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2022-03-31-accounts

AHF Transforming Heritage Trustees, Annual Report and Accounts Year ended 31 March 2022 The Architectural Heritage Fund Cornpany Number".1150304 Charily Number. 266780 Scottish Charity Number. SC043840

Contents

1. Who we are and what we do Who we are and what we do 3
2. Chair 4
3. C 5
4. Our impact: Progress against our strategy 6
a. Objective One
b. Objective Two
c. Objective Three
d. Objective Four
5. Our portfolio
case studies from across the UK		 12
6. Financial review 24
a. Financial overview
b. Remuneration
c. Reserves
d. Investment policy
e. Going concern
7. Plans for the future 29
8. Governance statement 29
a. The
b. Our values
c. Principal risks and uncertainties
d. Equality, diversity and inclusion
e. Structure, governance and management
f. Board of Trustees
9. Benefactors, Partners and Friends 39
10. List of grants awarded 40
11. Statement of Trustees' Responsibilities 50
12. Independent Auditor's Report 51
13. Financial statements 55

1. Who we are and what we do

The AHF is a registered charity, founded in 1976 to promote the conservation and sustainable reuse of historic buildings for the benefit of communities across the UK, particularly in economically disadvantaged areas.

Purpose

The AHF exists to help communities find enterprising ways to revitalise the old buildings they love. We help them with advice, grants and loans. Our support acts as a catalyst for putting sustainable heritage at the heart of vibrant local economies.

For over

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Chairman's introdurtion This is, sadly, my last Annual Review as Chair of the AHF. However, I feel enormously privileged to have been able to spend almost a decade helping the organisation and those that it funds to regenerate some of the UK'S most wonderful historic buildings. I became involved with the AHF because I believed passionately in helping charities and local communities find new and sustainable uses for historic buildings. The organisation has done some great things to achieve this core objective and l am proud to have been able to play my part in supporting such a diverse array of projects. Looking back over my time in office we have managed to launch an extraordinary array of new product5 and projects, in particular the Heritage Impact Fund, and a number of Department for Digital, Culture, Media and Sport funded programmes, including the £15m town centre and high street programme Transforming Places Through Heritage. We have also increased the funding streams for our activities in all four countrie5 in the UK. All these initiatives have led to more historic buildings back in use - AHF'S core purpose - but also a wide variety of social and economic benefits through the variety of attivities being delivered from within these buildings. This past year we have been focusing efforts on diversifying both the staff and governance of the AHF and also ensuring that our funding and finance reaches into all parts of the UK. We see this as essential to the delivery of our charitable purposes.. historic buildings are located in every part of the UK, but they are particularly at risk in economically deprived areas. It is therefore imperative we support people and organisations in these places to find a new future for their heritage assets. I'd like to thank the trustees that retired this year, Kate Dickson and Eleanor McAllister. Kate has particularly contributed a huge amount of time to the AHF over her three terms With us. Her wealth of experience has provided incalculable amounts of advice and guidance to the projects we fund, especially at the early stages of projects. I will miss the AHF enormously, but l am very pleased to be able to hand over the reins to the hugelv experienced Ros Kerslake, former Chief Executive of the National Lottery Heritage Fund. I know Ros will bring her knowledge and passion for heritage to the next chapter of AHF'S work, particularly as It moves towards its 50th anniversary in a few years, time. Elizabeth Peace, Chair

3. s highlights from the year

This past year has felt a little more stable than those of late, for the AHF and our projects alike. However, there are still significant aftershocks emanating from the aftermath of COVID-19 and the cost of living crisis will dominate the forthcoming year ahead and beyond. Permanent crisis mode is not one anyone wants to get used to living with, but it does, unfortunately, feel more like the .

In these circumstances, - thinking and planning in decades and centuries, as the architects, masons and church authorities did when commissioning cathedrals will be an essential mindset shift for our current and future challenges; lifting our view to the longer term, beyond the inevitable pull of short-term crises. Adopting a longer term time horizon will form part of our thinking around the development of our new strategy, to be launched in early 2023.

In the meantime, we have been helping organisations to continue to access our funding and you can see just some of the many examples of projects we have funded this past year. Projects like the Woolstore in Caledon, funded as part of the Village Catalyst scheme in Northern Ireland, is an excellent example of how a heritage asset can catalyse the longer term thinking we need around communities and place - including within rural areas. A long-term empty building, with an ageing population around it, the project team helped this community in County Tyrone to think about the services and assets they needed to retain young people and families in the area. The end result is both architecturally impressive a key service and business that will help Caledon to keep younger people in the area. Supporting more visionary projects like this will be central to our new Strategy.

-you to Liz Peace for her three terms at the helm of the Board of Trustees. She has been an incredibly important Chair of the AHF, raising our profile and helping demonstrate to the property sector and government the potential of the not-for-profit sector in complementing public and private sector efforts to regenerate heritage buildings. She will be much missed, but I am very much looking forward to working with Ros Kerslake, someone we know well, and who I know will help build on the huge legacy of good work left by Liz.

Matthew Mckeague Chief Executive

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4. Our impact: Progress against our strategy

Below we provide an assessment of our progress over the course of the year of delivering against our four strategic aims:

Aim One

Generate and distribute increased levels of investment and funding to support the sustainable reuse of historic buildings.

Aim Two

Support community-led heritage regeneration by assisting charities and social enterprises to take ownership of, develop and sustain new uses for historic buildings.

Aim Three

Increase the effectiveness and impact of the AHF, ensuring we continue to deliver value for funders and the organisations and projects we invest in.

Aim Four

Promote the impact and benefits of community-led regeneration and ownership of historic buildings, to Government, communities and funders

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Aim one: Generate and distribute increased levels of investment and funding to support the sustainable reuse of historic buildings.

Objective 1 Significant KPIs and Actions

KPI Result
Grant programme spend targets met Achieved
HIF and endowment lending targets
met		 Achieved
Fundraising strategy targets achieved Partial achievement. Grant programmes secured in
Scotland, Wales and Northern Ireland. Donor engagement
delayed due to COVID.

During the past year, the AHF made 201 grant offers across England, Scotland, Northern Ireland and Wales, totalling £5,442,826 and 14 loan offers, totalling £3,474,788. This increase is largely the result of increased grant activity in Wales and Northern Ireland, alongside ongoing activity in England and Scotland. In Wales, we celebrated a successful first year of our new funding agreement with Cadw, which has increased the annual grants budget in the country from £45,000 to £334,000 and is now supporting smaller scale capital grants to support emergency works and the development of meanwhile uses. These small grants can be vital for organisations in helping to test the uptake of new services and to build momentum and public engagement with heritage regeneration projects. We are extremely grateful to Cadw, as well as the Pilgrim Trust and the Garfield Weston Foundation, whose partnership

In Northern Ireland, we continued to work a partnership with the Department for Communities, the Department for Agriculture and Rural Affairs, and the Housing Executive which has been recognised as a potential exemplar in delivering sustainable change for small communities. The scheme has now been expanded with a five-year commitment from partners, and the £120,000 in Viability and Project Development Grants was awarded to eleven projects seeking to develop into Village Catalyst projects. Through our Heritage Impact Fund (made possible by new investment from the Department for Communities) we offered a loan of £250,000 to the Market ol into a new community and heritage space.

