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2021-12-31-accounts

The Attingham Trust

(An educational charity)

Annual report and accounts

31 December 2021

Charity Registration Number 262819

Contents

Reports

Reference and administrative details of
the charity, its patrons, trustees
and advisers 1
Report of the trustees 4
Independent auditor’s report 13
Accounts
Statement of financial activities 18
Comparative statement of financial
activities 19
Balance sheet 20
Statement of cash flows 21
Principal accounting policies 22
Notes to the accounts 26

The Attingham Trust

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

Patrons H M Ambassador to Washington
The Duke of Buccleuch & Queensberry KT,
KBE, CVO, DL, FSA, FRSE, FRSGS
Dr Thomas P Campbell
Professor Sir David Cannadine FBA, FSA
Sir Timothy Clifford
The Lord Crathorne KCVO, KSTJ, FSA
The Duke of Devonshire KCVO, CBE, DL
Judith Goodison FSA
John Harris OBE, FSA
The Marquis of Lansdowne LVO, DL
Rosemary Lomax-Simpson
Sir Jonathan Marsden KCVO, FSA
Sir Hugh Roberts GCVO, FSA
The Lord Rothschild OM, GBE, CVO, FBA
Coral Samuel CBE
Sir Hugo Swire KCMG
Trustees Timothy Cooke OBE
Sir John Lewis OBE
Diana Berry
Martin D Drury CBE, FSA (resigned 18 May
2021)
Sarah Medlam
Dame Rosalind Savill DBE, FSA, FBA
Sir Robert Hildyard (appointed 18 May 2021)

The Attingham Trust

1

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

Officers Timothy Cooke OBE (Chairman)
David Adshead FSA (Director of the Attingham
Summer School)
Elizabeth Jamieson (Director of the Attingham
Study Programme)
Dr Helen Jacobsen (Executive Director from 7
June 2021, Director of Royal Collection Studies
from 1 October 2021, Director of Eighteenth-
Century Studies)
Rebecca Lyons (Director of Royal Collection
Studies to 1 October 2021)
Ewa Manias FCCA (Trust Treasurer)
Dr Andrew Moore FSA (Director of the
Attingham Study Programme)
Rebecca Parker (Assistant to the Executive
Director)
Annabel Westman FSA (Executive Director to
7 June 2021, Director Emeritus from 7 June
2021)
Tessa Wild (Director of the Attingham Summer
School)
Council Members Beth Carver Wees
Errol Clark
Dr Ben Cowell FSA
Helen Dorey MBE, FSA
Tim Knox FSA
Dr Martin Postle FSA
James Rothwell FSA
Course Directors and Administrators
The Attingham Summer School David Adshead FSA (Director)
Tessa Wild (Director)
Lorna Gartside (Administrator)
Royal Collection Studies Rebecca Lyons (Director)
Sara Heaton (Administrator)
The Attingham Study Programme and Elizabeth Jamieson (Director)
Libraries Course Dr Andrew Moore FSA (Director)
Rita Grudzień (Administrative Director)
Lorna Gartside (Administrator)
French Eighteenth-Century Studies Dr Helen Jacobsen (Director)
Rebecca Parker (Administrator)

The Attingham Trust

2

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

Postal address 70 Cowcross Street
London
EC1M 6EJ
Charity registration number 262819
Auditor Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers HSBC Bank plc
76-78 King’s Road
London
SW3 4TZ
Investment managers BlackRock Investment Management (UK)
Limited
12 Throgmorton Avenue
London
EC2V 2DL
M & G Securities Limited
M & G House
Victoria Road
Chelmsford
CM1 1FB
Rathbones Group plc
8 Finsbury Circus
London
EC2M 7AZ
Solicitors Eversheds LLP
Senator House
85 Queen Victoria Street
London
EC4V 4JL

The Attingham Trust 3

Report of the trustees Year to 31 December 2021

The trustees present their report together with the accounts of The Attingham Trust (the Trust) for the year to 31 December 2021.

The accounts have been prepared in accordance with the accounting policies set out on pages 22 to 25 of the attached accounts and comply with the Trust’s governing document, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Introduction

The charitable objectives of the Trust are as follows:

Activities, specific objectives, and relevant policies

With concern for high academic standards, those attending the courses are carefully selected and include museum curators, architectural historians, conservationists, and teachers, from inter alia Australia, Canada, China, Continental Europe, India, New Zealand, Russia, the UK, and the USA.

Investment policy

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

The Attingham Trust 4

Report of the trustees Year to 31 December 2021

Activities, specific objectives, and relevant policies (continued)

Investment policy (continued)

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

The charity’s investments incurred net gains during the year to 31 December 2021 of £296,271 (2020: net losses of £252,964). The trustees are satisfied that their investment policy remains appropriate for the long term, but they will continue to monitor the investments on an ongoing basis during 2022 due to the continuing impact of economic and political uncertainties on investment markets.

Achievements and performance

The charity’s activities for 2021, like those of 2020, were detrimentally affected by the effects of Covid-19, as once again all the study courses were cancelled. The decisions to defer the Summer School and Royal Collection Studies for a year were taken early on and, despite hopes that three other courses might be able to take place in the late summer and early autumn, the combined effects of international travel restrictions and continued high levels of infection rates meant that even these had to be postponed.

The impact of the postponement of operations inevitably resulted in a loss of course income, which covers the core costs of the charity and executive/staff fees. However, receipt of investment income and some generous donations helped mitigate the losses.

