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2023-12-31-accounts

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

Annual report and accounts

31 December 2023

Charity Registration Number 262819

Contents

Reports

Reports
Reference and administrative details of
the charity, its patrons, trustees
and advisers 1
Report of the trustees 4
Independent auditor’s report 10
Accounts
Statement of financial activities 14
Comparative statement of financial
activities 15
Balance sheet 16
Statement of cash flows 17
Principal accounting policies 18
Notes to the accounts 23

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

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

Patrons H M Ambassador to Washington
The Duke of Buccleuch & Queensberry KT, KBE,
CVO, DL, FSA, FRSE, FRSGS
Dr Thomas P Campbell
Professor Sir David Cannadine FBA, FRSL, FSA
Sir Timothy Clifford
The Lord Crathorne KCVO, KSTJ, FRSA, FSA
The Marquess of Cholmondeley KCVO, DL
The Duke of Devonshire KCVO, CBE, DL
Judith Goodison FSA
The Marquis of Lansdowne LVO, DL
Rosemary Lomax-Simpson
Sir Jonathan Marsden KCVO, FSA
Sir Hugh Roberts GCVO, FSA
The Lord Rothschild OM, GBE, CVO, FBA
(deceased 24 February 2024)
The Rt. Hon. the Lord Swire KCMG, PC
Honorary President Sir John Lewis OBE
Trustees Timothy Cooke OBE
Diana Berry
Sir Robert Hildyard
Sarah Medlam
Adrian Sassoon
Dame Rosalind Savill DBE, FSA, FBA
Council Members Dr Adriano Aymonino
Beth Carver Wees
Errol Clark
Dr Ben Cowell FSA
Helen Dorey MBE, FSA
Dr Jane Eade FSA
Tim Knox FSA
Rebecca Lyons
James Rothwell FSA
Executive Director Dr Helen Jacobsen
Treasurer Ewa Mania FCCA

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

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

Course Directors and Coordinators

The Attingham Summer School David Adshead FSA (Co-director)
Tessa Wild (Co-director)
Lorna Gartside/Zuzanne Stark (Co-ordinator)
Royal Collection Studies Dr Helen Jacobsen (Director)
Sara Heaton (Co-ordinator)
The Attingham Study Programme – Dr Andrew Moore FSA (Co-director)
Venice & the Veneto Christopher Garibaldi (Co-director)
Rita Grudzień (Co-ordinator)
The London House Course David Adshead FSA (Director)
Rebecca Parker (Co-ordinator)
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

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

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

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 for the Study of Country Houses and Collections in Britain 3

Report of the trustees Year to 31 December 2023

The trustees present their report together with the accounts of The Attingham Trust for the Study of Country Houses and Collections in Britain (known as “The Attingham Trust” (the Trust)) for the year to 31 December 2023.

The accounts have been prepared in accordance with the accounting policies set out on pages 18 to 22 of the attached accounts and comply with the Trust’s governing document, applicable laws and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Introduction

The charitable objectives of the Trust are as follows:

Activities, specific objectives, and relevant policies

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

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

♦ Public benefit

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

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 for the Study of Country Houses and Collections in Britain 4

Report of the trustees Year to 31 December 2023

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 experienced net gains during the year to 31 December 2023 of £178,672 (2022: net losses of £143,137). 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 2024 due to the continuing impact of economic and political uncertainties on investment markets.

Achievements and performance

In 2023, the Trust ran four courses: three residential and one non-residential. In total, 126 participants attended from 18 countries on four continents including the USA, the UK, Croatia, Czech Republic, Poland, Slovenia, Australia, New Zealand, Japan, Hong Kong, India, France, Estonia, Germany, the Netherlands and Portugal. Many of the participants attended on scholarship funding provided by generous individuals, trusts and foundations and the trustees continue to be grateful to all those who contribute to the on-going funding of the Trust and its courses.

The courses included the 70th Attingham Summer School, which this year was based in Sussex, Derbyshire and Norfolk. It visited 22 properties over 16 days and benefited from the input of more than 80 lecturers, tutors and property staff. The course was attended by 40 participants. This year’s Royal Collection Studies was the first of the new reign and welcomed 30 heritage professionals from four continents. The Attingham Study Programme visited Venice and the Veneto, the aim being to consider Palladian architecture, Venetian painting and decorative art, books and textiles in relation to the neo-Palladian British Country Houses of Britain, northern Europe and the USA. 31 participants experienced 32 visits and listened to 30 guest speakers over 9 days. The London House Course, a non-residential course, enjoyed similarly privileged access to buildings and architectural drawings, contextualising lectures and walking tours through 500 years of London’s development.

