit, we would not have incurred a net loss of £25,465 (before taking into account movements in the value of our investments). 

## **Trustees and staff** 

On 31 March, David Adshead retired as Director, and was succeeded by Anya Lucas. 

David joined the Group in 2018 after a career as Head Curator and Architectural Historian at the National Trust. He led the Group’s efforts to save the London Custom House from harmful conversion proposals, a case the organisation fought and won at public inquiry in 2022. In addition to strengthening the Group’s casework capacity, he oversaw a series of successful educational initiatives such as the Wren300 festival. David leaves with the huge gratitude of all the Trustees and staff, and with the Georgian Group in a strong position. 

Anya Lucas was appointed Director from 1 April, having previously been the Group’s South West Conservation Adviser. Anya has had a 20-year career working in heritage and corporate communications in both the public and private sectors. She has significant experience of campaigning on issues related to the built environment and historic buildings. Anya holds a PhD in architectural history from the Courtauld Institute and her research on British architecture of the long eighteenth century has been published in both mainstream and academic books and articles. 

During the year Karen Phull joined as a Trustee. Karen is a Partner at Farrer & Co, solicitors, and leads the firm’s Planning and Environment practice. In 2026 Duncan Wilson was co-opted to the Board. 

We are all full of admiration for the impact that David and Anya and their team of eight staff achieved in 2025, leading the debate on many of the most important heritage issues of today, protecting, advocating and celebrating our Georgian heritage. 

I would like to record the Group’s thanks to all those who have supported our work in 2025. Our thanks go to the National Lottery Heritage Fund whose generous grant awarded in July made Vanbrugh300 possible in 2026; to the Paul Mellon Centre for Studies in British Art which has supported Vanbrugh300, and the six partner houses collaborating on this exciting festival. I would also like to offer our sincere thanks to the generous patrons and legators who made financial gifts in 2025 to help us achieve our charitable objectives. As ever, grants from Historic England and Cadw are critical to our ability to deliver high quality conservation advice across England and Wales, and we thank both organisations for their continued support. 

I would like to thank our President, The Duchess of Argyll, my fellow Trustees, our previous Director, David Adshead, our new Director, Anya Lucas, and all of our staff for their unflagging support for The Georgian Group. 

Paul Zisman Chairman 

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## **The Georgian Group** 

## **Report of the Trustees** 

## **For the year ended 31 December 2025** 

The trustees present their report and the financial statements for the year ended 31 December 2025. 

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with current statutory requirements, the Charity's governing document, and the Statement of Recommended Practice "Accounting and Reporting by Charities" effective from January 2019. 

The official name of the Charity is The Georgian Group. The Charity was founded in 1937 with a Charities Commission registration date of 22 September 1962; charity number 209934. The principal office of the Charity is situated at no 6 Fitzroy Square, London W1T 5DX. 

## **Structure, governance and management** 

The Group is an unincorporated association founded in 1937 and is governed by a charitable constitution dated 9 July 1947 as amended July 1960, April 1982, June 1994 and February 2017. 

The affairs of The Group are managed by the Executive Board of trustees. Trustees, nominated by members, are elected at the Annual General Meeting and serve for a period of three years, and for a maximum of three terms, renewable by re-election always provided that the members retiring shall retain their office until the termination of that Annual General Meeting. When considering the nominations of new trustees, the Executive Board of Trustees has regard to the requirement for specialist skills to benefit the activities of The Group. 

New trustees are advised of their legal obligations under charity and company law, the Charity Commission guidance on public benefit, the content of the Constitution, the committee and decisionmaking processes and recent financial performance of the Charity. 

The Director of The Group is appointed by the Executive Board of Trustees and manages The Group on a day-to-day basis, reporting to the Chairman, the Treasurer and other trustees as appropriate. 

The Director was supported by eight staff members and a small team of volunteers, including an Honorary Archivist. The trustees are extremely grateful to these supporters who assist in the charitable work carried out by The Group. 

Remuneration of key management personnel is set by reference to market benchmarks whilst taking into consideration individual skills and experience. 

The Group has a wholly-owned trading subsidiary, Georgian Enterprises & Trading Limited (GETL), established in 2007 as a private limited company with registered number 06458515, whose principal activity has been the provision of location hire agency services. This activity has ceased and the company is now dormant. 

As activities in subsidiary companies have ceased, the accounts are no longer presented as group accounts but on a single entity basis. 

5 



## **The Georgian Group** 

## **Report of the Trustees** 

## **For the year ended 31 December 2025** 

## **Risk management** 

The Group’s risk management framework is developed through discussion and review of risks the Group faces undertaken both by the Executive Board of Trustees and the Staff & Finance subcommittee. It includes the establishment of systems and procedures to mitigate the risks identified, and the implementation of procedures designed to minimise any potential impact on The Group should those risks materialise. The Trustees regularly review risks that the Group faces and ensure that appropriate mitigations are in place. 

The principal risks and uncertainties facing the charity are: statutory consultee governmental review, lack of related funding, new planning laws, loss of key personnel, reduced trading income (room hire/rental) due to inflationary pressures and volatile investment market. 

## **Public benefit** 

The trustees have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission. 

## **Objectives and activities** 

The work of The Georgian Group is informed by two charitable objectives: 

- (1) to save from destruction or disfigurement Georgian buildings, whether individually or as part of a group, monuments, parks and gardens of architectural and historic interest and, where necessary, encourage their appropriate repair or restoration and the protection and improvement of their setting; and 

- (2) to stimulate public knowledge and appreciation of Georgian architecture and town planning; of Georgian taste as displayed in the applied arts, design and craftsmanship, and its influence on later periods. 

The main way in which The Group delivers public benefit is through the provision of free expert conservation advice to the public by means of the planning and faculty process and through educational activities and publications. This statutory role in the planning system is both a charitable objective and legal purpose in itself. The trustees have regard to the delivery of The Group’s public benefit through all of its activities, either in the delivery of that benefit or in raising funds with which to deliver that benefit. 

The Executive Board of Trustees met six times in the year. The two main sub-committees, Staff and Finance and Casework, met regularly throughout the year with other ad-hoc meetings about Education and Publications, and Membership and Fundraising meeting on need. 

The Annual General Meeting was held in person on 10 July 2025. 

## **Introduction** 

The Georgian Group had a successful and productive year in 2025 promoting and protecting Britain’s Georgian heritage through an active programme of visits and lectures, the publication of its magazine and Journal, grant-giving, the annual architectural awards scheme, and through very extensive casework across England and Wales. 

6 



## **The Georgian Group** 

## **Report of the Trustees** 

## **For the year ended 31 December 2025** 

Key moments included the announcement in July of the Group’s first-ever National Lottery Heritage Fund grant (for the delivery of Vanbrugh300) and a successful application to the High Court for a Judicial Review of consents in respect of the Clandon Park case. Following the retirement of David Adshead FSA on 27 March 2025, Dr Anya Lucas FSA became Director on 1 April 2025. Karen Phull was elected as a new member of the Board of Trustees at the Annual General Meeting in July. The year also saw the appointment of Professor Frank Salmon as the new Editor of the Group’s peerreview Journal in succession to Dr Geoffrey Tyack, who will retire following publication of the 2026 volume. 

## **Achievements and performance** 

## **Vanbrugh300** 

Beyond our statutory casework, our wider charitable purpose encompasses promoting understanding and enjoyment of the architecture of period through educational activities. In July 2025 we were therefore delighted to secure a six-figure grant (our first) from the National Lottery Heritage Fund (NLHF) to present a Vanbrugh300 festival. The festival is being delivered in 2026 with the help of six partner houses: Castle Howard (Yorkshire), Blenheim Palace (Oxfordshire), Seaton Delaval Hall (Northumberland), Grimsthorpe Castle (Lincolnshire), Kimbolton Castle (Cambridgeshire) and Stowe House (Buckinghamshire) - all of which demonstrate Vanbrugh’s ability to exploit the emotional and dramatic possibilities of architecture. 

Work began immediately after this announcement on the many components of the festival including the commissioning of a visual identity and website (www.Vanbrugh300.co.uk), development of a schools’ programme, and curation of a series of festival events and talks. This work was overseen by a Steering Group chaired by our Director. Vanbrugh was a flamboyant figure who blazed a trail through the Augustan England conquering first the London stage and then the world of architecture and country house design via imprisonment in the Bastille for suspected spying, travel to India, military service, membership of the Kit Kat Club and a role as Clarenceux Herald in the College of Arms. In the first few months of planning (summer and autumn 2025) it became evident that public engagement with Vanbrugh300 would equal and surpass that of WREN300 in 2023. 