Following the advice of the UK Government, our single employee and all members of the Executive Committee continued to fulfil their obligations to the charity as far as possible by meeting virtually on Zoom on a regular basis to monitor the changing situation. The trustees, patrons, council members, donors and all others associated with the Trust were notified of the position. As the UK came out of various lockdowns and advice to work from home was lifted, face-to-face meetings took place and the last quarter of the year saw a gradual return to normality.

The course directors and administrators worked tirelessly to negotiate with suppliers to ensure that the charity was not subject to losses through cancellation fees. Course participants had their places deferred to 2022. Accommodation venues and coach companies were notified, and deposits were deferred to next year. House owners, lecturers and others involved with the programmes were also contacted, without financial loss.

Despite the postponed courses, generous scholarship assistance was offered this year and we are very grateful to our donors. We have remained in touch with them during this difficult time and are particularly indebted to those who donated to meet the emergency funding for the Trust during this period of crisis.

The Attingham Trust 5

Report of the trustees Year to 31 December 2021

Achievements and performance (continued)

During 2021 there were changes to the trustee body and within the Executive Committee. Martin Drury retired as a trustee and was replaced by Sir Robert Hildyard. Annabel Westman stepped down as Executive Director and was replaced by Helen Jacobsen, who also took over from Rebecca Lyons as Course Director of Royal Collection Studies. Rebecca Lyons joined the Advisory Council, while Annabel Westman maintains a close involvement with Attingham through her new role leading the alumni activities.

The Attingham series of online lectures provided a focal role in maintaining relations with alumni in 2021. The Annual Lecture by Ada de Wit, celebrating 300 years since Grinling Gibbons’s birth, was held in June. Other Zoom events included lectures given by course directors to highlight the different courses that had been planned for the year. Elizabeth Jamieson hosted an Irish Odyssey (promoting the Study Programme), David Adshead considered Pompeii and its influence on the historic house (a theme from the Summer School) and Rebecca Lyons hosted Royal Collection Trust curator, Kathryn Jones, for an insight into Queen Mary’s personal tastes and collecting habits. An ‘In Conversation’ event between Rebecca Lyons and Tim Knox, Director of the Royal Collection, was also held to celebrate 25 years of Royal Collection Studies, our partnership with the Royal Collection. Annabel Westman discussed the interpretation of archival furnishing texts and Helen Jacobsen lectured on the Château de Bagatelle and its changing interiors. International alumni also contributed to the series, with lectures from Sean Sawyer (on Frederic Church’s Olana) and Ted Bosely and Jennifer Trotoux (on the Gamble House in Pasadena). These online talks were very well attended and, although offered free, proved an effective fundraising tool through online donations.

The Attingham Summer School

David Adshead and Tessa Wild: Course Directors; Lorna Gartside: Administrator

It was disappointing to have to postpone this once more. All those who had places for the deferred 2020 course were offered places in 2021 and have now been offered a place for 2022. Almost everyone has confirmed acceptance of the new dates. The 2022 course will include participants from India, China, Scandinavia, Europe, and America next July. The rich itinerary includes visits to houses in Sussex, Oxfordshire, Derbyshire, Yorkshire and Co. Durham and we are extremely grateful to our hosts who have been so understanding during this difficult year.

In the early summer of 2021 when it looked as though a shorter course might be possible, the Summer School team devised a separate five-day course studying Norfolk houses and collections, planned for late September. Applications were invited from alumni and a very enthusiastic and heartening response was received. The itinerary was based on the visits to Norfolk houses including Holkham, Houghton, Raynham and Sheringham Hall which had been part of the postponed 2020 Summer School programme. Unfortunately, this course also had to be cancelled in early August because of concerns about on-going travel restrictions and issues with travel insurance. However, it is now planned that this course will go ahead in September 2022.

The Attingham Trust

6

Report of the trustees Year to 31 December 2021

Achievements and performance (continued)

Royal Collection Studies

Rebecca Lyons: Director; Sara Heaton: Administrator

RCS was cancelled early in 2021. It was felt that the staff at Royal Collections Trust and Historic Royal Palaces would still be facing multiple challenges following Covid-19-related cost-cutting measures and that much of the access on which the course relies would be difficult to negotiate. There was concern, too, over international travel restrictions which affected a majority of the course participants. It was felt that the programme would be compromised too much, and that postponement to 2022 was the only answer. The course is scheduled to go ahead in September 2022 and almost all participants who have been offered deferred places have taken them up.

The Attingham Study Programme - The Historic House in Ireland

Elizabeth Jamieson: Director; Rita Grudzień: Administrative Director

Despite our best efforts, it was disappointing we were unable to run the Irish Study Programme for the second year in a row. Continuously changing travel restrictions, Covid19-related regulations and other uncertainties around the world made it impossible for us to deliver the course as it had been planned. Fortunately, we have a very positive and loyal band of members who have borne the postponements with good grace, for which we are very grateful. The Study Programme will now take place in September 2022, when we hope the sun will be shining upon all our faces.

Throughout the year the team kept in touch with course members and Irish contacts via a series of virtual events. These included “An Irish Odyssey”, a mix of film, panel discussion, photographic travelogue, and excerpts from documentaries on the Irish country house. In September a Zoom meeting was convened with presentations by course members. We look forward to meeting in person in 2022 with renewed optimism and anticipation.