The past year saw the culmination of our existing grant agreement with Historic Environment Scotland, and this has now been renewed for three years at the same level a grant totalling over £1.3 million. This grant, our largest ever in Scotland, is the result of the strong contribution that early-stage AHF we play in building a pipeline for statutory capital funding. Additionally, the William Grant Foundation has renewed our funding at £107,000.

Finally, the year saw the last of our larger capital grants awarded to high streets projects in England through our Transforming Places through Heritage programme. A significant amount of work has gone into making the case for further funding for high street and town centre projects and in the next year enable us to continue the vital work this scheme has helped to bring forward, but we also wish to address the gap in funding there is for heritage assets that are not on the high street or in town centres.

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Fig l. Loan offer5 by country 2021/22 Loan Offers {£) EO 920.(KM) Englènd Northern Ireland £2.304,78 Scotland Breakdown of loan offer5/contrarted loan5 2021/22 Organisation Buildings Loan Offer 1£) England Re-Form Heritage Spitalfields HBT Rornsey BPT Leeds Library Ivy House Community Pub lextensionl Carnbridge Museum of Technologv lextensionl Farnharn BPT lextensionl Friends of Ingestre Orangery lextensionl Heritage Lincolnshire lextensionl Silverstone Heritage Ltd Irescheduledl Harwich Elettric Palace Irescheduledl Sub-total Harper Street Middleport, stoke tsn Trent The Archbishops Palace, Charing, Kent Bargain Farmhouse, Nur51ing, Hampshire IS Commercial Street, Leed5 The Ivy House Pub, London The Old Purnping Station, Cambridge £300,( £750,000 £50,000 £220,000 £304,929 £ioo,000 Yew Tree Cottage, Farnham, Surrey Inge5tre Orangery, Stafford Old Kings Head, Lincolnshire Silverstone Interactive Museum, Towcester Harwich Electric Palace, E55ex £26,829 £50,000 £200,000 £233,030 £70,000 £2.304.788 Scotland Govanhill Bath5 BPT Govanhill Baths, Glasgow £650,000 £650,IN]O Sub-tolal Northern Ireland Market Developrnent Association Sub-total St Malachy's Convent School, Belfast £250,000 £250,IN]O Offers not roceedin Tayside Re-use South Dudhope Mill, Dundee £270,000 £3,474,788 TOTALOFFERS

Aim two: Support community-led heritage regeneration by assisting charities and social enterprises to take ownership of, develop and sustain new uses for historic buildings.

Objective 2 Significant KPIs and Actions

KPI Result
Deliver high quality advice and support to charities and social
enterprises developing historic building projects (UK wide)		 Over 95% of organisations stated
our advice is helpful
At least ten organisations provided with RePlan support 13 organisations supported
during the year

The year saw an exciting array of projects and applicants come forward for funding.

Across the UK a number of significant new loan offers were made during 2021/22. In England, these included a loan offer to Leeds Library, the oldest surviving private subscription library in the UK. Our funding is helping the organisation acquire a neighbouring 19th-century former shop building, which will allow for the expansion of the Library, consequently enabling its entire collection to be brought back into one space and creating room for a newly accessible hub for culture, arts, and educational activities. Through our endowment, we were also able to offer a loan of £300,000 to Re-form Heritage in Stoke on Trent; this will support their development of eleven terrace houses in Harper Street, as an extension of their Heritage Trail at Middleport Pottery.

In Scotland, a £300,000 loan to Collective, an Edinburgh based arts organisation, helped secure The Old Observatory House. The 18th century building, perched on Calton Hill, site, part of the former City Observatory and the UNESCO designated World Heritage Site. Re-opened as visitor accommodation, and featuring the work of artists specially commissioned by Collective, the house will play a v Over in Glasgow, and through the Heritage Impact Fund, we invested £650,000 into work to bring historic Govanhill Baths back into community use, a project we have long supported.

In Northern Ireland, the launch of the new Village Catalyst programme saw a number of exciting new projects come forward for early-stage funding. One of the pilot projects, Caledon Woolstore, also completed its capital phase and the building has won a number of plaudits, including in the Irish high-quality design and its approach to the conservation of the historic building, which had lain empty for twenty years. We will be looking to support a number of new projects in the forthcoming year and are encouraging charities and social enterprise in Northern Ireland to come forward with ideas.

In Wales a number of capital grants were awarded, as part of our new funding agreement with Cadw. Among the four Welsh Capital Works Grant was funding to Capel Carmel for their plans to conserve the Carmel Baptist Chapel and restore the adjoining Grade II-listed Chapel House. Situated in Capel Carmel, a rural village in Gwynedd, the Chapel and Chapel House are linked, small buildings, which form a rare surviving duo. While the Chapel will be restored as an educational facility for locals and visitors to learn about and interact with a slice of history, the group intend to conserve the Chapel House to provide long-term, affordable accommodation a direct response to a lack of affordable housing in the area.

-listed Capel Methodistiaid Calfinaidd (M.C.) in Llithfaen into a performance and events space with community facilities, education

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space and bunkhouse accommodation units in the adjoining vestry. Each of these projects form part of historic chapels across Wales.

The Transforming Places through Heritage programme, funded by the DCMS continued to make grants including to a number of buildings that will be repurposed for arts and culture-led uses. These include a grant to Alice Billings House in Stratford, built in 1905-6 to provide accommodation for firemen of the West Ham Fire Brigade. The funding award will enable The Creative Land Trust to create a gallery and exhibition space, community café, and public courtyard and will expand their supply of affordable creative workspace in London. In Gateshead, an AHF grant of £250,000 will fund a series of repairs to the Trinity Centre, a Victorian building that sits alongside a Grade I listed chapel. Once restored, the building will provide Gateway Studio with new and improved facilities for dance, arts, and community engagement activities, including a community café, performance space, and rentable office space. And down in the South West, Redruth Revival was awarded £250,000 in funding to support plans to restore and refurbish the Grade II-listed Buttermarket complex into a community hub at the heart of the Redruth High Street Heritage Action Zone (HAZ) - a further example of the significant co-investments made in schemes that complement the Historic England led HAZ programme.

Aim Three: Increase the effectiveness and impact of the AHF, ensuring we continue to deliver value for funders and the organisations and projects we invest in.

Objective 3 Significant KPIs and Actions

KPI Result
EDI commitments and
action plan published		 Partly achieved. Commitments and action plan published but some
actions within the plan not yet fully delivered e.g. data collection
questions
Chair and trustee
recruitment		 Achieved

There were a number of governance changes during the year, including the recruitment of a new Chair, Ros Kerslake CBE, the former Chief Executive of the National Lotter

Two new trustees were appointed to the Board during the year, they were:

Each brings significant experience across the fields of conservation, social enterprise, culture, property and finance.