This NLHF grant of £193,000, the first installment of which was received in 2025, has given the festival significant geographical spread, enabled us to involve buildings in different types of ownership, and ensured we are able to place accessibility and outreach at the heart of activities. At each site the festival comprises exhibitions, schools’ programmes, adult and community activities, lectures, volunteer training, and much more. Impact has surpassed all expectations as at March 2026: 20,000 unique visitors to the website, national newspaper coverage, sold-out events, and good take-up on schools’ visits. This is an indicator of a wider than anticipated audience interested in architectural heritage. 

Alongside the NLHF-funded Vanbrugh300 activity, in summer 2025 our new Director arranged a partnership with the Centre for the Study of Classical Architecture at the University of Cambridge and devised and oversaw a Call for Papers for a major interdisciplinary Symposium on Vanbrugh to be held on 27 March 2026. Sixteen speakers across numerous disciplines were confirmed to deliver papers at this event (which had sold out by November 2025). Separate funding from the Paul Mellon Centre for Studies in British Art was secured to provide free student places at the event. Plans were also made for a Service of Commemoration and monument unveiling for Vanbrugh at St Stephen Walbrook church in the City of London. 

7 



## **The Georgian Group** 

## **Report of the Trustees** 

## **For the year ended 31 December 2025** 

## **Clandon Park - Judicial review** 

In January 2025, the Group objected to the National Trust’s proposals for Clandon Park, Surrey, a scheme affecting a highly significant fire-damaged Grade I listed building by Giacomo Leoni on which we had had extensive pre-application involvement. Our incoming Director spoke against the proposals at the Guildford Borough Council Planning Committee hearing on 6 March, but Councillors voted unanimously to approve them. The Group considered this scheme profoundly harmful to a building of international significance and dangerous in terms of the heritage protection precedent set by consents issued on the basis of the building’s ‘post-fire significance’. 

Our request to the Secretary of State to call the applications in was unsuccessful and, on 11 November, consents were issued by Guildford Borough Council. Having taken legal advice, the Group’s Trustees and Director decided to make an application to the High Court for a Judicial Review of Guildford Borough Council’s decision. This claim was submitted – along with an extensive Statement of Facts and Grounds – on 23 December. The High Court gave consent for this Judicial Review early in 2026, with the Group made a sole claimant for a substantive hearing between 16 and 18 June 2026. 

## **Casework overview** 

In 2025, the Group’s Conservation Advisers dealt with 6,379 relevant consultations during the year ending the 31 December 2025, some 385 more than in the previous year. Advisers continued to contact non-notifying local planning authorities, reminding them of their legal requirement to notify The Georgian Group in respect of works of demolition of listed buildings with fabric dating from the period 1700-1840. Around 30% of all English local planning authorities still fail to notify us as the law requires, although in Wales relatively few local authorities fail to consult. 

The year saw the departure of Dr Anya Lucas as our Conservation Adviser for South West England upon her promotion to the role of Director, and the appointment of Catherine Armstrong to Anya’s former position. Rosie Burton was also appointed as part time Conservation Adviser for Wales. Our Welsh Adviser’s working hours have been extended to allow for a greater number of site visits to be made, and to allow time for greater engagement with other heritage bodies, with employment for an additional two days a month being agreed by Trustees. 

Edward Waller and Dr Thomas Whitfield were promoted as Senior Conservation Advisers with new responsibilities for training and outreach in addition to their present roles as Conservation Advisers for South East England/London and the North of England respectively. James Darwin continued as Head of Casework and Conservation Adviser for the Midlands and East Anglia. 

Two Trustees were confirmed as full members of the Casework Committee: Edward Holland and Dr. Caroline Stanford. Both had previously contributed on a less formal basis as observers. Mark Hammond DArch RIAS RIBA AABC remains the Committee’s Chair. 

A total of 662 detailed written responses were made during the year, and 130 site visits were undertaken. The largest number of notifications received came from the City of Westminster, parts of Hampshire, Kent, Hertfordshire, North Yorkshire, Somerset, Southern Lincolnshire, and Northamptonshire. Among those authorities persuaded to consult regularly for the first time in a considerable period were Camden, The Royal Borough of Greenwich, and Wychavon in Worcestershire. 

8 



## **The Georgian Group** 

## **Report of the Trustees** 

## **For the year ended 31 December 2025** 

A wide variety of cases, both in type and scale, has been tackled during the year including those for improvements to visitor entrance facilities at Smirke’s British Museum and for the conversion of his Grade I listed Custom House in the City of London to a hotel (the scheme for the latter was consented in the autumn and was the result of extensive input from the Group). Within the City of London we continued to work with other heritage bodies to secure improvements to the proposals for the redevelopment of Liverpool Street Station which would have a significant detrimental impact on the setting of highly-graded City churches. 

We continued to press for improvements to proposals to convert the grade II* Hackwood House in Hampshire into a hotel and to various schemes to convert country houses into apartments, including George Stephenson’s former home, the grade II* Tapton House in Derbyshire and The Biggin in West Yorkshire, a grade II* seventeenth century mansion with significant alterations by James Paine. In Northumberland, our Senior Conservation Adviser secured improvements to proposals to bring back into use as holiday apartments the long derelict grade II* Barmoor Castle, a gothick mansion of 1801 incorporating significant medieval fabric. 

Two major losses were recorded with both Robert Adam’s grade I Woolton Hall, Liverpool and the early Medlock Mill, Manchester being destroyed by fire during attempts by the Group to secure their sensitive reuse. Our Director gave national media interviews in the wake of both fires and we made every effort to draw both press and sector/stakeholder attention to these tragic cases and to the wider issues of fire damage to listed buildings and (lack of) enforcement. 

Proposals for the conversion of large urban dwellings into houses of multiple occupation formed a major part of our workload with significant improvements being secured to schemes in Lincolnshire, Nottinghamshire and Norfolk. 

In 2025, the casework team also dealt with a large number of schemes under ecclesiastical exemption including major proposals in the Dioceses of Blackburn, Carlisle, Lichfield, Worcester, and London. The number of recorded cases affecting Grade I listed churches remains high as the Church of England pursues an Evangelical path, zealously re-ordering churches, regardless of their historic significance. Several schemes involved the proposed large-scale removal of eighteenth- and early nineteenth-century fittings of considerable importance including those for St Thomas Stourbridge (grade I) and St Ann Bewdley (grade II*). The Group continues to advise strongly against such alterations and had a notable success in securing improvements to proposals for the grade I St Modwen’s Church at Burton upon Trent. 

In Wales, we had notable successes including securing improvements to a scheme to restore and extend the grade II* Calcott Hall, and in our objections to a highly unsympathetic development within the setting of the grade II* Montgomery Town Hall, both of which are in Powys. 

In the second half of 2025, we were closely involved in amplifying marketing efforts for Norris Castle, a Grade I listed building at risk on the Isle of Wight and continued to liaise closely with Historic England and other interested parties on this case. In the prior year, we were instrumental in preventing a highly invasive and harmful conversion of the building and its registered landscape for hotel use. 

9 



## **The Georgian Group** 

## **Report of the Trustees** 

## **For the year ended 31 December 2025** 

## **Awards and grants** 

The Group’s 21st annual Architectural Awards, sponsored by Savills, and presented by Dr. John Goodall, Architectural Editor of _Country Life_ , were held on 4 November at the Honourable Society of the Inner Temple. Awards were made in eight categories. A wide variety of building types, spanning the length and breadth of the country were represented, with the work of the following practices winning an award: William Smalley RIBA, Thomas Ford and Partners, Caroe Architecture, Inskip Gee Architects, Francis Terry & Associates, Donald Insall Associates, ADAM Architecture, Giles Quarme Architects. National media coverage was secured in the _Daily Telegraph_ and _Country Life_ among other titles. Awarded projects such as Beckford’s Tower in Bath and St Stephen Walbrook in the City of London demonstrated once again that although Georgian heritage has its challenges, it also has its champions. 

The F.E. Cleary Heritage Fund is a charitable trust dedicated to the conservation of historic fabric dating to the Georgian era and administered by The Georgian Group. In 2025 we saw a notable increase in the number of applications for funding. This growing interest is testament to the enhanced guidance and support we are now pleased to provide to applicants, as well as the dedicated efforts of staff to raise awareness of the funding opportunities available. After an overwhelming number of applications of outstanding quality were received, we made the decision to double the total amount awarded to support five very worthy conservation projects (a total of £21,000). Among the successful applications, was that for essential repairs to the extraordinary Egyptian-style Gillow Mausoleum in Lancashire which was awarded £9,000. We are actively speaking to possible funding partners to be able to continue giving at this level in future years. 