From College to Country House

Dr Andrew Moore: Course Director; Rita Grudzień: Administrator

Postponed by Covid-19 from September 2020 until September 2021, the course once again had to be postponed, this time until April 2022. Plans are now in the process of being finalized and the original itinerary has largely been maintained. Rita Grudzień has replaced Lorna Gartside as Course Administrator. The course hosts and lecturers have remained enthusiastic in their support throughout the painful process of planning, booking, postponement and rescheduling. The twenty-four members remain substantially those who were successful in their original applications two years ago.

The Attingham Trust

7

Report of the trustees Year to 31 December 2021

Achievements and performance (continued)

French Eighteenth-Century Studies (FES)

Helen Jacobsen: Director; Rebecca Parker: Administrator

Being a non-residential course, there was a glimmer of hope that the course might be able to go ahead as scheduled in early October. Last year’s participants were keen and had proved eager to rearrange their schedules but unfortunately Covid-19-related regulations – this time connected to the restrictions imposed on room capacity in museums – were still in force and the decision to cancel the course had to be taken in late June. We are extremely grateful to the course lecturers who had proved so flexible, and to the Wallace Collection and Waddesdon Manor for their efforts in trying to make it work. French Eighteenth-century Studies has been postponed six months and will now take place in May 2022. It is fully subscribed.

The Attingham Society

Annabel Westman: Director Emeritus; Rebecca Parker: Assistant to the Executive Director

Attingham alumni are the life blood of the Trust, and it was disappointing not to be able to hold our usual in-person events for much of 2021. However, as restrictions were lifted and normality appeared to return, it proved possible to kick-start the live events with a successful visit to the Royal Pavilion, Brighton. Keeper David Beevers led an inspired tour of the royal loans that have been returned to the Pavilion for a short period, and the speed with which the visit was oversubscribed showed how much alumni wanted the opportunity to meet again. A second event, a visit to Frans Hals: the Male Portraits at the Wallace Collection, was led by exhibition curator, Lelia Packer. The alumni annual reunion, always our biggest event of the year, was unable to take place in the spring, but it is envisaged that the 2022 reunion will be a popular event as we celebrate the 70th year of the Attingham Trust.

Financial review

Results for the period

A summary of the results for the year is given on page 18 of the attached accounts.

Total income for the year amounted to £107,928 (2020: £91,559). Expenditure during the year totalled £148,762 (2020: £187,196). Net expenditure before investment gains, therefore, was £40,834 (2020: net expenditure before investment losses was £95,637). The net income and net increase in funds, after accounting for net investment gains of £296,271 was £255,437 (2020: net expenditure and net decrease in funds, after accounting for net investment losses of £252,964 was £348,601).

Reserves policy and financial position

Reserves policy

The trustees aim to maintain the Trust’s reserves at a level sufficient to ensure that the investment thereof generates adequate income to meet the Trust’s annual expenditure, both direct charitable and other, and to assure the ongoing and future development of the Trust’s activities.

The Attingham Trust

8

Report of the trustees Year to 31 December 2021

Financial review (continued)

Reserves policy and financial position (continued)

Financial position

The balance sheet at 31 December 2021 shows total funds of £3,383,842 (2020: £3,128,405) representing investments of £3,160,330 (2020: £2,689,269) and net current assets of £223,512 (2020: £439,136).

Total funds include permanently endowed funds of £228,597 (2020: £220,686) being monies received from The Monument Trust to fund a Summer School scholarship in memory of Simon Sainsbury and monies received for the Sansovino Fund to fund scholarships in the future. The purpose of the funds and an analysis of their movements are set out in note 13 to the accounts.

Funds totalling £759,690 (2020: £713,742) are restricted. These comprise the John Cornforth Memorial Fund, the Peter and Wilhelmina Minet Scholarship Fund, The Monument Trust Fund, the Esmée Fairbairn Fund, the J. Paul Getty Junior Charitable Trust Fund, the Simon Sainsbury Fund, the Sir Geoffrey de Bellaigue Scholar Fund, the J Goodison Scholarship Fund, the Basil Samuel Charitable Trust Fund, the Michael Bishop Foundation Fund, the Caroline Rimell Fund, the Giles Waterfield Memorial Fund, the Leche Trust, the Attingham Society Reunion Fund, the 70[th] Anniversary Scholarship Fund, and other funds. The purpose of the funds and an analysis of their movements are set out in note 14 to the accounts.

Also included in total funds is an amount of £2,145,555 (2020: £1,943,977) which has been designated, or set aside, by the trustees for specific purposes as described in note 15 to the accounts.

General funds of the charity at 31 December 2021 total £250,000 (2020: £250,000). The trustees consider this level of general funds is adequate.

Having carefully considered the financial impact of the Covid-19 pandemic, with regret, trustees decided, for a second year, to postpone all courses in 2021. The closure of venues and restrictions in travel made it impossible to continue with these core activities. Whilst uncertainty in respect of availability of scholarship grants and the level of investment income will continue, on-going interest and support from delegates and venue partners offers encouragement that courses can resume in a similar format as circumstances allow. Mindful of restrictions worldwide, planned courses in 2022 are under constant review. Assuming all courses take place, a detailed cash flow and income and expenditure forecast demonstrates a projected financial loss in the region of £61k for the year to 31 December 2022.

Whilst being aware that there may yet be a further year with significant impact on reserves the trustees are confident that adequate reserves will remain available to ensure the continuity of the charity’s activities. They conclude, therefore, that the accounts should be prepared on a going concern basis.