Kate Dickson and Eleanor McAllister both stepped down from the Board during the year.

For the first time, we also appointed two associate trustees, Nyemu Nyembe and Olivia Bailey. Both will gain experience of the trustee role and its responsibilities through (non-voting) engagement in Board activities and meetings. This will increase their experience in the roles and responsibilities of trustees and enable them to seek governance opportunities within the heritage and cultural sectors.

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The recruitment of two associate trustees formed part of our EDI commitments and action plan, published in September 2021. This work is focused across a number of areas, looking at how the AHF itself can be more representative of wider UK society and also how we encourage applications from a diverse range of organisations. This we see as imperative to finding uses for historic buildings wherever they are, but particularly in economically deprived areas, where the need is often greatest, and where capacity and resources are typically in shortest supply. The evaluation of our current strategy is going to be looking at how we target areas in greatest need and the approach we need to take in bringing forward projects in these locations.

One particular area of weakness for the organisation is in terms of data, particularly information that tells us about the diversity at governance and staffing levels of applicant organisations. This is a challenging area and one where our approach is likely to evolve over the next few years as we trial different methods

Aim Four: Promote the impact and benefits of community-led regeneration and ownership of historic buildings, to Government, communities and funders.

Objective 4 Significant KPIs and Actions

KPI Result
Publish year 2 impact report for the 2020-23 strategy Achieved
Publish Year 2 Transforming Places evaluation report, including HDT pilots evaluation Achieved

We produced the second of our new Impact Reports during the year. These are capturing in more detail the impact AHF is delivering and is highlighting our role in assisting projects to move through the cycle of capital project development. One stand out statistic from the report found that 86% of organisations completing the project viability stage went onto the project development stage - a key milestone in the early stages of a project.

Our Year 2 Transforming Places through Heritage (TPTH) report was also produced, setting out how we are delivering against the five critical success factors of the TPTH programme.

As well as seeking to remain consistent and reduce the overall reporting burden on the projects we fund, we will continue to review and refine our approach to impact reporting, building on the work and progress we have made in recent years.

During the year we were also commissioned by the Department for Communities (DfC) Northern Ireland to produce a report on the potential of market towns to utilise heritage enabled regeneration, particularly the role it might play in spurring local economic development. This follows on from the work AHF has been involved with through the Northern Ireland Village Catalyst scheme and is a further example of how we are looking at new ways to deliver in partnership with government and communities. We will be looking at how we can implement the findings of the report over the forthcoming year.

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5 Our portfolio case studies for across the UK

England

Chard and District Museum - Chard Museum, Chard, Somerset

Grade II Project Viability Grant - £8,000 (2020)

Dating back to the late 16th Century, Godworthy House started life as a series of seven small cottages and a public house with skittle alley. The House was converted into a museum, opening in 1970, which holds an interesting and varied collection of artefacts telling the story of the local area, its geology and industrial heritage, alongside displays of notable local people, including pioneers of powered flight and the creation of artificial limbs.

Throughout their tenure on the site, the Chard and District Museum charity has occupied the site through a series of leases, but negotiations on the lease renewal in 2021 led the Council to offer the charity the option to purchase the building as a Community Asset Transfer.

In 2020, the AHF awarded the Chard and District Museum charity a Project Viability Grant to enable them to work with a specialist Museum Consultant and other advisors to determine that the purchase of the building was a viable option. On 31 March 2022, the Trustees successfully completed the purchase of the Chard and District Museum from South Somerset District Council, and the charity is now developing plans to expand their community engagement work and create a museum fit for the future.

https://www.chardmuseum.co.uk

Creative Land Trust - Alice Billings House, Stratford, London

Grade II

Project Viability Grant - £15,000 (2021) Project Development Grant - £100,000 (2021) Transformational Project Grant - £116,880 (2022)

Alice Billings House in central Stratford, East London was built in 1905-6 to provide accommodation for firemen of the West Ham Fire Brigade. The fire station was closed in 1964 and the buildings have been vacant for decades. The listed North Block, featuring a practice and hose drying tower, was

The site is now being transformed into studio space for around 80 artists and makers in a project led by the Creative Land Trust. The Trust was established to tackle the rapid loss of affordable studio space in London, with a mission to secure long-term space for artists and creatives, ensuring a vibrant and prosperous future for this critical industry. Alice Billings House is the second property to be added to their portfolio, and the first involving a historic building. Alongside the 6,500 square feet of lettable studio space, the conversion will create an exhibition area, community café and landscaped public courtyard.

In 2021, a Project Viability Grant from the AHF enabled the Trust to test the feasibility of its proposals. two successful Levelling up Fund bids, securing £700,000 towards the refurbishment. The AHF has since awarded a Project Development Grant towards development costs and a Transformational Project

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Grant to repair the listed North Block, remove it from the Heritage at Risk Register and bring it into active use.

https://creativelandtrust.org/

Grade II* Project Viability Grant - £7,500 (2019) Project Development Grant - £28,600 (2019) Project Development Grant - £71,560 (2020)

Dating back to 1874, Canada House is located in the heart of Sheffield city centre and was, until 1972, occupied by the Sheffield United Gas Light Company. Various uses have followed since, including a Chinese restaurant and offices, but today this landmark building stands vacant.

A partnership between two established organisations, Sheffield Music Academy and Sheffield Music Hub, has formed to restore and reinvigorate the building into a permanent facility of musical excellence. The project will convert the building into a regional music academy, including teaching and performance spaces, a café and student facilities.

The AHF has supported the partnership with three grants since 2019, enabling the completion of initial Levelling Up Bid, which secured £1.6 million for the purchase of the building, and a successful Expression of Interest to the National Lottery Heritage Fund for an application of around £2.3 million. Work continues to raise the funding needed to reinvigorate Canada House as a centre for excellence in musical education.

https://harmonyworks.org.uk/

Grade II Project Viability Grant - £6,000 (2019) Project Development Grant - £15,000 (2019) Transformational Project Grant - £350,000 (2020)

The Wheatsheaf is a medieval timber-framed building situated in a prominent position on High Wycombe High Street. Dating from 1399, this is the oldest secular building in High Wycombe. It was a pub and coffee house for much of its history, before being converted into shops in the early 20th century. Since the 1990s, however, the building has been left mostly vacant.

In 2017, Buckinghamshire Historic Buildings Trust identified The Wheatsheaf as a building at risk and took on the lease as part of their remit to preserve architectural heritage in the county. Taking a conservation-led approach, the Trust was open to a range of options for use of the fully restored building. In 2019, the AHF provided a Project Viability Grant for market testing and community consultation that helped develop plans for a flexible conversion, envisaging commercial use of the ground floor and venue/activity space on the first and second floor for hire by community groups. A Project Development Grant followed to help develop the business plan for operation of the building, and the AHF then awarded one of its largest Transformational Project Grants to support the repair and restoration, matching significant investment by the Trust.