## **Membership activities, events and publications** 

In 2025, the Group organised 14 visits and town walks for its members. A total of 15 in-person events were held at our headquarters in 6 Fitzroy Square including In Conversations, book signings, lectures and a live podcast recording as well as two preview events for Vanbrugh300 and a London Open House Festival event. In addition, 10 online lectures were given. 12 Young Georgian events were held, including a Summer Ball. A families and children’s event with Sir John Soane’s Museum took place in the autumn half-term. We also engaged in other forms of outreach including a presence at the three-day BSECS conference in January and an Open Doors session hosted at Fitzroy Square for the INTBAU World Congress in October. 

Volume XXXIII of _The Georgian Group Journal_ , co-edited by Dr Geoffrey Tyack and Dr Elizabeth Deans, contained 9 articles on the work of Sir Christopher Wren. These derived from papers presented at two Wren conferences that were held during Wren300 in 2023 (at the Universities of Oxford and Cambridge). The volume was a partnership with the Centre for the Study of Classical Architecture at the University of Cambridge. As noted above, a new Journal Editor, Professor Frank Salmon, was appointed to take over with the publication of the 2027 volume. 

Two issues of The Group’s magazine, The Georgian, were published, containing news, reports on casework, features, book reviews, coverage of the Architectural Awards, and grants given. An Architectural Awards publication issued in July celebrated 21 years of the Georgian Group Architectural Awards recognising outstanding achievements in the conservation, restoration, and adaptive reuse of Georgian buildings across England and Wales, showcasing projects which exemplify excellence in architectural heritage. 

10 



## **The Georgian Group** 

## **Report of the Trustees** 

## **For the year ended 31 December 2025** 

The Supporters Circle, a higher level of membership for patrons and major gifts, continued in its second year with our new Director curating a series of patrons’ events including private visits to Stowe in Buckinghamshire, and to two Somerset country houses (Marston House and Ston Easton House). We were pleased to welcome several new members to this Group and will continue to promote and steward this membership group for higher-level giving. 

Our AGM was held in July in a new venue: St Giles-in-the-Fields, Covent Garden and, for the first time, a keynote speech followed AGM business. Sir Simon Jenkins was the speaker. A new evening timing allowed a greater variety of members to attend. It is the intention to hold the AGM in inspiring new venues each year. The planning lawyer Karen Phull, a Partner at Farrer & Co, was elected as a new Trustee. The Annual Symposium in 2025 was on the subject of ‘Architecture and Literature 16601840’ (linked to the Jane Austen anniversary). It was held in May at Goodenough College, Mecklenburgh Square and the keynote was delivered by Katie Childs, CEO of Chawton. 

## **Future plans** 

In accordance with its governing constitution, The Group will continue to devote its resources to ‘protecting Georgian buildings, whether individually or as part of a group, from destruction or disfigurement, also monuments, parks and gardens of architectural and historic interest’; and, where appropriate, encourage and offer grant-aid towards their repair and conservation. Through its educational programme, the Group will stimulate public knowledge and appreciation of Georgian architecture, town planning and landscape design, of Georgian taste as displayed in the applied arts, design and craftsmanship, and its influence on later periods. 

Continued funding from Historic England and Cadw remains subject to government review. This funding is used to support casework, but in recent years the grants awarded, although most welcome, fall significantly short of the costs of fulfilling our duties as a statutory consultee in the planning system and The Group has had to continue to generate other revenue to provide this core statutory service as well as our charitable purposes. Trustees continue to support activities to generate income through the commercial hire of surplus space at 6 Fitzroy Square. The Group is continuing to develop its fundraising strategy to reinforce its financial resilience and underwrite its continuing ability to undertake its charitable purposes. Towards the end of 2025, following the resignation of our Membership and Fundraising Manager and in parallel with an externally-commissioned Fundraising Review, the Trustees and new Director took the opportunity to review our team structure and to begin the process of recruiting for a new post: Philanthropic Giving and Membership Manager. Supported by a Membership Administrator, this new post (for which recruitment began early in 2026) will make proactive sustained fundraising a possibility for the first time in several years. 

Detailed revised income and expenditure and cash flow forecasts are regularly undertaken to ensure that in the medium- and long-term the charity may continue its work according to changing circumstances. 

The Group will continue to provide free advice on planning applications affecting listed buildings of the period 1700 to 1840 and to those seeking to conserve or restore Georgian buildings. We remain committed to making site visits and providing extensive pre-application advice where our expertise is needed. The Group will continue to stimulate understanding of, and appreciation for, the Georgian period through its educational activities and publications; preparations in 2025 for Vanbrugh300 demonstrated our ability to plan and deliver major projects towards these important charitable objectives. 

11 



## **The Georgian Group** 

## **Report of the Trustees** 

## **For the year ended 31 December 2025** 

## **Financial review** 

## **Income and expenditure** 

The Group draws its income from a number of sources: membership subscriptions and donations, legacies, grants towards statutory casework, investment income, and hire of space at 6 Fitzroy Square for residential and commercial uses. In 2025 total income of £754,494 was higher than the 2024 level of £582,355. Location hire opportunities remain challenging but this, plus income from The Group’s commercial tenants, continue to contribute significantly to The Group’s revenue. As a result of the above movement, income from trading activities increased from £185,067 in 2024 to £214,459 in the year. Income from investments at £71,583 against £84,742 in the previous year was in line with the current global financial climate. Grants from Historic England and CADW which contribute to the cost of provision by The Group of statutory advice in planning casework remained broadly unchanged. Membership income decreased slightly from £129,010 to £127,940, and therefore plans to expand membership subscription income further through growth in all categories of members remains a major focus. 

The trustees, as always are enormously grateful to legators, and greatly appreciate the continuing support of members, and donors. 

Total expenditure amounted to £779,959, compared with £692,339 in 2024. Expenditure in the year included increased casework and campaigning costs and an enhanced Cleary grant programme. 

The net loss for the year totalled £25,465 before a net gain on investments of £434,480 (2024: net loss £109,984 before net gain on investments of £375,270). 

The aim for this and previous years is to retain sufficient reserves to allow the Charity to continue with its ongoing charitable activities. The long-term objective is to establish sufficient regular income to cover core expenditure allowing additional donations and legacies received to be allocated to specific designated activities. 

Membership subscriptions continue to be the largest single source of regular and predictable income and member support remains fundamental to The Group. Given the continuing importance of subscription income, The Group is particularly grateful when existing or new members who are UK taxpayers sign a Gift Aid declaration to allow reclaim of the tax paid on their subscriptions. 

The Group continues to subsidise (effectively from private sources) its formal public function as a statutory consultee in the planning system in England and Wales. The disparity between income from public sources and actual casework-related expenditure - and hence the subsidy required to sustain The Group’s public function at current levels - becomes larger by the year. 

Since at least 75% of the cost of the statutory casework function is borne by The Group, fundraising from private sources remains essential. The fundraising imperative is even greater where educational activities are concerned, since these are unsupported by the public purse. The Group is, as always, grateful for the generosity of private donors for their support. 

12 



## **The Georgian Group** 

## **Report of the Trustees** 

## **For the year ended 31 December 2025** 

A fundraising strategy to support the activities of The Group is being actively developed by trustees with the appointment in 2026 of a new Philanthropic Giving and Membership Manager. 

The trustees continue to explore strategies for returning The Group as swiftly as possible to a position where it operates at an annual surplus while continuing to fulfil its charitable purposes. Whilst actively focusing on new fundraising opportunities Trustees believe that the Group's reserves, as set out below, are sufficient to meet its operational financial requirements while these strategies are being developed and put in place. 

## **Investment policy and financial management** 

Cazenove Capital actively manages the Georgian Group’s investment portfolio on a discretionary basis. The investment strategy aims to produce a long-term total return exceeding UK rates of inflation by investing in a range of financial assets while assuming a median level of risk and maintaining a prudent level of liquidity. Dividends and income are paid over as they arise and are used to support The Group’s activities. Portfolio performance is reviewed quarterly by trustees and the strategy is reviewed annually with Cazenove Capital. 

The policy on cash reserves is to maintain these at a level appropriate for current funding requirements. 

Trustees consider environmental, social and ethical issues when making investment decisions. 

## **Reserves policy** 

It is the policy of the Charity that sufficient unrestricted funds should be held to enable the Charity to fulfil its designated purposes. 