The Attingham Trust

9

Report of the trustees Year to 31 December 2021

Future plans

Next year marks the 70[th] anniversary of the Attingham Trust, a remarkable achievement. The Alumni Society Reunion will celebrate this with a reception, and the branding will be changed for the year to reflect the anniversary.

The year ahead promises to be a full one, with all the postponed courses from the last two years taking place. At the start of the year, it appeared that the global situation regarding Covid-19 would have stabilised sufficiently, due to vaccines and medicines, to allow courses to go ahead, and that is still the hope. However, a new and chilling threat has arisen with the Russian invasion of Ukraine. It is still considered likely that the courses will take place, but at the very least the attendance of some of the Russian members will be unlikely, meaning that new members will have to be found.

A number of marketing initiatives are planned, including an update to the website and a legacy giving campaign. New sources of scholarship funding will continue to be sought. It is intended to continue with online lectures, which have proved to be an excellent method of keeping in touch with our alumni and show-casing the interests and activities of Attingham to a wider audience. These lectures are offered to all and at no charge, although donations are welcomed. The Annual Lecture will take place in person and will preface any online lecture series.

The Trust is looking forward to 2022 with great anticipation and with renewed commitment to the Attingham ethos. Having seen the difficulties faced by the heritage sector all over the world as a knock-on effect of the pandemic, followed now by the consequences of the Ukrainian invasion, we are even more determined that the experiences and knowledgesharing opportunities offered by Attingham courses should be continued and celebrated as a unique contribution to the understanding of the historic house. The operating environment for houses and their collections and for museums is, if anything, more challenging than last year: the support mechanisms and grants available during the pandemic are falling away, leaving a cost base to sustain but without the levels of income that would have been expected in the pre-Covid-19 years. Cash will be tight, and budgets trimmed in response, including curatorial expertise, with the result that Attingham’s mission to provide high quality courses for professional development is as relevant today as at any time in its long history. Yet the Trust, too, has to operate in this difficult environment, with inflation surging and uncertainty stalking the international community. The Trust’s margins will be under pressure, but we will also need to be in a position to provide more scholarships in the future. In the medium term, we anticipate a major fundraising programme to coincide with the 75[th] anniversary.

The Attingham Trust 10

Report of the trustees Year to 31 December 2021

Governance, structure, and management

Governance

The Attingham Trust is governed by Rules adopted on 13 December 1982, as subsequently amended, and is registered under the Charities Act 2011 - Charity Registration No. 262819.

Trustees

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

The trustees who served during the year were as follows:

Name

Timothy Cooke OBE (Chairman) Sir John Lewis OBE Diana Berry Martin D Drury CBE, FSA (resigned 18 May 2021) Sarah Medlam Dame Rosalind Savill DBE, FSA, FBA Sir Robert Hildyard (appointed 18 May 2021)

Trustees’ responsibilities

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

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

The Attingham Trust

11

Report of the trustees Year to 31 December 2021

Governance, structure, and management (continued)

Trustees’ responsibilities (continued)

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

Key management personnel

The trustees consider that they together with the Executive Director, the Treasurer, and other Officers of the Trust (which comprise the Executive Committee) comprise the key management of the charity in charge of directing and controlling, running, and operating the charity. The Chair is assisted by the Executive Director and the Treasurer in operating the charity on a day-to-day basis. The Executive Director and the Treasurer report to the Chairman on a regular basis.

The trustees receive no remuneration for their work as trustees. The Executive Director and the Treasurer are remunerated for services provided under a contract for services. The fees paid to them are based on normal commercial terms and are authorised by the Chairman.

Risk management

The trustees have assessed the major risks to which the charity is exposed, in particular those arising due to Covid-19 (see earlier sections) and those relating to the specific operational areas of the charity, its investments and its finances. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks.

The charity’s principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets and the related volatility caused by issues such as Covid-19. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees review the investment managers’ performance on a regular basis.

Raising funds

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

Approved by the trustees and signed on their behalf by:

Timothy Cooke

Trustee

Date of approval: 31 May 2022

The Attingham Trust

12

Independent auditor’s report 31 December 2021

Independent auditor’s report to the trustees of The Attingham Trust

Opinion

We have audited the accounts of The Attingham Trust (the ‘charity’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies, and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

The Attingham Trust 13

Independent auditor’s report 31 December 2021

Other information

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

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts, or our knowledge obtained in the 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 accounts 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 Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

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

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

The Attingham Trust 14

Independent auditor’s report 31 December 2021

Auditor’s responsibilities for the audit of the accounts

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

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

How the audit was considered capable of detecting irregularities including fraud

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

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

The Attingham Trust 15

Independent auditor’s report 31 December 2021

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

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

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

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

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

We did not identify any irregularities, including fraud.

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.

The Attingham Trust 16

Independent auditor’s report 31 December 2021

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP 16 June 2022 Statutory Auditor 130 Wood Street London EC2V 6DL