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Completed in Spring 2022, the exemplary work undertaken by the Trust and their expert team of conservation professionals has protected and revealed the history and fabric of the building for the first medieval floor timbers and wall paintings, and revealing the full extent of the spectacular beamed roof. Business development continues to bring this local gem back in use.

https://www.bucksheritage.org/the-wheatsheaf

Station South CIC - Station South, Levenshulme, Manchester

Unlisted

Project Viability Grant - £6,550 (2018) Project Development Grant - £20,700 (2018) Transformational Project Grant - £100,000 (2020)

Situated on Levenshulme high street, Station South first opened as Levenshulme Station in 1892 and served the Manchester Central Line until 1957. When the line was discontinued in 1988, the track was converted into a cycle track that runs across South Manchester called the Fallowfield Loop. After the stati and falling into disrepair.

Station South CIC was established by three local residents with a joint vision to save the former train station and convert it into a destination cycle café, bar, community hub and bike workshop. At the time aw the estate of British Rail. The group liaised with RPL to negotiate a 25-year lease and RPL carried out initial safeguarding and structural works to the roof, windows, doors and shop front.

In 2018, the AHF awarded Station South CIC a grant to carry out a viability study to ensure the project was feasible. That same year, a Project Development Grant advanced the project to a stage where the group could tender for capital works and, in 2020, a Transformational Project Grant was awarded to help get the building open. The AHF has also provided guidance and support around issues such as leases, governance and business planning. Other supporters of the project include the Railway Heritage Trust, Manchester City Council, Sport England and Key Fund.

Station South opened in April 2022 and has become the perfect resting spot for cyclists and families walking the Fallowfield Loop, as well as a popular community hub offering events, such as DJ sets, live outside space to incorporate an outside terrace, a kitchen garden and an area in which people of all ages can learn to ride bikes, providing much-needed green space in the highly urbanised area.

www.StationSouth.co.uk

The Leeds Library is one of the oldest surviving public subscription libraries in the UK. First opened in 1768, the library has been housed in a Grade II*-listed building in the centre of Leeds since 1808. With a collection of over 140,000 books and an archive of journals and rare editions, the library provides a fantastic resource of information and historic materials for visitors and members.

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In 2021, the Library was offered the opportunity to buy a neighbouring property, 15 Commercial Street, with a view to expanding the library space for the first time in over a hundred years. With much of the collection kept off site and an expanding programme of public activities and events, the organisation was keen to grasp this exceptional opportunity.

Loan investment from the AHF, alongside the Ecology Building Society, provided the funds to support Leeds Library to acquire the 19th-century property at 15 Commercial Street. This acquisition will allow the expansion of the on-site library store and provide space for a fully accessible culture, arts and education hub. New opportunities for public engagement, volunteering and training also mean that there will be an increase in social impact. Further, a new lift located at 15 Commercial Street will create accessible routes into the main library building. The additional space will open to the public in 2023.

https://www.theleedslibrary.org.uk/

Grade II Project Viability Grant - £3,000 (2015) Project Development Grant - £5,000 (2015) Endowment Loan - £200,000 (2015) Project Development Grant - £25,000 (2017)

The Old Kings Head in Kirton, Lincolnshire, is a 16th-century former coaching inn. Situated at the heart Many years of disrepair had left the Grade II structure in a very poor condition, with work required throughout, including the safeguarding of historic roof timbers and the restoration of unused outbuildings.

Heritage Lincolnshire undertook a fundraising campaign, working with the local community and national funding bodies to save The Old Kings Head and bring it back into use. They purchased the derelict building in 2016 with the aim of redeveloping the site as holiday accommodation and community facilities. The organisation was keen to use the building to demonstrate the potential for heritage-led regeneration and to show how revitalising heritage assets can bring economic and social benefits to local communities.

The AHF provided viability and development grant support to enable Heritage Lincolnshire to develop their plans for the site. Subsequently, the AHF awarded the project a loan as part of a multi-millionpound funding package to support the restoration and refurbishment of the historic pub and outbuildings. The Old Kings Head reopened to the public in 2021, offering bed and breakfast holiday accommodation, a restaurant and hireable community space.

www.theoldkingshead.com

Grade II Heritage Impact Fund - £195,000 (2019) Transforming Places Through Heritage - £311,271 (2020)

Located within a Historic England High Street Heritage Action Zone, the former Lancashire & Yorkshire Bank is a landmark building in the town centre of Bacup. Originally opened in 1876, the building was in use as a bank until the 1970s, when it was turned into bedsits before being subject to a closure order. Considered to be one of the most beautiful buildings in the town, built in the Scottish Baronial style with

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stone-carved gargoyles and a distinctive turret, the community of Bacup were passionate about seeing the Grade II-listed building come back into use.

in 2019 with the support of a Heritage Impact Fund loan. The Trust drew up plans for the future of the building, aiming to provide co-working space on the ground floor and in the basement, as well as four self-contained apartments on the upper floors for single young people who are either homeless or at risk of becoming homeless.

An AHF Transformational Project Grant and funding from Historic England and Rossendale Borough Council through the High Street Heritage Action Zone programme will see the building repaired and refurbished. Alongside the restoration work, Valley Heritage has been delivering a series of public engagement activities and events to animate the former bank, including community art projects, open days and tours. The building will open in Autumn 2022.

https://valleyheritage.org.uk/

Scotland

WASPS - Former Royal Academy Buildings, Inverness, Highlands and Islands

Category B Project Development Grant - £15,000 (2017) Project Development Grant - £10,000 (2019) Project Development Grant - £3,000 (2021)

Inverness Royal Academy was built in 1895 by Ross and Macbeth and was the first purpose-built large secondary school in the Highlands, where it has remained at the centre of educational life for over a century. Internally, the original building is organised around a grand balconied central Assembly Hall and staircase. To this day, the buildings retain most of their original internal and external historic fabric and plan form, making a significant contribution to the character of the Crown Conservation Area.

in Scotland some 900 artists and 33 organisations across 20 sites. Now, it has brought the Royal Inverness Academy back into use as a Creative Hub for Inverness and the Highlands. Phase 1 was completed in November 2018 with the restoration of the 1913 Arts and Science extension, which exceeded expectations by reaching full occupancy within six months to accommodate 40 working artists, 2 creative learning organisations and a community-run darkroom. Phase 2 completed in late 2021 with the restoration of the 1895 Inverness Royal Academy Building, converting 15 classrooms and the former double-height Assembly Hall into 80+ workspaces, meeting rooms, a café, a reception and a gallery.