A new development in 2023 was the introduction of an Attingham Short Course devised specifically for the National Trust. Aimed at bringing the Attingham ethos of contextualised study of historic houses and their interiors and collections to a wider audience of National Trust curators than could otherwise attend a full residential Attingham programme, the first of four intended courses took place in October and was attended by 12 National Trust curators.

The international Attingham alumni network continues to grow in number and importance. The professional connections forged on Attingham courses help to enrich careers and international exchange. A legacy giving programme was launched in November at the annual alumni reunion held in London.

Dr Martin Postle stepped down from the Advisory Council and was replaced by Dr Adriano Aymonino. The trustees are grateful to all those who volunteer their time and advice to support the Trust’s activities.

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

Report of the trustees Year to 31 December 2023

Financial review

Results for the period

A summary of the results for the year is given on page 14 of the attached accounts.

Total income for the year amounted to £687,944 (2022: £595,669). Expenditure during the year totalled £554,690 (2022: £595,891). Net income before investment gains, therefore, was £133,254 (2022: net expenditure before investment losses was £222). The net income and net increase in funds, after accounting for net investment gains of £178,672 was £311,926 (2022: net expenditure and net decrease in funds, after accounting for net investment losses of £143,137 was £143,359).

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.

Financial position

The balance sheet at 31 December 2023 shows total funds of £3,552,409 (2022: £3,240,483) representing investments of £3,195,179 (2022: £3,016,842) and net current assets of £356,627 (2022: £223,641).

Total funds include permanently endowed funds of £185,285 (2022: £186,817) 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 14 to the accounts.

Funds totalling £730,869 (2022: £728,827) are restricted. These comprise the John Cornforth Memorial Fund, the Peter and Wilhelmina Minet Scholarship Fund, The Monument Trust Fund, the J. Paul Getty Junior Charitable Trust Fund, the Simon Sainsbury Fund, the Sir Geoffrey de Bellaigue Scholar Fund, the Basil Samuel Charitable Trust Fund, the Caroline Rimell Fund, the Giles Waterfield Memorial Fund, the Leche Trust Scholarship Fund, the 70th Anniversary Scholarship Fund, the Attingham Scholarship Fund, the Oliver Ford Foundation Scholarship Fund, the Radcliffe Trust Scholarship Fund and other funds. The purpose of the funds and an analysis of their movements are set out in note 15 to the accounts.

Also included in total funds is an amount of £2,386,652 (2022: £2,074,839) which has been designated, or set aside, by the trustees for specific purposes as described in note 16 to the accounts.

General funds of the charity at 31 December 2023 total £250,000 (2022: £250,000). The trustees consider this level of general funds is adequate.

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

Report of the trustees Year to 31 December 2023

Future plans

The year ahead will comprise four residential courses: the Summer School, Royal Collection Studies, the Study Programme (Arts and Crafts Houses and Gardens) and a Short Course exploring the role of the Horse in Court Culture through art and architecture in Paris. Two further short courses will be offered for National Trust curators.

High levels of inflation continue to pose problems for the Trust in terms of keeping fees for its courses at reasonable levels and providing adequate scholarships for selected candidates. Every effort is made to ensure that the courses offer value for money, while providing unrivalled professional development opportunities for an often-under-resourced sector. Fees will have to rise to take account of these increased costs, but the rises will be kept to a minimum. The Trust will continue to monitor central overheads closely.

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) Diana Berry Sir Robert Hildyard Sarah Medlam Adrian Sassoon Dame Rosalind Savill DBE, FSA, FBA

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

Report of the trustees Year to 31 December 2023

Governance, structure, and management (continued)

Trustees’ responsibilities (continued)

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

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

Key management personnel

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

The trustees receive no remuneration for their work as trustees. The Executive Director, the Treasurer and the Executive Assistant are employed by the charity. The course directors, course coordinators and visiting lecturers are remunerated for services provided under a contract for services. The fees paid to them are based on normal commercial terms.