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

The Attingham Trust

17

Statement of financial activities Year to 31 December 2021

Notes Un-
restricted
funds
£		 Restricted
funds
£		 Endowment
funds
£
2021
Total
£		 2020
Total
£
Income from:
Donations
1
Investments and interest receivable
2
Other miscellaneous sources
Total income
Expenditure on:
Raising funds
. Investment manager fees
Charitable activities
. Courses to study selected historic
houses and collections
3
. Attingham Society
Total expenditure
Net (expenditure) income for the
year before net investment gains
(losses)
Net investment gains (losses)
10
Net income (expenditure) before
transfers
Transfers between funds
14
Net income (expenditure) and net
movement in funds
6
Reconciliation of funds:
Fund balances brought forward at 1
January 2021
Fund balances carried forward at 31
December 2021		 21,071
27,768
—		 37,892
19,187
2,010		 —
—		 58,963
46,955
2,010		 43,014
45,163
3,382
48,839 59,089 — 107,928 91,559
210
140,758
2,153		 —
—
5,641		 —
—
—		 210
140,758
7,794		 —
175,215
11,981
143,121 5,641 — 148,762 187,196
(94,282)
288,360
53,448
—		 —
7,911		 (40,834)
296,271		 (95,637)
(252,964)
194,078
7,500		 53,448
(7,500)		 7,911
—		 255,437
—		 (348,601)
—
201,578
2,193,977		 45,948
713,742		 7,911
**220,686 **		 255,437
3,128,405		 (348,601)
3,477,006
2,395,555 759,690 **228,597 ** 3,383,842 3,128,405

All of the charity’s activities derived from continuing operations during the above two financial periods.

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

Comparative information split by fund for the year to 31 December 2020 is provided on the next page.

The Attingham Trust 18

Comparative statement of financial activities Year to 31 December 2020

Notes Un-
restricted
funds
£		 Restricted
funds
£		 Endowment
funds
£		 2020
Total
£
Income from:
Donations
1
Investments and interest receivable
2
Other miscellaneous sources
Total income
Expenditure on:
Charitable activities
. Courses to study selected historic
houses and collections
3
. Attingham Society
Total expenditure
Net income (expenditure) for the year before
net investment losses
Net investment losses
10
Net (expenditure) income for the year before
transfers
Transfers between funds
14
Net (expenditure) income and net movement in
funds
6
Reconciliation of funds:
Fund balances brought forward at 1 January
2020
Fund balances carried forward at 31 December
2020		 7,127
28,138
—		 19,400
17,025
3,382		 16,487
—
—		 43,014
45,163
3,382
35,265 39,807 16,487 91,559
175,215
1,746		 —
10,235		 —
—		 175,215
11,981
176,961 10,235 — 187,196
(141,696)
(233,471)		 29,572
—		 16,487
(19,493)		 (95,637)
(252,964)
(375,167)
6,296		 29,572
(2,296)		 (3,006)
(4,000)		 (348,601)
—
(368,871)
2,562,848		 27,276
686,466		 (7,006)
227,692		 (348,601)
3,477,006
2,193,977 713,742 220,686 3,128,405

All of the charity’s activities derived from continuing operations during the above period.

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

The Attingham Trust 19

Balance sheet 31 December 2021

Notes
2021
£		 2021
£		 2020
£		 2020
£
Fixed assets
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
12
Net current assets
Total net assets
The funds of the charity:
Funds and reserves
Capital funds
Permanent endowment funds
13
Income funds
Restricted funds
14
Unrestricted funds:
. Designated funds
15
. General fund

59,989
270,554		 3,160,330
223,512		 331,540
165,974		 2,689,269
439,136
330,543

(107,031)		 497,514
(58,378)


3,383,842 3,128,405
228,597
759,690
2,145,555
250,000		 220,686
713,742
1,943,977
250,000
3,383,842 3,128,405

Approved by the trustees and signed on their behalf by:

Timothy Cooke

Trustee

Approved on: 31 May 2022

The Attingham Trust 20

Statement of cash flows Year to 31 December 2021

Notes
2021
Total
£		 2020
Total
£
Cash flows from operating activities:
Net cash provided by (used in) operating activities
A
Cash flows from investing activities:
Investment income and interest received
Purchase of investments
Proceeds from sale of investments
Net cash (used in) provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2021
Cash and cash equivalents at 31 December 2021
B

232,415		 (365,714)


46,955
(174,843)
77		 45,163
—
278,653
**(127,811) ** 323,816

104,604

165,974
 (41,898)
207,872

270,578		 165,974
2021
Total
£		 2020
Total
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
(Gains) losses on investments
Investment income and interest receivable
Decrease (increase) in debtors
Increase in creditors
Net cashprovided by (used in) operating activities		 255,437

(296,271)
(46,955)
271,551
48,653		 (348,601)
252,964
(45,163)
(263,876)
38,962
232,415 (365,714)
B Analysis of cash and cash equivalents 2021
£		 2020
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 270,554
24		 165,974
—
270,578 165,974

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

The Attingham Trust 21

Principal accounting policies Year to 31 December 2021

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

Basis of preparation

These accounts have been prepared for the year to 31 December 2021 with comparative information provided in respect to the year ended 31 December 2020.

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

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

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

Critical accounting estimates and areas of judgement

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

The key areas in the accounts where such judgements and estimates have been made is in respect to the apportionment of support costs between charitable activities and in the estimation of future income and expenditure flows for the purpose of assessing going concern (see below).

Assessment of going concern

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

Having carefully considered the financial impact of the Covid-19 pandemic, with regret, trustees decided, for a second year, to postpone all courses in 2021. The closure of venues and restrictions in travel made it impossible to continue with these core activities. Whilst uncertainty in respect of availability of scholarship grants and the level of investment income will continue, on-going interest and support from delegates and venue partners offers encouragement that courses can resume in a similar format as circumstances allow. Mindful of restrictions worldwide, planned courses in 2022 are under constant review. Assuming all courses take place, a detailed cash flow and income and expenditure forecast demonstrates a projected financial loss in the region of £61k for the year to 31 December 2022.

