**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:
- ♦ To examine the architectural and social history of historic houses and collections and their gardens and landscape setting.
- ♦ To study the contents of these houses - their paintings, sculpture, furniture, ceramics, silver, textiles, and other applied arts, as well as the planning and decorative treatment of the interiors.
- ♦ To stimulate discussion on challenges relating to interpretation, conservation and presentation of the historic house and its contents.
- ♦ To create lasting national and international links for those working in the heritage field.
- ♦ To provide scholarship assistance for those who wish to engage in the foregoing.
## **Activities, specific objectives, and relevant policies**
- ♦ **General**
The charity runs a programme of intensive residential and non-residential study courses which provides those who work in the heritage sector the ability to engage with houses, palaces, gardens and collections through focused, on-site study.
Applications for the courses are competitive. Participants include museum curators, architectural historians, conservators, historic house professionals and owners, art market professionals and academics from around the world. The Attingham scholarship programme continues as an integral element of the courses offered by the charity.
## ♦ **Public benefit**
In setting the charity’s objectives and planning its activities, the trustees have given careful consideration to the Charity Commission’s general guidance on public benefit.
- ♦ **Investment policy**
The Trust’s investment policy is to provide a sufficient total return, in a relatively predictable manner, in order to fund the approximate level of expenditure envisaged by the trustees in accordance with the objectives laid out in the Rules.
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:
- ♦ select suitable accounting policies and then apply them consistently;
- ♦ observe the methods and principles of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102);
- ♦ make judgements and estimates that are reasonable and prudent;
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)_
- ♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- ♦ prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the Rules. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
## _**Key management personnel**_
The day-to-day management of the charity is handled by the Executive Director, the Treasurer and the 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:
- ♦ give a true and fair view of the state of the charity’s affairs as at 31 December 2023 and of its income and expenditure for the year then ended;
- ♦ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- ♦ have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the 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:
- ♦ the information given in the trustees’ annual report is inconsistent in any material respect with the accounts; or
- ♦ sufficient accounting records have not been kept; or
- ♦ the accounts are not in agreement with the accounting records and returns; or
- ♦ we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement, 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:
- ♦ The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- ♦ We identified the laws and regulations applicable to the charity through discussions with Treasurer and from our knowledge and experience of the charity sector;
- ♦ We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Charities Act 2011, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); and
- ♦ We assessed the extent of compliance with the laws and regulations identified above through making enquiries of the Treasurer and those charged with governance and review of minutes of trustees’ meetings.
We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:
- ♦ Making enquiries of the Treasurer and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- ♦ Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- ♦ Performed analytical procedures to identify any unusual or unexpected relationships;
- ♦ Tested and reviewed journal entries to identify unusual transactions;
- ♦ Tested the authorisation of expenditure;
- ♦ Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- ♦ Investigated the rationale behind significant or unusual transactions.
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:
- ♦ Agreeing accounts disclosures to underlying supporting documentation;
- ♦ Reading the minutes of meetings of trustees; and
- ♦ Enquiring of as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing 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:
- ♦ Course and conference expenditure – the costs associated with running the charity’s programme of intensive, residential, and non-residential courses which provide attendees with a chance to study selected historic houses and collections; and
- ♦ Attingham Society – the costs associated with the Attingham Society.
All expenditure is stated inclusive of irrecoverable VAT.
## **Support and governance costs**
Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of financial procedures, provision of office services and equipment.
Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.
All expenditure on support and governance is attributed directly to the charitable activities of running the courses to study selected historic houses and collections and the Attingham Society. Any apportionment of such costs to the provision of donations is considered negligible.
## **Tangible fixed assets**
All assets costing more than £500 and with an expected useful life exceeding one year are capitalised.
Depreciation is provided on a straight-line basis on assets held at the end of the year at the following annual rates in order to write off each asset over its estimated useful life:
Computer equipment 25%
All tangible fixed assets relate to computer equipment.
## **Investments**
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
The charity does not acquire put options, derivatives, or other complex financial instruments.
As noted above, the main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
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)
- ♦ 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. £1,500 in scholarships was paid during the year (2022: £2,150).
- ♦ 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 (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).
- ♦ J Paul Getty Junior Charitable Trust Fund This fund is to be used to provide scholarships for those attending courses organised by the charity. No scholarships were paid during the year (2022: £2,150).
- ♦ Simon Sainsbury Fund This is represented by funds generated by the Monument Trust Endowment Fund to be used to provide scholarships for the Summer School. £4,000 in scholarships were paid during the year (2022: £5,590).
- ♦ The Sir Geoffrey de Bellaigue Scholar Fund This fund is to be used to provide scholarships for those attending the Royal Collection Studies course or the French Eighteenth-Century Studies course organised by the charity. £2,150 in scholarships were paid during the year (2022: £2,787).
- ♦ The Basil Samuel Charitable Trust Fund This fund is to be used to provide scholarships for those attending courses organised by the charity. £900 in scholarships were paid during the year (2022: £4,574).
- ♦ The Michael Bishop Foundation Fund This fund is to be used to provide scholarships for those attending the Royal Collection Studies course organised by the charity. No scholarships were paid during the year (2022: £1,656).
- ♦ The Caroline Rimell Fund The donation to this fund was received in December 2015 and is to be used to provide scholarships for those attending the Study Programme. £2,175 in scholarships was paid during the year (2022: £1,775).
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)
- ♦ The Giles Waterfield Memorial Fund This fund comprises monies raised in memory of Giles Waterfield and is to be used to finance scholarships in future years. No scholarships were paid during the year (2022: none).
- ♦ The Leche Trust Fund This fund is to be used to provide scholarships for those attending courses organised by the charity. £12,945 in scholarships were paid during the year (2022: £2,440).
- ♦ The 70[th] Anniversary Scholarship Fund
- In the year to 31 December 2021, the charity received a donation towards the costs of a 70[th] Anniversary party in March 2022. The surplus from this event and specific donations in 2022 will provide 70[th] Anniversary Scholarships for courses in 2023. Any remaining funds will be used to increase scholarship funds in future years. £8,940 in scholarships were paid during the year (2022: £6,509).
- ♦ Attingham Scholarship Fund This fund is to be used to provide scholarships for those attending courses organised by the charity. No scholarships were paid during the year (2022: none).
- ♦ Oliver Ford Foundation This fund is to be used to provide scholarships for those attending courses organised by the charity. £4,300 in scholarships were paid during the year (2022: none).
- ♦ Radcliffe Trust This fund is to be used to provide scholarships for those attending courses organised by the charity. No scholarships were paid during the year (2022: none).
- ♦ Other funds
These funds include monies received to be used to provide scholarships for those attending courses organised by the charity and for meeting specific expenses. £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).
- ♦ General reserve
The general reserve represents monies invested or held by the charity with the aim of producing income to fund scholarships for those attending courses in future years.
- ♦ Director training
The director training fund represents money donated by The Swire Trust and has been designated for training purposes. No amounts have been utilised in the year for the cost of training directors (2022: none).
- ♦ The Giles Waterfield Memorial Fund.
- This fund comprises funds set aside by the trustees in memory of Giles Waterfield and it to be used to finance scholarships in future years.
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**