Within unrestricted reserves, the Charity holds certain designated funds from donations held on trust for specific purposes as set out below. 

Designated funds are funds which have been set aside by the trustees for specific projects. As at 31 December 2025 designated funds were: 

|Life subscription fund<br>Tangible assets fund<br>Heritage asset fund<br>Martin Andrews casework legacy fund<br>Building maintenance fund|41,969<br>27,190<br>1,029,649<br>3,000,000<br>250,000|
|---|---|
||4,348,808|



The Life Subscriptions fund exists to defray the future costs associated with life membership of The Group. 

The Tangible and Heritage Asset Fund represents the tangible and heritage assets held by the Charity at the year end. 

13 



## **The Georgian Group** 

## **Report of the Trustees** 

## **For the year ended 31 December 2025** 

The designated Casework Legacy Fund has an allocation of £3,000,000. The Trustees consider this fund to be primarily an investment fund held to generate income. Trustees have made the decision to name this fund to acknowledge the historic legacy from the late Martin Andrews. 

The building maintenance reserve fund set at £250,000 (an equivalent of 5 years at £50,000 per annum) and is retained for future repair and maintenance costs of no 6 Fitzroy Square. The balance of the Charity’s funds are held in anticipation of funding future work on the furtherance of the Charity’s designated purposes. In the current climate the trustees believe that it is appropriate to adopt a conservative policy in setting reserve levels. Planned works to the property are based on a quinquennial review from August 2023. In 2025 £10,080 (2024: £80,478) was spent on repairs and maintenance at 6 Fitzroy Square. In addition to ad hoc building maintenance, the works identified in this Conditions Survey report will be regularly reviewed and commissioned over the next 2-4 years. 

Restricted funds are funds that are held by the Charity from donations held on trust for specific purposes. As at 31 December 2025 restricted funds comprised a balance totalling £105,015. 

Currently, the Charity’s reserves exceed their required targets; however, in the light of prevailing uncertainties the trustees continue to keep its reserves policy under review. The Charity has total reserves of £6,222,490 (2024: £5,813,475), with unrestricted general net current liabilities of £73,918 (2024: £62,910 net current assets). Trustees consider unrestricted investments (£1,513,872 (2024: £1,130,791)) sufficiently liquid to cover net current liabilities whilst addressing the operational challenges of the Group. The trustees aim to continue to maintain sufficient free reserves in unrestricted funds at a level which equates to a minimum of three to six months of unrestricted charitable expenditure. The Group will continue to review income-generating opportunities to retain its current level of free reserves. 

## **Fundraising** 

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

## **Statement of responsibilities of the trustees** 

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with 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). 

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to: 

14 



## **The Georgian Group** 

## **Report of the Trustees** 

## **For the year ended 31 December 2025** 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and accounting estimates that are reasonable and prudent; 

- ▪ state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements 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 which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees 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 the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

The trustees are members of the Charity but this entitles them only to voting rights. The trustees have no beneficial interest in the Charity. 

## **Auditors** 

Godfrey Wilson Limited were re-appointed as auditors to the charity during the year and have expressed their willingness to continue in that capacity. 

Approved by the trustees on 19 May 2026 and signed on their behalf by 

## PATRICK NEWBERRY 

Patrick Newberry - Treasurer 

15 



## **Independent auditors' report** 

## **To the members of** 

## **The Georgian Group** 

## **Opinion** 

We have audited the financial statements of The Georgian Group (the 'charity') for the year ended 31 December 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

## In our opinion, the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year 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 financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 11 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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. 

## **Other information** 

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

16 



## **Independent auditors' report** 

## **To the members of** 

## **The Georgian Group** 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: 

- the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- ▪ the financial statements 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 the trustees** 

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

In preparing the financial statements, the trustees are responsible for assessing the 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. 

## **Our responsibilities for the audit of the financial statements** 

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

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

17 



## **Independent auditors' report** 

## **To the members of** 

## **The Georgian Group** 

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance. 

(2) We reviewed the charity’s policies and procedures in relation to: 

- Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance; 

- Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and 

- Designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud. 

(3) We inspected the minutes of trustee meetings. 

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them. 

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations. 

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error. 

- (7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included: 

- ▪Testing the appropriateness of journal entries; 

- ▪Assessing judgements and accounting estimates for potential bias; 

- ▪Reviewing related party transactions; and 

- ▪Testing transactions that are unusual or outside the normal course of business. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even 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 financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

18 



## **Independent auditors' report** 

## **To the members of** 

## **The Georgian Group** 

## **Use of our report** 

This report is made solely to the charityʼs 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 charityʼs trustees those matters we are required to state to them in an auditorʼs 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 charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

## Godfrey Wilson Limited 

Date: 20 May 2026 

## **GODFREY WILSON LIMITED** 

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD 

Godfrey Wilson Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 

19 



## **The Georgian Group** 

## **Statement of financial activities** 

## **For the year ended 31 December 2025** 

|Endowment<br>Note<br>£<br>**Income from:**<br>Donations and legacies<br>3<br>-<br>Charitable activities<br>4<br>-<br>Other trading activities<br>5<br>-<br>Investments<br>6<br>-<br>**Total income**<br>-<br>**Expenditure on:**<br>Raising funds<br>-<br>Charitable activities<br>-<br>**Total expenditure**<br>8<br>-<br>-<br>Net gains on investments<br>18,433<br>18,433<br>**Reconciliation of funds:**<br>Total funds brought forward<br>310,280<br>**Total funds carried forward**<br>328,713<br>**Net income / (expenditure)**<br>**before gains  on investments**<br>11<br>15<br>**Net income / (expenditure)**<br>**and net movement in funds**|Restricted Unrestricted<br>£<br>£<br>7,067<br>255,523<br>154,836<br>51,026<br>-<br>214,459<br>3,953<br>67,630<br>165,856<br>588,638<br>-<br>99,892<br>118,948<br>561,119<br>118,948<br>661,011<br>46,908<br>(72,373)<br>-<br>416,047<br>46,908<br>343,674<br>58,107<br>5,445,088<br>105,015<br>5,788,762|**2025**<br>**Total**<br>**£**<br>**262,590**<br>**205,862**<br>**214,459**<br>**71,583**<br>**754,494**<br>**99,892**<br>**680,067**<br>**779,959**<br>**(25,465)**<br>**434,480**<br>**409,015**<br>**5,813,475**<br>**6,222,490**|2024<br>Total<br>£<br>213,555<br>98,991<br>185,067<br>84,742|
|---|---|---|---|
||||582,355|
||||82,063<br>610,276|
||||692,339|
||||(109,984)<br>375,270|
||||265,286<br>5,548,189|
||||5,813,475|



All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 21 to the accounts. 

20 



## **The Georgian Group** 

## **Balance sheet** 

## **As at 31 December 2025** 

|Note<br>**Fixed assets**<br>Tangible assets<br>13<br>Heritage assets<br>14<br>Investments<br>15<br>**Current assets**<br>Debtors<br>16<br>Cash at bank and in hand<br>**Liabilities**<br>Creditors: amounts falling due within 1 year<br>17<br>**Net current assets**<br>**Net assets**<br>20<br>**Funds**<br>21<br>Endowment funds<br>Restricted funds<br>Unrestricted funds:<br>Designated funds<br>General funds<br>**Total funds**|**£**<br>**110,404**<br>**341,221**<br>**451,625**<br>**(128,559)**|**2025**<br>**£**<br>**27,190**<br>**1,139,649**<br>**4,732,585**<br>**5,899,424**<br>**323,066**<br>**6,222,490**<br>**328,713**<br>**105,015**<br>**4,348,808**<br>**1,439,954**<br>**6,222,490**|2024<br>£<br>9,300<br>1,140,887<br>4,331,071|
|---|---|---|---|
||||5,481,258|
||||96,407<br>424,754|
||||521,161<br>(188,944)|
||||332,217|
||||5,813,475|
||||310,280<br>58,107<br>4,251,387<br>1,193,701|
||||5,813,475|



Approved by the trustees on 19 May 2026 and signed on their behalf by 

## PATRICK NEWBERRY 

Patrick Newberry - Treasurer 

21 



## **The Georgian Group** 

## **Statement of cash flows** 

## **For the year ended 31 December 2025** 

|Note<br>**Cash used in operating activities:**<br>**Net cash (used in) operating activities**<br>22<br>**Cash flows from investing activities:**<br>Dividends and interest from investments<br>Purchase of tangible fixed assets<br>Additions to heritage assets<br>Proceeds from the sale of investments<br>Purchase of investments<br>**Net cash provided by / (used in) investing activities**<br>**Increase / (decrease) in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>23|**2025**<br>**£**<br>**(165,798)**<br>**71,583**<br>**(22,284)**<br>**-**<br>**1,227,334**<br>**(1,258,810)**<br>**17,823**<br>**(147,975)**<br>**502,271**<br>**354,296**|2024<br>£<br>(110,590)|
|---|---|---|
|||84,742<br>(1,191)<br>(24,752)<br>1,037,526<br>(967,681)|
|||128,644|
|||18,054<br>484,217|
|||502,271|



The Charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements. 