An early AHF grant in 2017 towards project development costs contributed to Phase 1, and on the back of these achievements, the AHF was able to offer further grant support for fundraising capacity to support the delivery of the second, larger phase of development. The fully completed project was officially opened by the Princess Royal in May 2022.

https://invernesscreativeacademy.org.uk

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Eskdale Foundation - The Old Police Station, Langholm, Dumfries & Galloway

B Listed in Langholm Conservation Area Project Viability Grant - £4,928 (2018) Project Development Grant - £12,500 (2019)

Situated on Buccleuch Square in the heart of a former woollen mill town, this handsome two-storey sandstone building served as a police station from 1900 to 2010. Internal accommodation included two osure, the building remained vacant despite active marketing for commercial development by the local authority. In 2017, a high level of concern over the amount of local vacant buildings led to an asset transfer of ownership from Dumfries and Galloway Council to Eskdale Foundation.

Eskdale Foundation had relevant experience of providing accommodation for older people and understood the local market need, which was also seeing a drift of young people away from the area. The Foundation partnered with South of Scotland Community Housing (SOSCH) to adapt the former station into a mix of four affordable homes, including one accessible ground-floor home. Use of conservation-accredited architects resulted in the retention of original features and careful integration of appropriate energy efficiency measures. The project was completed in summer 2021.

An AHF Project Viability Grant in 2018 contributed to the cost of a feasibility study. Following this, in 2019, a Project Development Grant funded design team fees to enable the project to secure planning permission and listed building consent. Total capital costs amounted to £530,000, with capital funders including the Rural Housing Fund, Dumfries & Galloway Town Centre Living Fund, and South of Scotland Enterprise.

www.sosch.org/the-old-police-station-langholm

- Bon Accord Heritage Bon Accord Baths, Aberdeen

Category B Project Viability Grant - £10,000 (2021)

Built in the Art Deco style in 1940, Bon Accord Baths is a rare surviving example of public baths. Situated in the centre of Aberdeen, a chunky granite exterior gives way to an elegant entrance lobby with curved walls lined in sycamore timber panelling. The vaulted roof of the pool is supported by concrete arches, and large windows allow the vast space to be flooded with natural light. The pool and associated health suite are owned by the local authority and were closed in 2008. Attempts to sell the building commercially have failed.

Bon Accord Heritage was established in 2015 with the aim to bring the pool into community control and largely return it to its original use. Open days and community consultations have shown significant support for restoring the pool to its former glory as a much-loved facility in the heart of the city. Improving the energy efficiency of the building will be a key challenge to address within the plans.

In 2021, the AHF awarded Bon Accord Heritage a Project Viability Grant to help fund architectural fees to develop two options for accommodating the proposed facilities changing rooms, a café, a sports hall, therapy and wellness spaces, and event spaces within the building complex. The grant also contributed towards a Conservation Statement to inform the approach to repairs and development. This feasibility work is being carried out concurrently with detailed business planning to ensure the financial viability of plans in the long-term.

www.bonaccordbaths.org.uk

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Robert Burns Ellisland Trust - Ellisland Farmhouse Museum, Auldgirth, Dumfries & Galloway

Category A Project Development Grant - £10,000 (2021) Project Viability Grant - £9,990 (2022)

This farmhouse, known as

a significant museum collection and the outbuildings, comprising stables, byres, and a threshing barn, are used for storage and occasional events.

The Robert Burns Ellisland Trust plans to create a Centre for Songwriting at the site to reflect the significance of the work that Burns completed while living at the farm, including the writing of some of his most wellaltered by time, it is possible to understand here the relationship between buildings and nature. The largely intact farmland, kitchen garden, orchard and woodland walk along the bank of the River Nith all restored, while outbuildings will be sensitively adapted to accommodate educational activities and events themed around music and nature poetry. An adjacent modern building will provide income via holiday lets.

A William Grant Foundationwhile the project is developed to prevent further deterioration and enable continued activity on the site. Feasibility work, supported by an Historic Environment Scotland-supported AHF grant, will test market demand and explore how new uses might be sensitively accommodated across the steading.

www.ellislandfarm.co.uk

Unlisted

Project Viability Grant - £10,000 (2021)

This former primary school in northwest Skye is a traditional stone construction built in 1880 and in use until 2007, after which the school and schoolhouse have sat empty In 2014, the local Glendale Trust bought the building with a view to bringing it back into community use, but early plans failed to develop.

Recognising the strong local demand for affordable housing, the Communities Housing Trust has joined as a project partner to provide specialist support to develop a scheme for six affordable 1- and 2-bed homes. Re-purposing the school for affordable housing responds directly to the current housing shortage in the Highlands & Islands region, and the project will also respond to the climate emergency by designing a replicable solution for retrofitting historic buildings using both old and new technologies. The project will include a training programme to help build the capacity of small contractors in the area.

AHF grant support contributed to early-stage design team fees and a measured survey. This work was necessary to enable the project to go forward and apply for capital funds, such as under the Rural & Islands Housing Fund. Since the building is unlisted and the project will develop knowledge that can be shared in the future, the project was considered a good fit under the William Grant Foundation Tailored Support Fund programme.

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https://www.chtrust.co.uk/empty-homes.html

Collective - The Old Observatory House, Edinburgh

Category A Project Development Grant - £25,000 (2014) Endowment Loan - £300,000 (2020)

The Old Observatory House on Calton Hill, within the central Edinburgh World Heritage Site, dates back to the 18th century, when it was built to provide accommodation for the resident astronomers at the City Observatory. Designed by the New Town architect, James Craig, the Category A-listed house is a landmark in the city. At one time, the house had been considered at Risk by Historic Scotland, but conservation works in the early 2000s brought it back into use.

Collective is a charitable visual arts organisation that supports and exhibits new work by international artists. The organisation runs a programme of exhibitions and activities from the City Observatory, City Dome and exhibition centre on Calton Hill. The newly renovated Old Observatory House is now part of this offer: divided into two holiday-let apartments available to rent for up to ten guests, the space will also host visiting artists and be open to the public for special events.

The AHF has been able to support Collective with a tailored loan investment towards the refurbishment and sensitive adaptation of the house. Bringing the building back into use as holiday accommodation provides an income for Collective and helps support their wider work in arts engagement, allowing the organisation to ensure their long-term viability.

https://www.collective-edinburgh.art/

Northern Ireland

Grade A Project Viability Grant - £6,000 (2020)

of the Temperance movement in 1886ety. It soon for community activities, including cinema, theatre, dances, meetings, lectures, band practices and retreats.

Over the years, the building hosted several highly influential speakers, including Eleanor Marx, Emmeline Pankhurst and Eamon De Valera. By the 1980s, the Hall was attracting performers like Jim Reeves, Roy Orbison and Chubby Checker, as well as high-profile classical musicians and talented local bands, such as The Undertones. In the past few decades, however, the building has suffered from a lack of investment. Water ingress has caused damage, and the condition of the Hall has worsened as a whole.

019 to regenerate the Hall and contribute positively to the city-wide community. The Trust propose to create a flexible venue that will accommodate a mixture of uses, including an iconic live music venue; a ground-breaking creative therapy centre of excellence,

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tackling trauma, addiction, mental health and dementia; a shared space for thought and debate, including youth assembly; and a film hub and flexible office space for the creative industries.