Whilst being aware that there may yet be a further year with significant impact on reserves, the trustees are confident that adequate reserves will remain available to ensure the continuity of the charity’s activities. They conclude, therefore, that the accounts should be prepared on a going concern basis.

The Attingham Trust 22

Principal accounting policies Year to 31 December 2021

Income recognition

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

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

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

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

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

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

Course fees and related income includes fees payable by those attending courses together with scholarships received in respect to specific individual applicants. The fees and related income are stated after deducting any scholarships awarded to the course attendee by the charity itself. Fee income is recognised when the charity is entitled to receipt – usually at the date on which the relevant course commences.

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

Expenditure recognition

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

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

The Attingham Trust

23

Principal accounting policies Year to 31 December 2021

Expenditure recognition (continued)

All expenditure is stated inclusive of irrecoverable VAT.

Support and governance costs

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

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

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

Investments

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

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

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

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

Debtors

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

The Attingham Trust 24

Principal accounting policies Year to 31 December 2021

Cash at bank and in hand

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

Creditors and provisions

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

Fund structure

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

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

The permanent endowment funds are monies which must be held indefinitely. The income generated from the funds may be applied towards specific or general purposes as appropriate.

Foreign currencies

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

Pensions

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

The Attingham Trust

25

Notes to the accounts Year to 31 December 2021

1 Income from: Donations

Sansovino
The Leche Trust
The Michael Bishop Foundation
The Sir Geoffrey de Bellaigue Scholarship
Fund Memorial Fund
70thAnniversary Scholarship Fund
Others		 Unrestricted
funds
£


Restricted
funds
£


Endowment
funds
£		 2021
Total
£
—
—
7,500
—
—
13,571
5,000

5,000

—

3,000

12,500

12,392
—

—

—

—

—

—		 5,000
5,000
7,500
3,000
12,500
25,963
21,071
37,892
—		 58,963
Unrestricted
funds
£


Restricted
funds
£		 Endowment
funds
£


2020
Total
£

17,500

50

5,000

7,500

12,964

43,014
Sansovino
Donations received for the Giles Waterfield
Memorial Fund
The Leche Trust
The Michael Bishop Foundation
Others		 —
50
—
—
7,077
5,000

—

5,000

7,500

1,900		 12,500
—
—
—
3,987
7,127
19,400		 16,487

2 Income from: Investments and interest receivable

Unrestricted
funds
£


Restricted
funds
£		 Endowment
funds
£


2021
Total
£

46,221

734

46,955
Income from listed investments
Bank interest		 27,034
734
19,187

—		 —
—
27,768
19,187		 —
Unrestricted
funds
£


Restricted
funds
£		 Endowment
funds
£


2020
Total
£

45,068

95

45,163
Income from listed investments
Bank interest		 28,043
95
17,025

—		 —
—
28,138
17,025		 —

The Attingham Trust

26

Notes to the accounts Year to 31 December 2021

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

Direct Costs
Officers’ fees and expenses
Marketing, printing, postage,
telephone and stationery
Miscellaneous expenses
Support costs (note 4)		 Unrestricted
funds
£


Restricted
funds
£		 Endowment
funds
£		 2021
Total
£
49,445
741
785
—

—

—		 —
—
—		 49,445
741
785
50,971
89,787
—

—		 —
—		 50,971
89,787
140,758
—		 — 140,758
Direct Costs
Officers’ fees and expenses
Marketing, printing, postage,
telephone and stationery
Miscellaneous expenses
Support costs (note 4)		 Unrestricted
funds
£


Restricted
funds
£		 Endowment
funds
£		 2020
Total
£
94,071
4,823
163
—

—

—		 —
—
—		 94,071
4,823
163
99,057
76,158
—

—		 —
—		 99,057
76,158
175,215
—		 — 175,215

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

Summer
School
£		 Study
Programme
£


Royal
Collection
Studies
£		 French
Eighteenth
Century
Studies
£
Total
2021
£
49,445
741
785
50,971
Officers’ fees and expenses
Marketing, printing, postage,
telephone and stationery
Miscellaneous expenses		 19,612
69
605		 18,533
465
13
8,294

207

**84 **
3,006
—

83
20,286 19,011
**8,585 **
3,089
Officers’ fees and expenses
Marketing, printing, postage,
telephone and stationery
Miscellaneous expenses		 Summer
School
£
37,877
1,743
—
39,620


Study
Programme
£

36,528

1,785

76

38,389
Royal
Collection
Studies
£		 French
Eighteenth
Century
Studies
£
Total
2020
£
94,071
4,823
163
99,057

16,662

1,175

83
3,004
120

4

17,920
3,128

The Attingham Trust

27

Notes to the accounts Year to 31 December 2021

4 Support costs

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

Course
expenditure
£		 Attingham
Society
£		 Total
2021
£		 Basis of
apportionment
Publicity, publications, website
development and maintenance
Printing, postage, books,
stationery, and office supplies
Fees (including staff costs)
Bank charges
Other support costs
Governance costs (note 5)
Foreign exchange losses		 4,701
1,886
56,927
692
11,381
9,467
4,733		 96
38
1,162
14
233
193
97		 4,797
1,924
58,089
706
11,614
9,660
4,830		 Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
89,787 1,833 91,620
Course
expenditure
£		 Attingham
Society
£		 Total
2020
£		 Basis of
apportionment
Publicity, publications, website
development and maintenance
Printing, postage, books,
stationery, and office supplies
Fees (including staff costs)
Bank charges
Other support costs
Governance costs (note 5)
Foreign exchange losses		 3,129
1,564
49,829
518
8,238
5,812
7,068		 63
32
1,004
10
167
117
142		 3,192
1,596
50,833
528
8,405
5,929
7,210		 Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
76,158 1,535 77,693