22 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **1. Accounting policies** 

## **a) General information and basis of preparation** 

The Georgian Group is an unincorporated charity registered in England and Wales. The registered office address is 6 Fitzroy Square, London, W1T 5DX. 

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

The Georgian Group meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. 

The financial statements have been prepared on a single entity basis, on the basis that the charity's wholly owned subsidiary, Georgian Enterprises Trading Limited was dormant in the year, and is immaterial to the group. 

## **b) Going concern basis of accounting** 

The accounts have been prepared on the assumption that the Charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the Charity's ability to continue as a going concern. 

## **c) Income** 

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably. 

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably. 

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. 

Income received in advance of events or the provision of room hire is deferred until criteria for income recognition are met. 

23 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

**1. Accounting policies (continued)** 

## **d) Interest receivable** 

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. 

## **e) Funds accounting** 

Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Designated funds are unrestricted funds of the Charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charity's work or for specific projects being undertaken by the Charity. 

Donations required to be retained as capital in accordance with the donor's wishes are accounted for as endowments - permanent or expendable according to the nature of the restriction. Endowments and the subsequent increases and decreases in value are shown in the Statement of Financial Activities as part of those funds. 

## **f) Expenditure and irrecoverable VAT** 

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 

- Costs of raising funds comprise the costs of attracting donations, trading activities, investment management and fundraising; and 

- Expenditure on charitable activities includes the cost of the delivery of the Charity's activities and services for its beneficiaries. 

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 

## **g) Allocation of support and governance costs** 

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the Charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the Charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities according to the proportion of staff time: 

||**2025**|2024|
|---|---|---|
|Cost of raising funds|**11%**|11%|
|Charitable activities|**89%**|89%|



## **h) Grants payable** 

Grants payable are charged in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached have been fulfilled. The consideration of applications is undertaken through the normal operations of the Charity, therefore no support costs have been allocated specifically to grant making as an activity. 

24 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **1. Accounting policies (continued)** 

## **i) Redundancy costs** 

Where an employee receives a termination benefit the full cost is recognised at the date the employee is notified. 

## **j) Tangible fixed assets** 

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: 

Freehold land Not depreciated Furniture, fittings and equipment 25% reducing balance 

## **k) Heritage assets** 

Freehold property and freehold property improvements are held at cost. 

The Library is held at a market valuation as determined by professional valuers in 2006, which was taken as deemed cost. An updated valuation was obtained in 2025, which showed no material change. 

No depreciation is charged on the original cost of the building or the library. Depreciation is charged at the following rate for freehold property improvements: 

Freehold property improvements 

20 years straight line 

## **l) Listed investments** 

Investments in quoted shares, traded bonds and similar investments are measured initially at cost and subsequently at fair value, using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year. Listed investments also includes cash and cash equivalents held for reinvestment purposes. 

## **m) Investment in subsidiary undertakings** 

The charity has one wholly owned subsidiary, Georgian Enterprises & Trading Limited (company number 06458515). As in accounting policy 1a, the company was dormant in the current year and is immaterial to the group, therefore these financial statements have been prepared in a single entity basis. The subsidiary undertaking is valued at cost less any cumulative impairment losses in the charity's accounts. 

## **n) Debtors** 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **o) Cash at bank and in hand** 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Cash held by the investment managers for the purposes of re-investment is included within listed investments on the balance sheet. 

25 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **1. Accounting policies (continued)** 

## **p) Creditors** 

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **q) Financial instruments** 

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method. 

## **r) Foreign exchange** 

Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction. 

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are included in net outgoing resources. 

## **s) Accounting estimates and key judgements** 

In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. 

## **Depreciation** 

As described in note 1j and 1k to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. Depreciation rates in operation during the current and prior period are shown in notes 1j and 1k. 

## **Valuation of heritage assets** 

As described in note 1k to the financial statements, no depreciation is charged on heritage assets, except for capitalised building works. Heritage assets are valued as described in note 1k. 

26 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **2. Prior period comparatives: statement of financial activities** 

|Endowment<br>£<br>**Income from:**<br>Donations and legacies<br>-<br>Charitable activities<br>-<br>Other trading activities<br>-<br>Investments<br>-<br>**Total income**<br>-<br>**Expenditure on:**<br>Raising funds<br>-<br>Charitable activities<br>-<br>**Total expenditure**<br>-<br>-<br>Net gains on investments<br>16,896<br>**Net income / (expenditure)**<br>16,896<br>**Income from donations and legacies**<br>Endowment<br>£<br>Donations<br>-<br>Subscriptions<br>-<br>Legacies<br>-<br>-<br>**Net expenditure before losses on**<br>**investments**<br>**Total income from**<br>**donations and legacies**|Restricted<br>£<br>£<br>-<br>213,555<br>52,782<br>46,209<br>-<br>185,067<br>4,552<br>80,190<br>57,334<br>525,021<br>-<br>82,063<br>64,032<br>546,244<br>64,032<br>628,307<br>(6,698)<br>(103,286)<br>-<br>358,374<br>(6,698)<br>255,088<br>Restricted<br>£<br>£<br>7,067<br>17,960<br>-<br>127,940<br>-<br>109,623<br>7,067<br>255,523<br>Unrestricted<br>Unrestricted|2024<br>Total<br>£<br>213,555<br>98,991<br>185,067<br>84,742|
|---|---|---|
|||582,355|
|||82,063<br>610,276|
|||692,339|
|||(109,984)<br>375,270|
|||265,286|
|||**2025**<br>**Total**<br>**£**<br>**25,027**<br>**127,940**<br>**109,623**|
|||**262,590**|



**3. Income from donations and legacies** 

27 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

|**3.**<br>**Income from donations and legacies (continued)**<br>**Prior year comparative**<br>Endowment<br>£<br>Donations<br>-<br>Subscriptions<br>-<br>Legacies<br>-<br>-<br>**Total income from**<br>**donations and legacies**|Restricted<br>£<br>£<br>-<br>26,574<br>-<br>129,010<br>-<br>57,971<br>-<br>213,555<br>Unrestricted|2024<br>Total<br>£<br>26,574<br>129,010<br>57,971|
|---|---|---|
|||213,555|



**4. Income from charitable activities** 

|**Income from charitable activities**|||
|---|---|---|
|Endowment<br>£<br>Activities and events<br>-<br>Historic England grant<br>-<br>CADW grant<br>-<br>Vanbrugh 300 funding<br>-<br>**Prior year comparative**<br>Endowment<br>£<br>Activities and events<br>-<br>Historic England grant<br>-<br>CADW grant<br>-<br>Grinling Gibbons funding<br>-<br>-<br>**Income from other trading activities**<br>Room hire for events<br>Rental income<br>Advertising and other income<br>**Total income from other**<br>**trading activities**<br>**Total income from**<br>**charitable activities**<br>**Total income from**<br>**charitable activities**|Restricted<br>£<br>£<br>1,570<br>51,026<br>43,633<br>-<br>8,133<br>-<br>101,500<br>-<br>154,836<br>51,026<br>Restricted<br>£<br>£<br>1,560<br>46,209<br>43,963<br>-<br>6,509<br>-<br>750<br>-<br>52,782<br>46,209<br>**2025**<br>**Total**<br>**£**<br>**140,748**<br>**68,315**<br>**5,396**<br>**214,459**<br>Unrestricted<br>Unrestricted|**2025**<br>**Total**<br>**£**<br>**52,596**<br>**43,633**<br>**8,133**<br>**101,500**|
|||**205,862**|
|||2024<br>Total<br>£<br>47,769<br>43,963<br>6,509<br>750|
|||98,991|
|||2024<br>Total<br>£<br>110,500<br>69,323<br>5,244|
|||185,067|



**5. Income from other trading activities** 

All income from other trading activities was unrestricted in both the current and prior year. 