A Project Viability Grant from the AHF allowed the Trust to carry out a detailed condition survey of the building and engage stakeholders in the community; identify key partners and financial supporters; develop conceptual drawings; consider appropriate operation models; identify the economic impact and benefits of the proposed project; and to make recommendations on the best way forward in their Viability Report. This work has helped to unlock further support from the National Lottery Heritage Fund, The Pilgrim Trust and Ulster Garden Villages. Most recently, the Trust secured a substantial grant

www.saintcolumbshall.com

Grade B+ Project Viability Grant - £2,800 (2014) Project Development Grant - £3,050 (2020) Heritage Impact Fund - £300,000 (2020) Project Viability Grant - £2,500 (2020) Project Development Grant - £10,000 (2021) Capital Works Grant - £30,000 (2021)

-century, four-storey ironmongery warehouse built for John Riddel & Co in 1867. Inside the warehouse is a unique atrium with five storeys of galleries supported by cast iron columns and heavy timber beams, which are arranged around three sides of a glass- roofed courtyard. For many years, the building was one of the largest ironmongery warehouses in the country, until it closed in the 1970s and was acquired by the Police Authority as storage. The building then fell into disrepair and was added to the Buildings at Risk Register.

Hearth Historic Buildings Trust is the longest established building preservation trust in Northern Ireland. 4 with the aim of undertaking essential repairs and bringing it back into permanent full-time mixed-use as a venue for the arts and performances, as well as co-working office space and commercial units.

The AHF has supported this project since 2014, awarding the Trust five grants and a Heritage Impact Fund loan most recently, a Capital Works Grant of £30,000 was provided towards urgent conservation work, which is now underway. This includes repairs to timbers suffering dry rot and structural brick wall and roof restoration, all of which should ensure the building is no longer deemed at risk. While works have been in development, the building has continued to be in meanwhile use for a variety of events and activities, including as a music venue for part of Belfast Culture Night, for performances of film, for large scale science experiments as part of the NI 2019 Science Festival and, most recently, as a filming location.

http://hearthni.org.uk/

Unlisted Project Viability Grant - £3,000 (2019) Capital Works Grant - £30,000 (2021)

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Dating back to the early 1800s, the Woolstore is a three-storey stone building located in the centre of the Caledon Conservation Area, and is one of the last physical links to the vast flour mill which once stood at the heart of the village. When the mill was converted for woollen production in the 1880s, this ancillary building was used to store raw wool. The Woolstore is highly significant to the local community in the 1980s.

Caledon Regeneration Partnership (CRP) is a not-for-profit organisation with a long history of working to preserve historic buildings in Caledon. Keen to save the Woolstore, CRP came to the AHF to explore ideas for how they could repurpose it.

In 2019, the AHF awarded CRP a Project Viability Grant to test ideas for the reuse of the building, consequently establishing the need for a childcare facility in Caledon. Following this, the Woolstore was identified as a candidate for the Village Catalyst pilot, receiving further investment as part of this innovative cross-departmental initiative between the Department for Communities (DfC) and the Department of Agriculture, Environment and Rural Affairs (DAERA), which sought to target rural poverty and social isolation and to restore and revive historic buildings across Northern Ireland. In 2021, CRP was awarded DfC Covid Recovery funding via a Capital Works Grant administered by the AHF.

The original Woolstore building has since undergone a series of sensitive conservation works including the addition of a sympathetic contemporary extension designed by award-winning architect, Mark Hackett. Newly transformed and opened in February 2022, the building provides 36 childcare places for children (ages 0-5) and 16 after-school places.

https://www.caledonregenerationpartnership.com/

Wales

Unlisted Project Viability Grant - £10,000 (2022)

time of the Great Depression. Located next to the River Amman, the Lido complex includes the main pool, changing cubicles, ancillary rooms and a surviving original turnstile. The pool was designed to be filled by water from the river and kept open during the summer months. The site was in community ownership until 1972, when it was placed in trust to the local authority, but nevertheless continued to be run by local volunteers until its closure in 2010. While the pool and buildings remain intact, they are in a state of disrepair and are at risk of loss.

Brynaman Lido Ltd is in the final stages of negotiating a community asset transfer of the site with Carmarthenshire County Council for a minimum 30-year lease term. The organisation evolved from a campaign group and was constituted as a community benefit society in 2019. The Society aims to restore the lido as an open-air swimming pool using low-energy, renewable management systems for sourcing and cleaning the water, which they intend to heat during the summer months to make the pool more comfortable and user-friendly for families. During cooler months, the water will remain unheated, allowing year-round activities, including training for triathlons and cold-water swimming. There will also be a focus on community health and well-being, providing meeting places, a café, an activity hub and public toilets.

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An AHF Project Viability Grant is contributing towards an architect, quantity surveyor and consultant to work with the Society to produce a feasibility study and establish the sustainability of the exciting

brynamanlido.com

Grade II Project Development Grant - £14,080 (2021) Project Development Grant - £20,000 (2021)

comprises a three-bay range with a central doorway, flanked by strongly projecting hipped roof wings, and fronted by an iron-

taking with it the last community meeting space in Llandwrog.

lan and re-open it as a community-owned facility. In April of that year, the Society raised £464,800 from 1,013 investors through a community share offer and purchased the site. By December, the pub was open again after five years of closure, and the commu remained open five days per week, hosting weekly chair yoga classes, coffee mornings, a Welsh learners club, a walking club, a gardening club and a youth project, alongside operating as a pub. Once again, the building has become the focal point of the community.

An initial AHF Project Development Grant in June 2021 funded a design team led by a conservationonsent and planning permission, as well as archaeology, asbestos, ecology and drainage surveys. A second Project Development Grant, awarded in November 2021, is funding a part-time coordinator post over a 12month period to manage the project, its professional advisors and volunteers.

https://tynllan.cymru/

Hafod Ceiri - Capel Methodistiaid Calfinaidd, Llithfaen, Gwynedd

Grade II*

Project Development Grant - £5,000 (2017) Capital Works Grant - £40,000 (2020) Capital Works Grant - £41,000 (2021)

and is known locally as Capel Isaf (lower chapel). A large and well-preserved chapel with an impressive interior, it was constructed in 1905 at the height of prosperity due to the quarrying industry. The chapel is a landmark building located in a prominent position in the centre of the village and near the Iron Age -year lease on the building (owned by the Presbyterian Church in Wales) in February 2020.

Hafod Ceiri plans to adapt the chapel by inserting a first floor at mezzanine level, creating an open space for performances and events with seating in the retained gallery. The ground floor will be divided to create a small cinema and studio space, two business start-up units and a café. A glazed extension, with

22

adjoining vestry, the large schoolroom will be divided into an education space and two bunkhouses for families.