5 Governance costs

Governance costs
2021
£		 2020
£
Professional fees
Annual report and meeting expenses
Total funds		 8,064
1,596		 5,870
59
9,660 5,929

6 Net income (expenditure) and net movement in funds

This is stated after charging (crediting):

2021
Total
£
11,144
7,068
7,000
44		 2020
Total
£
Staff costs (note 7)
Exchange losses
Auditor’s remuneration (including VAT)
. Statutory audit fees
.. Current period
.. Previousperiod		 11,144
7,210
7,000
(1,430)

The Attingham Trust

28

Notes to the accounts Year to 31 December 2021

7 Staff costs and key management personnel

Staff costs and key management personnel
2021
Total
£		 2020
Total
£
Wages and salaries
Pension contribution		 11,000
144		 11,000
144
11,144 11,144

The charity employed one member of part-time staff during the year (2020: one).

No employees earned £60,000 or more during the year (2020: none).

The trustees consider that they together with the Executive Director, the Treasurer, and other Officers of the charity (which comprise the Executive Committee) comprise the key management of the charity in charge of directing and controlling, running, and operating the charity. The Chairman of the trustees is assisted by the Executive Director and the Treasurer in operating the charity on a day-to-day basis. The Executive Director and the Treasurer report to the Chairman on a regular basis.

The trustees and the members of Council receive no remuneration for their work as trustees and members of the Council. The Executive Director and the Treasurer are remunerated for services provided under contracts for services. The fees paid to the Officers for services to the charity including their management and administrative roles and their roles in connection with the courses was £91,811 (2020: £101,369).

8 Trustees and related party transactions

No trustees received any remuneration for their services as trustees during the period (2020: none). £359 total expenses were reimbursed to one trustee during the year to 31 December 2021 (2020: none).

Donations totalling £180 were received from two trustees (2020: £180 from three trustees).

During the year to 31 December 2021, £250 (2020 - £nil) was received from one trustee as payments for their place on The Attingham Study Programme - The Historic House in Ireland course.

There were no other related party transactions during the year (2020: none).

9 Taxation

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

The Attingham Trust 29

Notes to the accounts Year to 31 December 2021

10 Investments

Investments
2021
£		 2020
£
Listed investments
Fair (market) value at 1 January 2021
Additions
Disposals (see below)
Unrealised gains (losses) on revaluation
Fair (market) value at 31 December 2021
Cash held by investment managers
Cost of listed investments at 31 December 2021
2,689,269
174,843
(74)
296,268		 3,220,886
—

(359,616)
(172,001)
3,160,306
24
2,689,269

—
3,160,330
2,689,269
1,465,668 1,290,899

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

2021
£		 2020
£
Proceeds
(Gains) losses
Disposals at book value		 77
**(3) **		 278,653
80,963
74 359,616

Listed investments held at 31 December 2021 comprised:

Market
value
£		 Percentage
of
portfolio
%
13.49
61.91
18.66
5.94
100
UK common investment funds
. Charities UK Bond Fund A, Income Units
. Charities UK Equity Fund A, Accumulation Units
. M & G Charifund, Equities Investment Fund for Charities, Income Units
. Rathbones Unit Trust Management		 426,306
1,956,604
589,767
187,629
3,160,306

11 Debtors

Debtors
2021
£		 2020
£
Prepayments for courses
Other prepayments
Accrued fee income
Proceeds from the disposal of investments
Other debtors		 44,316
9,841
90
—
5,742		 41,322
3,190
4,077
278,653
4,298
59,989 331,540

The Attingham Trust 30

Notes to the accounts Year to 31 December 2021

12 Creditors: amounts falling due within one period

Creditors: amounts falling due within one period
2021
£		 2020
£
Accruals and deferred income
Expense and sundry creditors
Deferred income at 1 January 2021
Released during the year
Resources deferred in the year
Deferred Income at 31 December 2021		 100,015
7,016		 56,055
2,323
107,031 58,378
47,867
(200)
44,895		 1,406
(1,406)
47,867
92,562 47,867

13 Permanent endowment funds

At 1
January
2021
£		 Income
£		 Investment
gains
£		 Transfers
£		 At 31
December
2021
£
The Simon Sainsbury
Endowment Fund
The Sansovino Fund		 170,890
49,796		 —
—		 7,010
901		 —
—		 177,900
50,697
220,686 — 7,911 — 228,597
At 1
January
2020
£		 Income
£		 Investment
losses
£		 Transfers
£		 At 31
December
2020
£
The Simon Sainsbury
Endowment Fund
The Sansovino Fund		 187,673
40,019		 —
16,487		 (16,783)
(2,710)		 —
(4,000)		 170,890
49,796
227,692 16,487 (19,493) (4,000) 220,686

The Simon Sainsbury Endowment Fund comprises monies donated by The Monument Trust to be held in order to generate income to fund a scholarship for the Summer School in memory of Simon Sainsbury.

The Sansovino Fund comprises monies to be held in order to generate income to fund scholarships for those attending courses organised by the charity. The transfer between funds in 2020 represented an amount which was deemed to be restricted in nature.