28 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **6. Income from investments** 

|Endowment<br>£<br>-<br>Other interest receivable<br>-<br>-<br>**Prior period comparative**<br>Endowment<br>£<br>-<br>Other interest receivable<br>-<br>-<br>Dividends and interest from<br>listed investments<br>Dividends and interest from<br>listed investments<br>**Total income from investments**<br>**Total income from investments**|Restricted<br>£<br>£<br>2,648<br>57,608<br>1,305<br>10,022<br>3,953<br>67,630<br>Restricted<br>£<br>£<br>3,064<br>64,024<br>1,488<br>16,166<br>4,552<br>80,190<br>Unrestricted<br>Unrestricted|**2025**<br>**Total**<br>**£**<br>**60,256**<br>**11,327**|
|---|---|---|
|||**71,583**|
|||2024<br>Total<br>£<br>67,088<br>17,654|
|||84,742|



## **7. Government grants** 

The charity receives government grants, defined as funding from Historic England, National Lottery Heritage Fund, and CADW to fund charitable activities. The total value of such grants in the period ending 31 December 2025 was £148,266 (2024: £50,472). There are no unfulfilled conditions or contingencies attaching to these grants in the current or prior year. 

29 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **8. Total expenditure** 

|**Total expenditure**|||||
|---|---|---|---|---|
|Staff salaries (note 9)<br>Events and trips<br>Premises costs<br>Office and admin expenses<br>Vanbrugh300<br>Legal and professional costs<br>Magazine and newsletter<br>Marketing and publications<br>Investment management fees<br>Membership admin costs<br>Casework and consultancy<br>Audit and accountancy<br>Other fundraising costs<br>Depreciation<br>Grants (note 10)<br>Heritage and library archiving<br>**Sub-total**<br>Allocation of support and<br>governance costs<br>**Total expenditure**|Raising<br>funds<br>£<br>36,929<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>33,542<br>-<br>-<br>-<br>7,095<br>-<br>-<br>-<br>77,566<br>22,326<br>99,892|Charitable<br>activities<br>£<br>301,100<br>29,920<br>-<br>-<br>41,502<br>-<br>39,815<br>17,665<br>-<br>-<br>46,242<br>-<br>-<br>-<br>20,110<br>1,680<br>498,034<br>182,033<br>680,067|£<br>49,062<br>-<br>84,580<br>34,394<br>-<br>9,588<br>-<br>-<br>-<br>8,937<br>-<br>12,166<br>-<br>5,632<br>-<br>-<br>204,359<br>(204,359)<br>-<br>Support and<br>governance<br>costs|**2025 Total**<br>**£**<br>**387,091**<br>**29,920**<br>**84,580**<br>**34,394**<br>**41,502**<br>**9,588**<br>**39,815**<br>**17,665**<br>**33,542**<br>**8,937**<br>**46,242**<br>**12,166**<br>**7,095**<br>**5,632**<br>**20,110**<br>**1,680**|
|||||**779,959**<br>-|
|||||**779,959**|



Governance costs in the year were £14,015 (2024: £12,982). 

30 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **8. Total expenditure (continued) - prior period comparative** 

|Staff salaries (note 9)<br>Events and trips<br>Premises costs<br>Office and admin expenses<br>Legal and professional costs<br>Magazine and newsletter<br>Marketing and publications<br>Investment management fees<br>Membership admin costs<br>Casework and consultancy<br>Audit and accountancy<br>Other fundraising costs<br>Depreciation<br>Grants (note 10)<br>Heritage and library archiving<br>**Sub-total**<br>Allocation of support and<br>governance costs<br>**Total expenditure**|Raising<br>funds<br>£<br>34,193<br>-<br>-<br>-<br>-<br>-<br>-<br>22,462<br>-<br>-<br>-<br>1,625<br>-<br>-<br>-<br>58,280<br>23,783<br>82,063|Charitable<br>activities<br>£<br>291,409<br>15,638<br>-<br>-<br>-<br>40,746<br>20,113<br>-<br>-<br>22,376<br>-<br>-<br>-<br>13,000<br>4,308<br>407,590<br>202,686<br>610,276|£<br>44,850<br>-<br>124,165<br>32,410<br>1,532<br>-<br>-<br>-<br>8,807<br>-<br>11,638<br>-<br>3,067<br>-<br>-<br>226,469<br>(226,469)<br>-<br>Support and<br>governance<br>costs|2024 Total<br>£<br>370,452<br>15,638<br>124,165<br>32,410<br>1,532<br>40,746<br>20,113<br>22,462<br>8,807<br>22,376<br>11,638<br>1,625<br>3,067<br>13,000<br>4,308|
|---|---|---|---|---|
|||||692,339<br>-|
|||||692,339|



31 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

**9. Staff costs and numbers** 

Staff costs were as follows: 

|Salaries and wages<br>Social security costs<br>Pension costs<br>Total staff costs|**2025**<br>**£**<br>**346,150**<br>**32,745**<br>**8,196**<br>**387,091**|2024<br>£<br>333,445<br>29,144<br>7,863|
|---|---|---|
|||370,452|



One employee earned between £60,000 and £70,000 during the year (2024: one). 

The key management personnel of the charitable company comprise the trustees, Director, General Manager, and Finance Manager. The total employee benefits of the key management personnel, including gross salary, employers' national insurance, and employers' pension contributions, were £165,842 (2024: £151,112). 

|Average head count during the year<br>**10. Grants payable**<br>**Grants payable to institutions**<br>**Conservation and preservation:**<br>St Mary's Gestingthorpe, Halstead Essex<br>Gillow Mausoleum, Thurnham, Lancs<br>Gwrych Castle, Abergele, Conwy<br>St Marys Church, Whalton, Morpeth<br>St Peter's Church Grandborough, Rugby<br>St Wulfram's Church, Grantham<br>St Symphorian Church, Veryan, Cornwall<br>St Michael's Church, Ilderton, Northumberland<br>St Edmond's Church, Old Costessey, Norfolk<br>All Saints Church, Messing, Essex<br>Heaton Hall, Manchester<br>**Grants payable to one individual**<br>**Total grants payable**|**2025**<br>**No.**<br>**9**<br>**2025**<br>**£**<br>**2,000**<br>**9,110**<br>**4,000**<br>**3,000**<br>**2,000**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**20,110**<br>**-**<br>**20,110**|2024<br>No.<br>9|
|---|---|---|
|||2024<br>£<br>-<br>-<br>-<br>-<br>-<br>500<br>3,500<br>2,500<br>2,500<br>1,000<br>2,000|
|||12,000|
|||1,000|
|||13,000|



32 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **11. Net movement in funds** 

This is stated after charging: 

|Depreciation<br>Trustees' remuneration<br>Trustees' reimbursed expenses<br>Auditors' remuneration:<br>Statutory audit (excluding VAT)<br>Other services (excluding VAT)|**2025**<br>**£**<br>**5,632**<br>**Nil**<br>**Nil**<br>**9,150**<br>**968**|2024<br>£<br>3,067<br>Nil<br>Nil<br>8,700<br>998|
|---|---|---|



During the year, no trustees (2024: none) were reimbursed for expenses. 

In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements. Our auditors have also provided payroll services to the charity during the year. 

## **12. Taxation** 

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 

## **13. Tangible fixed assets** 

|**Cost**<br>At 1 January 2025<br>Additions in year<br>At 31 December 2025<br>**Depreciation**<br>At 1 January 2025<br>Charge for the year<br>At 31 December 2025<br>**Net book value**<br>**At 31 December 2025**<br>At 31 December 2024|**Library**<br>**£**<br>4,584<br>-<br>4,584<br>4,584<br>-<br>4,584<br>-<br>-|**£**<br>74,488<br>22,284<br>96,772<br>65,188<br>4,394<br>69,582<br>27,190<br>9,300<br>**Fixtures,**<br>**fittings and**<br>**equipment**|**Total**<br>**£**<br>**79,072**<br>**22,284**|
|---|---|---|---|
||||**101,356**|
||||**69,772**<br>**4,394**|
||||**74,166**|
||||**27,190**|
||||9,300|



33 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **14. Heritage assets** 

|**Heritage assets**||||
|---|---|---|---|
|**Cost**<br>At 1 January 2025<br>Additions<br>At 31 December 2025<br>**Depreciation**<br>At 1 January 2025<br>Charge for the year<br>At 31 December 2025<br>**Net book value**<br>**At 31 December 2025**<br>At 31 December 2024|**Freehold**<br>**property**<br>**£**<br>1,010,887<br>-<br>1,010,887<br>-<br>1,238<br>1,238<br>1,009,649<br>1,010,887|**Library**<br>**£**<br>130,000<br>-<br>130,000<br>-<br>-<br>-<br>130,000<br>130,000|**Total**<br>**£**<br>**1,140,887**<br>**-**|
||||**1,140,887**|
||||**-**<br>**1,238**|
||||1,238|
||||**1,139,649**|
||||1,140,887|



The property, 6 Fitzroy Square, is a Grade I listed Georgian townhouse which the charity is preserving and restoring. The building is used for lectures, conferences and exhibitions on the ground and first floors; part of the basement has been converted into an archive and education space and the remainder of the building is used as working accommodation for staff, meeting space for conservation oriented bodies, hire of rooms in a manner compatible with the building's status and the letting of other surplus areas for residential and office accommodation. Towards the end of 2024 significant works were carried out on the roof and guttering of the property, elements of which were improvements to the building. The capital costs of £24,752 were added to the value of the Freehold Property and are depreciated over 20 years. 