In 2017, an AHF Project Development Grant funded a Project Coordinator post and specialist VAT advice. The two following Capital Works Grants have funded phases of emergency repair works to the roof, ceiling, 19 windows and plasterwork around the main entrance.

https://hafodceiri.cymru/

Grade II Project Viability Grant - £1,450 (2015) Endowment Fund - £100,000 (2017) Project Development Grant - £14,284 (2021)

Museum. Several historic garden buildings are retained from the Georgian-landscaped park, which was developed in the early 19th century, including the Grade II-listed Gatelodge, the Bothy, the Walled Garden and outbuildings.

The Tywi Gateway Trust sought AHF grant funding and loan investment to undertake repair and refurbishment works to the Gatelodge and outbuildings. This included conservation work and fit out of the Gatelodge to create new office space, as well as new exhibition space, an activity and learning centre, a café and toilet facilities. These works formed part of a larger National Lottery Heritage Fund and Carmarthenshire Council-supported scheme to significantly improve the landscape and public facilities in the wider park.

The new facilities will help to establish the park as the gateway to the Tywi Valley and a popular tourist destination, bringing more visitors into the County Museum and providing more jobs and volunteering opportunities to the area. The revitalised park and new visitor facilities opened in 2022.

https://parcyresgob.org.uk/

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6 Financial review

a Financial overview

The AHF has experienced two exceptional years from an income perspective: the unprecedented emergency funding we received and distributed in 2020/21, in response to the pandemic, and the initial investments into the HIF in 2019/20. A reduction in restricted income was therefore expected this year; nevertheless, we continued to benefit from significant government funding, which included a further £4.8 million for the penultimate year of the Transforming Places through Heritage (TPtH) programme from DCMS, via Historic England. We also secured substantial funding once again for our other core programmes in Scotland, Wales, and Northern Ireland, enabling us to extend both the Northern Ireland Village Catalyst programme and Capital Grants in Wales. The HIF received additional investment for Northern Ireland loans, from the Department for Communities.

Loan interest and arrangement fees, our most significant unrestricted income stream, increased slightly this year but we generated less income from our investments, partly due to the disposal of our investment property in September 2021. The value of our endowment fund investments rose over the year; however, the unrestricted fund sustained investment losses. We hope to recoup these losses in the future.

Whilst grant-making expenditure of £6 million was £1.6 million less than the previous year it was significantly ahead of 2019/20 (£4.5 million) reflecting both TPtH activity and the continued expansion of our other grant and support programmes over the last two years.

Demand for HIF loans has remained strong throughout 2021/22 and, in addition to £2.5 million disbursed during the year (2021: £2.3 million), there were further HIF loan commitments of £2.8 million as at the year end. The HIF fund is close to being fully committed and so securing new investment is an ongoing priority. In the year ahead, we will also see further repayments of initial HIF loans enabling capital to be recycled as new loans.

We continue to manage our overheads carefully and focus on generating sufficient unrestricted income to support our cost base, which includes several staff who are not funded by external grants. As the economic challenges of 2022 and beyond unfold, and our lending adapts to support the organisations we work with, it will be important to also protect the financial sustainability of the AHF. This will involve even closer monitoring of the loan portfolio and more targeted support for our clients, including through Re-Plan our business support service.

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Income

Fig 2. Total income

----- Start of picture text -----
Total Income £7.1m
10%
Restricted
Unrestricted
90%
----- End of picture text -----

Total income in the year ended 31 March 2022 amounted to £7.1 million (2021: £9.8 million). This decrease was anticipated given the exceptional emergency support funding we received and distributed in the previous year, including a £2.05million investment from the Culture Recovery Fund, £1 million of which was for our endowment.

Once again, we received substantial funding from the Department for Digital, Culture, Media and Sport (via Historic England), which provided over £4.8 million for the third year of the Transforming Places programme. This funding delivers a wide range of grants and social investment, alongside capacity building activities and support from our team of Programme Officers and consultant project advisors.

Additionally, £0.5 million (2021: £0.7 million) was received from Historic Environment Scotland; Scotland grant-

The AHF Grant programmes and Support Officers in Wales and Northern Ireland were supported by combined income of £0.7 million (2021: £0.7 million) from Cadw, the Historic Environment Division of the Department for Communities in Northern Ireland, the Garfield Weston Foundation, and the Pilgrim Trust. This included further funding from the Department for Communities for the Village Catalyst programme in Wales thanks to continued funding from Cadw.

The HIF also benefitted from a further £0.25m (2021: £0.2m) investment by the Department for Communities, which will support lending to projects in Northern Ireland.

Historic England contributed £0.1 million (2021: £0.1 million) towards grants for community asset projects in England.

Unrestricted income remained consistent with the previous year at £0.7 million (2021: £0.7 million). There was a rise in loan-related income due to increased HIF lending activity, however this was partially offset by a drop in investment income, including a reduction in rent receivable following the disposal of an investment property.

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Expenditure

Fig 3. Unrestricted fund expenditure

----- Start of picture text -----
Unrestricted fund expenditure
Impact
Raising Funds
reporting,
8%
evaluation and
communication
19%
£0.54m Lending costs
Capacity 35%
building
17%
Grant making
21%
----- End of picture text -----

Total expenditure on charitable activities and raising funds was £6.9 million (2021: £8.4 million). Again, this decrease was expected following the exceptional levels of grant making activity in 2020/21. In addition to the £1 million Culture Recovery Fund grants, we distributed additional grants through our existing country programmes including £0.2 million project Development grants, funded by HES, and £0.15 million Capital grants, funded by the Department for Communities.

Unrestricted expenditure on charitable activities increased overall to £0.6 million (2021: £0.5 million), returning to a level more consistent with the period before the pandemic. This reflects the general increase in overheads following a return to in person business and governance, an increase in lending activity and the expansion of the investment team. These additional costs were offset by expenditure savings related to the disposal of our investment property in September 2021.

The AHF once again contributed £5,000 (2021: £5,000) t conference.

Fig 4. Unrestricted fund income and expenditure

----- Start of picture text -----
Unrestricted Fund
£800,000
£600,000
£400,000
£200,000
£-
2020/21 2021/22
Income Expenditure
----- End of picture text -----

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Funds

£17.3 million) of which £17 million

Fig 5. Endowment Funds for lending

----- Start of picture text -----
AHF Endowment funds for lending
----- End of picture text -----

----- Start of picture text -----
Wales
UK-wide
£0.45 m
£0.55 m
£9.33m
England
Scotland £5.51 m
£2.82 m
----- End of picture text -----

During the year, following a review of the original endowment funding documentation, it was agreed that £2 million (represented by £1 million England endowment and £1 million Scotland endowment) should be reclassified as restricted funding. This accounts for most of the movement of these two charitable funds.

Overall, the endowment fund decreased by £1.9 million (2021: £1.4 million increase); the £2 million reclassification, bad debt movement and loss on disposal of our investment property being offset by £143,567 gains on investments.

The unrestricted fund achieved a surplus of £80,592 (2021: £144,387); however, the fund suffered investment losses of £32,743.