Risk management

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

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

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

Report of the trustees Year to 31 December 2023

Governance, structure, and management (continued)

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 OBE

Trustee Date of approval: 24 April 2024

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

Independent auditor’s report 31 December 2023

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

Opinion

We have audited the accounts of The Attingham Trust for the Study of Country Houses and Collections in Britain (the ‘charity’) for the year ended 31 December 2023 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.

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.

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

Independent auditor’s report 31 December 2023

Other information (continued)

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.

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.

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

Independent auditor’s report 31 December 2023

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

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

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

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

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

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

Independent auditor’s report 31 December 2023

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

How the audit was considered capable of detecting irregularities including fraud (continued)

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 stunusuaandards 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.

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 26 April 2024 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 for the Study of Country Houses and Collections in Britain 13

Statement of financial activities Year to 31 December 2023

Notes Un-
restricted
funds
£		 Restricted
funds
£		 Endowment
funds
£		 2023
Total
£		 2022
Total
£
Income from:
Donations
1
Investments and interest receivable
2
Charitable activities
. Course fees
3
. Conference fees
Other miscellaneous sources
Total income
Expenditure on:
Raising funds
. Investment manager fees
Charitable activities
. Courses to study selected historic
houses and collections
4
. Conference expenditure
. Attingham Society
Total expenditure
Net income (expenditure) for the year
before net investment gains (losses)
Net investment gains (losses)
11
Net income (expenditure)
7
Transfer between funds
Net movement in funds
7
Reconciliation of funds:
Fund balances brought forward at 1
January 2023
Fund balances carried forward at 31
December 2023		 136,038
33,796
423,736
4,319
4,123		 64,808
21,124
—
—
—		 —
—
—
—
—		 200,846
54,920
423,736
4,319
4,123		 55,110
51,051
462,635
14,257
12,616
602,012 85,932 — 687,944 595,669
335
549,585
1,924
2,846		 —
—
—
—		 —
—
—
—		 335
549,585
1,924
2,846		 351
568,715
16,597
10,228
554,690 — — 554,690 595,891
47,322
180,204		 85,932
—		 —
(1,532)		 133,254
178,672		 (222)
(143,137)
227,526
83,890		 85,932
(83,890)		 (1,532)
—		 311,926
—		 (143,359)
—
311,416
2,324,839		 2,042
728,827		 (1,532)
186,817		 311,926
3,240,483		 (143,359)
3,383,842
2,636,255 730,869 185,285 3,552,409 3,240,483

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 2023 is provided on the next page.

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

Comparative statement of financial activities Year to 31 December 2022

Notes Un-
restricted
funds
£		 Restricted
funds
£		 Endowment
funds
£
2022
Total
£
Income from:
Donations
1
Investments and interest receivable
2
Charitable activities
. Course fees
3
Conference fees
Other miscellaneous sources
Total income
Expenditure on:
Raising funds
. Investment manager fees
Charitable activities
. Courses to study selected historic
houses and collections
4
. Conference expenditure
. Attingham Society
Total expenditure
Net (expenditure) income for the year before net
investment losses
Net investment losses
11
Net expenditure
7
Transfers between funds
Net movement in funds
Reconciliation of funds:
Fund balances brought forward at 1 January 2021
Fund balances carried forward at 31 December
2022		 16,856
30,409
462,635
14,257
12,616		 38,254
20,642
—
—
—		 —
—
—
—
—		 55,110
51,051
462,635
14,257
12,616
536,773 58,896 — 595,669
351
568,715
16,597
10,099		 —
—
—
129		 —
—
—
—		 351
568,715
16,597
10,228
595,762 129 — 595,891
(58,989)
(101,357)		 58,767
—		 —
(41,780)		 (222)
(143,137)
(160,346)
89,630		 58,767
(89,630)		 (41,780)
—		 (143,359)
—
(70,716)
2,395,555		 (30,863)
759,690		 (41,780)
228,597		 (143,359)
3,383,842
2,324,839 728,827 186,817 3,240,483

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 for the Study of Country Houses and Collections in Britain 15

Balance sheet 31 December 2023

Notes 2023
£
2023
£		 2022
£
2022
£
Fixed assets
Investments
11
Tangible fixed assets
Current assets
Debtors
12
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
13
Net current assets
Total net assets
The funds of the charity:
Funds and reserves
Capital funds
Permanent endowment funds
14
Income funds
Restricted funds
15
Unrestricted funds:
. Designated funds
16
. Tangible fixed asset fund
. General fund		 95,548
300,133
3,195,179
603		 32,434
226,429		 3,016,842
—
3,195,782