The Attingham Trust 31

Notes to the accounts Year to 31 December 2021

14 Restricted funds

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

purposes:
At 1
January
2021
£		 Income
£		 Expenditure
£
Transfers
£		 At 31
December
2021
£
John Cornforth Memorial Fund
Peter and Wilhelmina Minet Scholarship Fund
The Monument Trust Fund
Esmée Fairbairn Fund
J Paul Getty Junior Charitable Trust Fund
Simon Sainsbury Fund
The Sir Geoffrey de Bellaigue Scholar Fund
The Basil Samuel Charitable Trust Fund
The Michael Bishop Foundation Fund
The Caroline Rimell Fund
The Giles Waterfield Memorial Fund
The Leche Trust
The Attingham Society Reunion Fund
The 70thAnniversary Scholarship Fund
Other funds		 96,285
86,984
300,195
3
20,952
61,558
12,159
5,364
9,000
6,358
77,235
5,000
11,575
—
21,074		 1,408
1,272
4,391
—
306
9,648
3,178
78
132
93
1,130
5,073
2,179
12,500
17,701
—

—

—

—

—

—
—

—

—

—

—

—

(5,641)

—

—		 —
—
—
—
—
—
—
—
(7,500)
—
—
—
—
—
—		 97,693
88,256
304,586
3
21,258
71,206
15,337
5,442
1,632
6,451
78,365
10,073
8,113
12,500
38,775
713,742 59,089
(5,641)		 (7,500) 759,690
At 1
January
2020
£		 Income
£		 Expenditure
£
Transfers
£		 At 31
December
2020
£
John Cornforth Memorial Fund
Peter and Wilhelmina Minet Scholarship Fund
The Monument Trust Fund
Esmée Fairbairn Fund
J Paul Getty Junior Charitable Trust Fund
Simon Sainsbury Fund
The Sir Geoffrey de Bellaigue Scholar Fund
The Basil Samuel Charitable Trust Fund
The Michael Bishop Foundation Fund
The Caroline Rimell Fund
The Giles Waterfield Memorial Fund
The Leche Trust
The Attingham Society Reunion Fund
Other funds		 95,085
85,900
296,454
3
20,691
52,533
12,007
5,297
1,481
6,279
76,272
—
25,403
9,061		 1,200
1,084
3,741
—
261
9,025
152
67
7,519
79
963
5,000
3,703
7,013
—

—

—

—

—

—

—

—

—

—

—

—

(10,235)

—		 —
—
—
—
—
—
—
—
—
—
—
—
(7,296)
5,000		 96,285
86,984
300,195
3
20,952
61,558
12,159
5,364
9,000
6,358
77,235
5,000
11,575

21,074
686,466 39,807
(10,235)		 (2,296) 713,742

 John Cornforth Memorial Fund

The fund includes monies received to be used to provide scholarships for those attending courses organised by the charity, in particular the Summer School courses. No scholarships were paid during the year (2020: none).

 Peter and Wilhelmina Minet Scholarship Fund

The fund includes monies received to be used to provide scholarships for those attending courses organised by the charity, in particular the Summer School and Study Programme. No scholarships were paid during the year (2020: none).

The Attingham Trust 32

Notes to the accounts Year to 31 December 2021

14 Restricted funds (continued)

The Attingham Trust 33

Notes to the accounts Year to 31 December 2021

14 Restricted funds (continued)

15 Designated funds

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

At 1
January
2021
£
 New
designations
£		 Utilised or
released
£		 At 31
December
2021
£
Attingham Society Fund
General reserve
Director training
The Giles Waterfield Memorial Fund		 3,455
1,849,850
13,292
77,380		 12,233
332,465
—
—		 (2,153)
(140,967)
—
—		 13,535
2,041,348
13,292
77,380
1,943,977 344,698 (143,120) 2,145,555
At 1
January
2020
£		 New
designations
£		 Utilised or
released
£		 At 31
December
2020
£
Attingham Society Fund
General reserve
Director training
The Giles Waterfield Memorial Fund		 —
2,222,211
13,307
77,330		 5,201
30,014
—
50		 (1,746)
(402,375)
(15)
—		 3,455
1,849,850
13,292
77,380
2,312,848 35,265 (404,136) 1,943,977

The Attingham Trust

34

Notes to the accounts Year to 31 December 2021

15 Designated funds (continued)

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

The director training fund represents money donated by The Swire Trust and has been designated for training purposes. No amounts have been utilised in the year for the cost of training directors (2020: none).

16 Analysis of net assets between funds

General
fund
£		 Designated
funds
£


Restricted
funds
£


Endowment
fund
£		 Total funds
31 December
2021
£
Investments
Net current assets		 66,296
183,704		 2,105,747
39,808
759,690

—
228,597

—		 3,160,330
223,512
250,000 2,145,555
759,690
228,597		 3,383,842
General
fund
£		 Designated
funds
£


Restricted
funds
£


Endowment
fund
£		 Total funds
31 December
2020
£
Investments
Net current assets		 66,296
183,704		 1,688,545
255,432
713,742

—
220,686

—		 2,689,269
439,136
250,000 1,943,977
713,742
220,686		 3,128,405
2021
£		 2020
£
Total unrealised gains included above:
On investments
Reconciliation of movements in unrealised gains
Unrealised gains at 1 January 2021
In respect to disposals in the year
Net gains (losses) arising on revaluation
Unrealised gains at 31 December 2021		 1,694,638 1,398,370
1,398,370
—
296,268		 1,589,987
(19,616)
(172,001)
1,694,638 1,398,370

The Attingham Trust

35