The library, which includes a number of antiquarian books, was valued by R.A. Linenthal of Bernard Quaritch Limited, Antiquarian Booksellers, an external independent party to the charity in 2006. A revaluation of the library by Marlborough Rare Books in 2025 showed no material change. The basis of the valuation was insurance value, which is equivalent to market value, which has been taken as the deemed cost. The library value also includes a collection of books used in pursuance of the charity's objectives, which were transferred from fixed assets to heritage assets in 2014. 

The library contains a number of collections and volumes which have been donated in prior periods. These are included within the recent overall valuation of the library; however, not all items have been valued individually, as in the opinion of the trustees, the cost of valuation outweighs the benefit to the charity of doing so. 

34 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

**14. Heritage assets (continued) Five year summary of heritage asset transactions:** 

|**Additions:**<br>**Depreciation:**<br>Improvements to<br>building<br>Improvements to<br>building|**2025**<br>**£**<br>-<br>(1,238)|2024<br>£<br>24,752<br>-|2023<br>£<br>-<br>-|2022<br>£<br>-<br>-|2021<br>£<br>-|
|---|---|---|---|---|---|
||||||-|



No disposals have taken place in the last five years. 

Those heritage assets retained by the charity at its premises are art and antiques dating from the Georgian period that are kept for the purposes of appropriate furnishing of those premises. Additionally, they are made available by arrangement and under controlled conditions for further purposes of education and scholarly research. An inventory is maintained with actual or estimated values. 

The charity has only recognised heritage assets in the balance sheet where a reasonable valuation can be obtained. Further assets are held by the charity than have been recognised in the accounts. These assets consist of further art and antiques gifted to the charity as part of their conservation work. In the opinion of the trustees, the cost of obtaining a valuation for these assets outweighs the benefit to the charity. 

## **15. Investments** 

|Market value at 1 January 2025<br>Additions<br>Disposals<br>Movement in cash balances<br>**Market value at 31 December 2025**<br>**Represented by:**<br>Listed investments<br>Cash and cash equivalents<br>Investment in subsidiaries<br>Realised and unrealised gains /<br>(losses)|£<br>£<br>4,331,070<br>1<br>1,258,810<br>-<br>(1,227,334)<br>-<br>434,480<br>-<br>(64,442)<br>-<br>4,732,584<br>1<br>4,719,509<br>-<br>13,075<br>-<br>-<br>1<br>4,732,584<br>1<br>Listed<br>investments<br>Investment in<br>subsidiary|**2025**<br>**£**<br>**4,331,071**<br>**1,258,810**<br>**(1,227,334)**<br>**434,480**<br>**(64,442)**<br>**4,732,585**<br>**4,719,509**<br>**13,075**<br>**1**<br>**4,732,585**|2024<br>£<br>3,954,183<br>967,681<br>(1,037,526)<br>375,270<br>71,463|
|---|---|---|---|
||||4,331,071|
||||4,253,553<br>77,517<br>1|
||||4,331,071|



35 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **16. Debtors** 

|Trade debtors<br>Prepayments<br>Accrued income<br>Other debtors<br>**17. Creditors: amounts due within 1 year**<br>Trade creditors<br>Other taxation and social security<br>Other creditors<br>Grants payable (note 18)<br>Accruals<br>Deferred income (note 19)<br>**18. Grants payable**<br>**Grants payable to institutions:**<br>Grant commitments brought forward<br>Grants committed during the year<br>Grants paid during the year<br>Grant commitments written back during the year<br>**Grants payable to individuals:**<br>Grant commitments brought forward<br>Grants committed during the year<br>Grants paid during the year<br>Grant commitments carried forward|**2025**<br>**£**<br>**9,047**<br>**9,924**<br>**83,843**<br>**7,590**<br>**110,404**<br>**2025**<br>**£**<br>**2,301**<br>**10,047**<br>**27,182**<br>**25,110**<br>**49,350**<br>**14,569**<br>**128,559**<br>**2025**<br>**£**<br>**15,000**<br>**20,110**<br>**(10,000)**<br>**-**<br>**-**<br>**-**<br>**-**<br>**25,110**|2024<br>£<br>21,396<br>26,067<br>47,078<br>1,866|
|---|---|---|
|||96,407|
|||2024<br>£<br>6,574<br>8,481<br>27,884<br>15,000<br>118,257<br>12,748|
|||188,944|
|||2024<br>£<br>9,685<br>12,000<br>(6,685)<br>-<br>-<br>1,000<br>(1,000)|
|||15,000|



36 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **19. Deferred income** 

|**Deferred income**|||
|---|---|---|
|At 1 January 2025<br>Deferred during the year<br>Released during the year<br>At 31 December 2025|**2025**<br>**£**<br>**12,748**<br>**14,569**<br>**(12,748)**<br>**14,569**|2024<br>£<br>11,250<br>12,748<br>(11,250)|
|||12,748|



Deferred income relates to income from events received in advance of a future period, and rent paid in advance. 

## **20. Analysis of net assets between funds** 

|£<br>Tangible fixed assets<br>-<br>Heritage assets<br>110,000<br>Investments<br>218,713<br>Current assets<br>-<br>Current liabilities<br>-<br>328,713<br>**Prior period comparative:**<br>£<br>Tangible fixed assets<br>-<br>Heritage assets<br>110,000<br>Investments<br>200,280<br>Current assets<br>-<br>Current liabilities<br>-<br>310,280<br>Net assets at 31<br>December 2024<br>**Net assets at 31**<br>**December 2025**<br>Endowment<br>funds<br>Endowment<br>funds|£<br>-<br>-<br>-<br>130,125<br>(25,110)<br>105,015<br>£<br>-<br>-<br>-<br>73,107<br>(15,000)<br>58,107<br>Restricted<br>funds<br>Restricted<br>funds|£<br>27,190<br>1,029,649<br>3,000,000<br>291,969<br>-<br>4,348,808<br>£<br>9,300<br>1,030,887<br>3,000,000<br>211,200<br>-<br>4,251,387<br>Designated<br>funds<br>Designated<br>funds|General<br>funds<br>£<br>-<br>-<br>1,513,872<br>29,531<br>(103,449)<br>1,439,954<br>General<br>funds<br>£<br>-<br>-<br>1,130,791<br>236,854<br>(173,944)<br>1,193,701|**Total**<br>**funds**<br>**£**<br>**27,190**<br>**1,139,649**<br>**4,732,585**<br>**451,625**<br>**(128,559)**|
|---|---|---|---|---|
|||||**6,222,490**|
|||||Total funds<br>£<br>9,300<br>1,140,887<br>4,331,071<br>521,161<br>(188,944)|
|||||5,813,475|