356,627		 3,016,842



223,641
395,681
(39,054)		 258,863
(35,222)


3,552,409		 3,240,483




185,285

730,809

2,385,712
603
250,000		 186,817
728,827
2,074,839
—
250,000
3,552,409 3,240,483

Approved by the trustees and signed on their behalf by:

Trustee

Approved on:

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

Principal accounting policies Year to 31 December 2023

A.
B.		 Notes
2023
Total
£		 2022
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 tangible fixed assets
Proceeds from sale of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2023
Cash and cash equivalents at 31 December 2023
B

19,253		 (95,527)


54,920
(804)
336		 51,051
—
328
54,452 51,379

73,705

226,430
 (44,148)
270,578

300,135		 226,430
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation
(Gains) losses on investments
Investment income and interest receivable
(Increase) decrease in debtors
Increase (decrease) in creditors
Net cashprovided by (used in) operating activities
311,926
201
(178,672)
(54,920)
(63,114)
3,832		 (143,359)
—
143,137
(51,051)
27,555
(71,809)
19,253 (95,527)
Analysis of cash and cash equivalents 2023
£		 2022
£
Cash at bank and in hand
Cash held by investment managers
Total cash and cash equivalents		 300,133
2		 226,429
1
300,135 226,430

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 for the Study of Country Houses and Collections in Britain 17

Principal accounting policies Year to 31 December 2023

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 2023 with comparative information provided in respect to the year ended 31 December 2022.

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.

With regard to the next accounting period, the year ending 31 December 2024, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information).

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

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

Principal accounting policies Year to 31 December 2023

Income recognition

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

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

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

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

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

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

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

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

Expenditure recognition

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

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

Principal accounting policies Year to 31 December 2023

Expenditure recognition (continued)

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:

All expenditure is stated inclusive of irrecoverable VAT.

Support and governance costs

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

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

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

Tangible fixed assets

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

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

Computer equipment 25%

All tangible fixed assets relate to computer equipment.

Investments

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

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

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

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

Principal accounting policies Year to 31 December 2023

Investments (continued)

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.

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.

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

Principal accounting policies Year to 31 December 2023

Pensions

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

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

Notes to the accounts Year to 31 December 2023

1 Income from: Donations

2

3
 Donations Donations Unrestricted
funds
£


Restricted
funds
£		 Endowment
funds
£		 2023
Total
£
136,038
64,808		 — 200,846
136,038
64,808		 — 200,846
Donations Unrestricted
funds
£


Restricted
funds
£		 Endowment
funds
£		 2022
Total
£
16,856
38,254		 — 55,110
16,856
38,254		 — 55,110
Income from: Investments and interest receivable
Unrestricted
funds
£
Restricted
funds
£
Income from listed investments
30,933
21,124
Bank interest
2,863
—
33,796
21,124		 Endowment
funds
£
2023
Total
£

52,057

2,863

54,920
Income from listed investments
Bank interest		 —
—
—
Unrestricted
funds
£


Restricted
funds
£		 Endowment
funds
£
—
—
—


2022
Total
£
Income from listed investments
Bank interest		 30,063
346
20,642

—
50,705

346
30,409
20,642
51,051
Income from: Course fees
2023
£
199,671
142,063
128,959
36,933
—
—
—
—
507,626
(83,890)
423,736		 2022
£
Summer School
Study Programme
Royal Collection Studies
London House Programme
From College Library to Country House
The Norfolk Country House Course
French Eighteenth-Century Studies
Other fee income
Scholarships awarded (note 15)
Total funds		 205,660
124,752
103,780
—
45,503
49,436
15,801
7,333
552,265
(89,630)
462,635
Income from: Course fees
2023 2022
£ £
Summer School 199,671 205,660
Study Programme 142,063 124,752
Royal Collection Studies 128,959 103,780
London House Programme 36,933 —
From College Library to Country House — 45,503
The Norfolk Country House Course — 49,436
French Eighteenth-Century Studies — 15,801
Other fee income — 7,333
507,626 552,265
Scholarships awarded (note 15) (83,890) (89,630)
Total funds 423,736 462,635

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

Notes to the accounts Year to 31 December 2023

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

Unrestricted funds
2022
Total (as
2023 restated
Total (note 15))
£ £
Direct Costs
Lecturers’ fees and expenses 11,691 10,410
Officers’ fees and expenses 116,275 125,383
Accommodation and meals 197,826 219,276
Transport 25,837 25,522
Entrance charges 43,334 35,960
Marketing, printing, postage,
telephone and stationery 7,609 5,894
Miscellaneous expenses 27,137 31,150
429,709 453,595
Support costs (note 5) 119,876 115,120
549,585 568,715

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

Summer
School
£


Study
Programme
£


Study
Programme
£		 Royal
Collection
Studies
£



London
House
Programme
£



London
House
Programme
£



Total
2023
£
Lecturers’ fees and expenses
Officers’ fees and expenses
Accommodation and meals
Transport
Entrance charges
Marketing, printing, postage, telephone and
stationery
Miscellaneous expenses		 6,363
41,117
77,518
10,865
20,331
2,868
4,440





1,463
44,168
42,363
6,412
14,122
1,919
4,263		 1,604
18,404
74,832
6,812
1,605
2,427
17,699






2,261

12,586

3,113

1,748

7,276

395

735
11,691

116,275

197,826

25,837

43,334

7,609

27,137
163,502 114,710 123,383
28,114
429,709
Summer
School
£

Study
Programme
£
Royal
Collection
Studies
£		 French
Eighteenth
Century
Studies
£
From
College
Library to
Country
House
£




The Norfolk
Country
House
Course
£



Total
2022
£
Lecturers’ fees and
expenses
Officers’ fees and
expenses
Accommodation and
meals
Transport
Entrance charges
Marketing, printing,
postage, telephone
and stationery
Miscellaneous
expenses		 5,348
39,829
105,147
9,510
16,967
1,928
11,767
1,223

31,441

30,244

6,622

6,206

1,377

4,722
1,285

16,955

59,377

6,081

2,951

1,206

12,284		 1,373
9,059
288
501
—
182
351		 685
14,418
13,166
1,245
2,300
791
1,237
496

13,681

11,054

1,563

7,536

410

789
10,410

125,383

219,276

25,522

35,960

5,894

31,150
190,496
81,835
100,139		 11,754 33,842
35,529
453,595

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

Notes to the accounts Year to 31 December 2023

5 Support costs

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

Course
expenditure
**£ **
Attingham
Society
£
Total
2023
£		 Basis of
apportionment
Publicity, publications, website
development and maintenance
Printing, postage, books,
stationery, and office supplies
Fees (including staff costs)
Depreciation
Bank charges
Other support costs
Governance costs (note 6)		 6,358
1,288
86,806
200
741
14,535
**9,948 **
33

7

449

1

4

75

52
6,391

1,295

87,255

201

745

14,610

10,000		 Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
**119,876 **
621
120,497
Course
expenditure
£
Attingham
Society
£
Total
2022
£		 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 6)		 2,182
2,302
82,093
636
17,473
10,434
45

47

1,675

13

357

213
2,227

2,349

83,768

649

17,830

10,647		 Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
Pro rata expenditure
115,120
2,350
117,470

6 Governance costs

Governance costs
2023
£		 2022
£
Professional fees
Annual report and meeting expenses
Total funds		 8,520
1,480		 10,497
150
10,000 10,647

7 Net (expenditure) income and net movement in funds

This is stated after charging (crediting):

2023
Total
£
59,058
201
10,000
(1,020)		 2022
Total
£
Staff costs (note 8)
Depreciation
Auditor’s remuneration (including VAT)
. Statutory audit fees
.. Current period
.. Previousperiod		 11,268
—
9,000
296

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

Notes to the accounts Year to 31 December 2023

8 Staff costs and key management personnel

2023
Total
£		 2022
Total
£
Wages and salaries
National insurance
Pension contribution		 58,094
319
645		 11,121
147
59,058 11,268

The charity employed 4 members of part-time staff during the year (2022: one member of part time staff).

No employees earned £60,000 or more during the year (2022: none).

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

The trustees receive no remuneration for their work as trustees. The Executive Director, the Treasurer and the Executive Assistant are employed by the charity. The course directors, course coordinators and visiting lecturers are remunerated for services provided under a contract for services. The fees paid to them are based on normal commercial terms. The fees paid to them for services to the charity including their management and administrative roles and their roles in connection with the courses was £119,602 (2022: £152,150).

9 Trustees and related party transactions

No trustees received any remuneration for their services as trustees during the period (2022: none). £1,406 total expenses were reimbursed to three trustees during the year to 31 December 2023 (2022: £2,128 to three trustee).