37 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **21. Movements in funds** 

|**Movements in funds**|||||
|---|---|---|---|---|
|At 1<br>January<br>2025<br>£<br>**Endowment funds**<br>_Permanent endowments:_<br>Pardoe Collection<br>110,000<br>_Expendable endowments:_<br>Cleary Fund<br>200,280<br>**Total endowment funds**<br>310,280<br>**Restricted funds**<br>Vanbrugh 300 Fund<br>-<br>Cleary Fund<br>57,564<br>-<br>Welsh casework<br>-<br>The Oak Fund<br>-<br>-<br>Georgian Group Journal<br>-<br>Grinling Gibbons<br>543<br>**Total restricted funds**<br>58,107<br>**Unrestricted funds**<br>_Designated funds:_<br>Life subscription fund<br>41,678<br>Tangible assets fund<br>9,300<br>Heritage asset fund<br>1,030,887<br>3,000,000<br>Building maintenance fund<br>169,522<br>_Total designated funds_<br>4,251,387<br>General funds<br>1,193,701<br>5,445,088<br>**Total funds**<br>5,813,475<br>National capacity building<br>fund<br>**Total unrestricted**<br>**funds**<br>Architectural Award<br>Publication Fund<br>Martin Andrews<br>casework legacy fund|Income<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>101,500<br>(41,502)<br>7,020<br>(20,110)<br>43,633<br>(43,633)<br>8,133<br>(8,133)<br>1,570<br>(1,570)<br>2,000<br>(2,000)<br>2,000<br>(2,000)<br>-<br>-<br>165,856<br>(118,948)<br>2,500<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>2,500<br>-<br>586,138<br>(661,011)<br>588,638<br>(661,011)<br>754,494<br>(779,959)<br>Expenditure|£<br>-<br>18,433<br>18,433<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>416,047<br>416,047<br>434,480<br>Gains /<br>(losses)|£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(2,209)<br>17,890<br>(1,238)<br>-<br>80,478<br>94,921<br>(94,921)<br>-<br>-<br>Transfers<br>between<br>funds|**£**<br>**110,000**<br>**218,713**<br>**At 31**<br>**December**<br>**2025**|
|||||**328,713**|
|||||**59,998**<br>**44,474**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**543**|
|||||**105,015**|
|||||**41,969**<br>**27,190**<br>**1,029,649**<br>**3,000,000**<br>**250,000**|
|||||**4,348,808**|
|||||**1,439,954**|
|||||**5,788,762**|
|||||**6,222,490**|



38 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **21. Movements in funds (continued)** 

**Prior period comparative:** 

|At 1<br>January<br>2024<br>£<br>**Endowment funds**<br>_Permanent endowments:_<br>Pardoe Collection<br>110,000<br>_Expendable endowments:_<br>Cleary Fund<br>183,384<br>**Total endowment funds**<br>293,384<br>**Restricted funds**<br>Cleary Fund<br>65,012<br>-<br>Welsh casework<br>-<br>The Oak Fund<br>-<br>Grinling Gibbons<br>(207)<br>**Total restricted funds**<br>64,805<br>**Unrestricted funds**<br>_Designated funds:_<br>Life subscription fund<br>38,871<br>Tangible assets fund<br>11,176<br>Heritage asset fund<br>1,006,135<br>3,000,000<br>Building maintenance fund<br>250,000<br>_Total designated funds_<br>4,306,182<br>General funds<br>883,818<br>5,190,000<br>**Total funds**<br>5,548,189<br>**Total unrestricted**<br>**funds**<br>Martin Andrews<br>casework legacy fund<br>National capacity building<br>fund|Income<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>4,552<br>(12,000)<br>43,963<br>(43,963)<br>6,509<br>(6,509)<br>1,560<br>(1,560)<br>750<br>-<br>57,334<br>(64,032)<br>5,000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(55,726)<br>5,000<br>(55,726)<br>520,021<br>(572,581)<br>525,021<br>(628,307)<br>582,355<br>(692,339)<br>Expenditure|£<br>-<br>16,896<br>16,896<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>358,374<br>358,374<br>375,270<br>Gains /<br>(losses)|£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(2,193)<br>(1,876)<br>24,752<br>-<br>(24,752)<br>(4,069)<br>4,069<br>-<br>-<br>Transfers<br>between<br>funds|£<br>110,000<br>200,280<br>At 31<br>December<br>2024|
|---|---|---|---|---|
|||||310,280|
|||||57,564<br>-<br>-<br>-<br>543|
|||||58,107|
|||||41,678<br>9,300<br>1,030,887<br>3,000,000<br>169,522|
|||||4,251,387|
|||||1,193,701|
|||||5,445,088|
|||||5,813,475|



39 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **21. Movements in funds (continued) Purposes of endowment funds** 

Pardoe Collection The Pardoe collection relates to a collection of drawings, watercolours and books valued by Bernard Quaritch in 2006 and is included within heritage assets. 

Cleary Fund The Cleary fund relates to an investment portfolio created using funds received from Mr F.E. Cleary in 1973 and is included within fixed asset investments. The wish was for these funds to be used to make grants for the repair or restoration of Georgian buildings, preferably in the UK. 

**Purposes of restricted funds** Vanbrugh 300 Fund A fund restricted to cover the costs of the Vanbrugh300 tercentenary festival in 2026. 

Cleary Fund Income related to the Cleary Fund represents the investment income generated by the Cleary Fund investment portfolio. In line with the wishes of Mr F.E. Cleary, expenditure relates to grants made for the repair and restoration of Georgian buildings. National capacity building The National Capacity Building Fund is used towards supporting the fund casework undertaken by the Charity in respect of the restoration and maintenance of Georgian buildings in England. It is supported by a grant from Historic England. Welsh casework The Welsh Casework fund is used towards the Charity's casework that is undertaken in Wales and is supported by the CADW grant. The Oak Fund A fund used specifically to support the charity's caseworker costs. Architectural Award Donations towards the costs of a publication celebrating 21 years of the Publication Fund Georgian Group Architectural Awards. Georgian Group Journal Donation towards the cost of the annual Georgian Group journal. Grinling Gibbons The Grinling Gibbons restricted fund is to cover the costs of a legacy website transferred to the Georgian Group at the end of the Grinling Gibbons Society Tercentenary programme. **Purpose of designated funds** Life subscription fund The Life Subscription fund represents amounts which have been received for life membership - these are amortised and released to general funds over the 20 years that this membership covers. Tangible / heritage The tangible and heritage asset designated funds represent the net book assets funds value carried forward of fixed and heritage assets at the year end, where these are not already held in endowment or restricted funds. 

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## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **21. Movements in funds (continued) Purpose of designated funds (continued)** 

Martin Andrews The sum of £3,000,000 was allocated from the Group’s investments to casework legacy fund establish a new designated Casework Fund in 2020. Investment income generated from this Fund will specifically be applied in supporting the costs of statutory casework undertaken by the Group. Trustees have made the decision to name this fund in recognition of the historic legacy from the late Martin Andrews. The trustees consider this fund to be primarily an income-generating fund. 

Building maintenance A building maintenance reserve fund has been established to designate fund £250,000 (an equivalent of 5 years at £50,000 per annum) for future repair and maintenance costs of no 6 Fitzroy Square. 

## **Purpose of transfers** 

Life subscription fund Release of 1 year of life member income brought forward and received in the year, as this is spread over 20 years per member. 

Tangible assets fund Movements in the net book value of tangible assets during the year. 

## **22. Reconciliation of net movement in funds to net cash flow from operating activities** 

|**Net movement in funds**<br>Adjustments for:<br>Depreciation charges<br>(Gains) on investments<br>Dividends and interest from investments<br>Decrease / (Increase) in debtors<br>(Decrease) / Increase in creditors<br>**Net cash (used in) operating activities**|**2025**<br>**£**<br>**409,015**<br>**5,632**<br>**(434,480)**<br>**(71,583)**<br>**(13,997)**<br>**(60,385)**<br>**(165,798)**|2024<br>£<br>265,286<br>3,067<br>(375,270)<br>(84,742)<br>(22,936)<br>104,005|
|---|---|---|
|||(110,590)|



41 



## **The Georgian Group** 

## **Notes to the financial statements** 

## **For the year ended 31 December 2025** 

## **23. Analysis of cash and cash equivalents** 

|**Analysis of cash and cash equivalents**|||
|---|---|---|
|Cash at bank and in hand<br>Cash held as part of fixed asset investments (note 15)<br> **Financial instruments at fair value**<br>Financial assets measured at fair value|**2025**<br>**£**<br>**341,221**<br>**13,075**<br>**354,296**<br>**2025**<br>**£**<br>**4,719,509**|2024<br>£<br>424,754<br>77,517|
|||502,271|
|||2024<br>£<br>4,253,553|



## **24. Financial instruments at fair value** 

Financial assets measured at fair value comprise listed investments. 

## **25. Related party transactions** 

During the year, the charity received grant income of £43,633 from Historic England, which is connected by Patrick Newberry, a Trustee of The Georgian Group, who is a Commissioner at Historic England (2024: £43,963). 

During the year the charity made purchases of £1,710 (2024: £7,986) from Caroe Architecture Ltd, which is connected by Mark Hammond, a Trustee of The Georgian Group, who is a co-owner and co-director at Caroe Architecture. At the year end the charity owed Caroe Architecture Ltd £Nil (2024: £1,596), which is included in trade creditors. 

During the year, the charity received total aggregate subscriptions income from trustees of £1,550 (2024: £2,200), event payments of £1,526 (2024: £nil) and donations of £345 (2024: £nil). 

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