Donations totalling £6,610 were received from four trustees (2022: £2,025 from one trustee).

There were no other related party transactions during the year to 31 December 2023 (2022: £2,862 was received from five trustees as payments for their place on The Attingham Study Programme - The Historic House in Ireland course, payment for Attingham Conference and payments of their Attingham Society subscription fees. In addition, £3,037 was paid to The Wentworth Woodhouse Preservation Trust for two visits: as part of the Summer School course and also a donor visit - one trustee is a member of the board, and £898 was paid to Flintham Hall as part of the Summer School course of which one trustee is a member of the board.)

10 Taxation

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

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

Notes to the accounts Year to 31 December 2023

11 Investments

Investments
2023
£		 2022
£
Listed investments
Fair (market) value at 1 January 2023
Disposals (see below)
Unrealised gains (losses) on revaluation
Fair (market) value at 31 December 2023
Cash held by investment managers
Cost of listed investments at 31 December 2023
3,016,841
(334)
178,670		 3,160,306

(358)
(143,107)
3,195,177
2
3,016,841

1
3,195,179
3,016,842
1,464,986 1,465,335

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

2023
£		 2022
£
Proceeds
(Gains) losses
Disposals at book value		 336
**(2) **		 328
30
334 358

Listed investments held at 31 December 2023 comprised:

12 Market
value
£		 Percentage
of
portfolio
%
11%
67%
17%
5%
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		 344,251
2,134,236
543,831
172,861
Debtors
Debtors
2023
£		 2022
£
Prepayments for courses
Other prepayments
Accrued income
Other debtors		 57,153
4,329
30,088
3,978		 17,385
10,871
500
3,678
95,548 32,434

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

Notes to the accounts Year to 31 December 2023

13 Creditors: amounts falling due within one period

Creditors: amounts falling due within one period
2023
£		 2022
£
Accruals and deferred income
Expense and sundry creditors
Deferred income at 1 January 2023
Released during the year
Resources deferred in the year
Deferred Income at 31 December 2023		 34,439
4,615		 20,360
14,862
39,054 35,222
86
(86)
—		 92,562
(92,562)
86
— 86

14 Permanent endowment funds


At 1
January
2023
£		 Income
£		 Investment
losses
£		 Transfers
£		 At 31
December
2023
£
The Simon Sainsbury
Endowment Fund
The Sansovino Fund		 156,983
29,834		 —
—		 (1,355)
(177)		 —
—		 155,628
29,657
186,817 — (1,532) — 185,285
At 1
January
2022
£		 Income
£		 Investment
losses
£		 Transfers
£		 At 31
December
2022
£
The Simon Sainsbury
Endowment Fund
The Sansovino Fund		 177,900
50,697		 —
—		 (20,917)
(20,863)		 —
—		 156,983
29,834
228,597 — (41,780) — 186,817

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

Notes to the accounts Year to 31 December 2023

15 Restricted funds

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

purposes:
At 1
January
2023
£		 Income
£		 Expenditure
£		 Transfers
£		 At 31
December
2023
£
John Cornforth Memorial Fund
Peter and Wilhelmina Minet Scholarship Fund
The Monument Trust Fund
J Paul Getty Junior Charitable Trust Fund
Simon Sainsbury Fund
The Sir Geoffrey de Bellaigue Scholar Fund
The Basil Samuel Charitable Trust Fund
The Caroline Rimell Fund
The Giles Waterfield Memorial Fund
The Leche Trust
The 70thAnniversary Scholarship Fund
Attingham Scholarship Fund
Oliver Ford Foundation
Radcliffe Trust
Other funds		 96,982
86,976
285,377
19,421
76,119
12,775
948
4,771
79,519
12,781
11,738
8,103
—
—
**33,317 **
1,527

1,369

4,492

306

10,849

201

15

75

1,252

5,201

185

6,493

4,300

13,000

36,667
—

—

—

—

—
—

—

—

—

—

—

—

—

—

—		 (1,500)
—
(15,470)
—
(4,000)
(2,150)
(900)
(2,175)
—
(12,945)
(8,940)
—
(4,300)
—
**(31,510) **
97,009

88,345

274,399

19,727

82,968

10,826

63

2,671

80,771

5,037

2,983

14,596

—

13,000

38,474
**728,827 **
85,932
—		 **(83,890) **
730,869
At 1
January
2022
£		 Income
£		 Expenditure
(restated)
£		 Transfers
(restated)
£		 At 31
December
2022
£
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		 97,693
88,256
304,586
3
21,258
71,206
15,336
5,442
1,632
6,451
78,365
10,073
8,113
12,500
38,776
1,439

1,300

4,486

—

313

10,503

226

80

24

95

1,154

5,148

119

5,747

28,262
—

—

—

—

—

—
—

—

—

—

—

—

(129)

—

—		 (2,150)
(2,580)
(23,695)
(3)
(2,150)
(5,590)
(2,787)
(4,574)
(1,656)
(1,775)
—
(2,440)
—
(6,509)
(33,721)
96,982

86,976

285,377

—

19,421

76,119

12,775

948

—

4,771

79,519

12,781

8,103

11,738

33,317
759,690
58,896
(129)		 (89,630)
728,827

In the year to 31 December 2022, scholarships awarded were shown as restricted expenditure. Funds received for scholarships are accounted for as restricted income and awarded at the discretion of the Trust. Scholarships awarded are treated as a reduction to fee income, as shown in note 3. The above figures have therefore been restated to show scholarships awarded as transfers from restricted to unrestricted funds rather than expenditure. This restatement has had no impact on fund balances at 1 January 2022 or 31 December 2022.

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

Notes to the accounts Year to 31 December 2023

15 Restricted funds (continued)

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 (2022: £2,580).

♦ The Monument Trust Fund This fund comprises the final donation from the Monument Trust received in 2016, to be used over a period of at least ten years. It is to be used to provide scholarships for those attending courses organised by the charity. £15,470 in scholarships was paid during the year (2022: £23,695).

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

Notes to the accounts Year to 31 December 2023

15 Restricted funds (continued)

These funds include monies received to be used to provide scholarships for those attending courses organised by the charity and for meeting specific expenses. £31,510 in scholarships was paid during the year (2022: £33,721).

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

Notes to the accounts Year to 31 December 2023

16 Designated funds

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

At 1
January
2023
£
 New
designations
£		 Utilised or
released
£		 At 31
December
2023
£
Attingham Society Fund
General reserve
Director training
The Giles Waterfield Memorial Fund		 19,156
1,965,011
13,292
77,380		 8,020
593,992
—
—		 (2,846)
(288,353)
—
—		 24,330
2,270,650
13,292
77,380
2,074,839 602,012 (291,199) 2,385,652
At 1
January
2022
£		 New
designations
£		 Utilised or
released
£		 At 31
December
2022
£
Attingham Society Fund
General reserve
Director training
The Giles Waterfield Memorial Fund		 13,535
2,041,348
13,292
77,380		 12,266
520,527
—
—		 (6,645)
(596,864)
—
—		 19,156
1,965,011
13,292
77,380
2,145,555 532,793 (603,509) 2,074,839

♦ Attingham Society Fund

The Attingham Society Fund represents monies generated by the Society in support of the activities of the charity. £2,846 was used in relation to delegate fees this year (2022: £2,925).

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 (2022: none).

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

Notes to the accounts Year to 31 December 2023

17 Analysis of net assets between funds

General
fund
£		 Designated
funds
£		 Tangible
fixed asset
fund
£
Restricted
funds
£		 Endowment
fund
£		 Endowment
fund
£		 Total funds
31 December
2023
£
3,195,179
603
356,627
3,552,409
Total funds
31 December
2022
£
3,016,842
223,641
3,240,483
2022
£
Investments
Tangible
fixed assets
Net current
assets		 66,296
—
183,704		 2,212,729
—
172,923		 —
603
—
730,869
—
—		 185,285
—
—
250,000 2,385,652 **603 **
730,869		 185,285
General
fund
£		 Designated
funds
£		 Restricted
funds
£		 Endowment
fund
£
Investments
Net current assets		 66,296
183,704		 2,034,902
39,937		 728,827
—		 186,817
—
250,000 2,074,839 728,827 186,817
2023
£
Total unrealised gains included above:
On investments
Reconciliation of movements in unrealised gains
Unrealised gains at 1 January 2023
In respect to disposals in the year
Net gains (losses) arising on revaluation
Unrealised gains at 31 December 2023		 1,730,191 1,551,506
1,551,506
15
178,670		 1,694,638
(25)
(143,107)
1,730,191 1,551,506

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