In addition to the £2 million reclassification uplift to the restricted fund, the remaining £152,564 increase to the fund (2021: £149,056 increase) was mostly due to phasing of programme spend and the net movement on the HIF, especially the further contribution from the Department for Communities. Of the £6.2 million held at the year-end, £4.2 million comprises the cumulative HIF lending funds contributed by our external partners.

b. Remuneration

Pay

The AHF believes in recruiting high-calibre people. We are also committed to rewarding staff fairly for the jobs that they do and fostering a positive working environment. We believe our salaries and our terms and conditions reflect this.

Salaries, including pa review takes account of a number of factors when determining the recommended pay award for staff.

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In April 2021 all employees were awarded a single cost of living pay award of 1.6%. During the year, the highest paid member of staff was in the £80,000 - £90,000 band (2021: £80,000 - £90,000 band). The ratio between the highest paid salary and the median AHF salary of £36,200 (2021: £34,750) was 2.4 (2021: 2.4).

Due to the current inflationary pressures, we will be reviewing and benchmarking pay levels over the course of the next year.

Pensions

The Charity offers employees the opportunity to join its discretionary retirement savings scheme, a Group Personal Pension Plan provided and administered by The Prudential Assurance Company Ltd on behalf of the Architectural Heritage Fund. Contributions made by the AHF to the scheme in the year totalled £62,061 (2021: £56,454).

c. Reserves

The general fund constitutes the free reserves of the charity from which running costs have to be paid. on the average annual expenditure from unrestricted funds over the previous 3 years. Compliance with the reserves policy was met by a year-end transfer of £49,545 from the general fund to the designated lending fund (2021: £136,997 transfer from the general fund).

d. Investment policy

Money not on loan is invested with an external Investment Fund Manager, Rathbone Greenbank Investments, in accordance with the Boar with financial prudence and ready accessibility. Net gains on investments across all funds were £0.1 million (2021: £0.4 million gain) and net income from investments and bank deposits for the year amounted to £84,192 (2021: £93,183).

e. Going concern

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements.

As part of the going concern review, the Trustees reviewed detailed budgets and cash flow forecasts to 30 September 2023, taking into account the legacy effects of the COVID-19 pandemic on the company's income and expenditure streams and the current challenges of rising interest rates, inflation, and energy costs, all of which will affect the organisations we support.

The pandemic has increased the risk of bad debts from borrowers and delayed fundraising plans, and the current economic pressures are expected to exacerbate these risks further, at least in the short to medium term; however, based on these forecasts and the level of reserves available, the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements as they do not consider there to be any material uncertainties about the charity's ability to continue.

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7 Plans for the future

These will be our priority areas of focus over the next year:

8 Governance statement

a. The

The Memorandum of Association defines the AHF's charitable objects as:

b. The public benefit

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to guidance on public benefit. As a UK-wide charity enabling not-for-private- with capacity-building programmes as well as with financial support - both locally and nationally.

c. Our values

Investing in risk and new ideas

We have particular expertise as an early-stage investor and believe that to help fund potentially transformative projects we need to take considered risks with our investments, both for the benefit of heritage buildings and the enterprises we support.

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Diversity

We believe that we should strive to represent the diversity of the UK, through our staff and Trustees and the projects we support. We will look to invest in projects across the UK, but particularly in areas of economic disadvantage, believing heritage led regeneration can act as a catalyst for new investment and community well-being.

A learning and evidence-focussed organisation

We will learn from our programmes and activities and use evidence to help us reach decisions. We recognise that our resources and those of our clients are limited, so we will target our evidence gathering in a proportionate way and promote the most useful and effective lessons to the sector.

Expert and accessible

led regeneration projects. We will make this knowledge accessible to projects, often by working in partnership to increase the availability of that expertise.

Positive advocates

We will be a positive organisation and team, actively promoting the benefits that the reuse of historic buildings can bring to 21st-century places and communities and working to help places realise their ambitions.

Supportive over the long-term, challenging and empathetic

We recognise the challenges inherent in complex heritage projects and the demands these can place on organisations, particularly those led by volunteers. We will be supportive of projects during difficult times but, where necessary, challenge projects in their thinking. We have supported some organisations for over 45 years and continue to believe in the value of building long-term relationships.

Taking ownership

As a small organisation, collaboration and taking ownership are a vital part of our organisational culture. We take responsibility across teams and activity areas, looking to own the work of the whole organisation, actively participating in improving and developing it.

d. Equality, diversity and inclusion (EDI)

We describe in the report against our objectives, under objective 3, some of what we have been doing to deliver on our EDI commitments. This has included the development of an action plan, overseen by a trustee and staff group.

One aspect of the EDI work is understanding where our project funding is going and any barriers to accessing it. As historic buildings are located in all parts of the UK it is imperative to delivering our charitable aims that we address any inequity in the way our funding is distributed; this is especially true where buildings are particularly at risk. We have therefore commissioned, as part of the interim evaluation of our strategy 2020-23, a piece of research to understand why our funding may not be reaching certain communities. The findings will help inform the approach we will be taking in our new strategy, due to be published in early 2023.

We continue to use a more diverse group of organisations to help advertise our trustee roles. This year that included Built by Us and Action for Trustee Racial Diversity. This has had some impact on Board

30

diversity in recent years and we will continue to prioritise diversity of background, race, experience and thought in future recruitment. We also appointed two Associate Trustees with less experience, but new ideas, who we will support to broaden their experience through a 1-year placement with AHF.

e. Principal risks and uncertainties

The Board is responsible for ensuring that there are effective and adequate risk management and internal control systems in place to manage the major risks to which the AHF is exposed. It discharges this responsibility through its review of the effectiveness of framework is designed to support informed decisionperformance and its ability to achieve its objectives. The framework also provides for a consistent approach to identifying, assessing and dealing with the risks facing the AHF so to ensure that they do not exceed the level of risk the Board is willing to assume.

The AHF operates in a risk environment that is complex and which includes offering loan finance to organisations that cannot raise funds from elsewhere. Therefore, the framework is designed to manage, provide reasonable, but not absolute, assurance against material misstatement or loss. We aim to manage risk by anticipation and avoidance, rather than by handling the consequence after the risk has crystallised.

The total value of the Heritage Impact Heritage Impact Fund and AHF endowment fund can be affected nimise its potential exposure to loan losses as far as possible through its assessment and loan monitoring objectives is to replenish and increase the value of the endowment fund through fundraising.

It should be noted that processes in place regarding risk management and internal control include the following:

Risk Area Risk Description Risk Management
External In the short to medium term our Close contact with new and existing
work does not meet the needs of grant funders being maintained to
our existing or prospective ascertain new opportunities.
funders; or the general funding
environment becomes

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constrained. Our grant income Primary risk is in relation to England
decreases. funding, where efforts to raise new
fundingare beingfocused.
Operational Borrowers default on loans and AHF is gathering evidence on cost of
repayment of capital and interest living impacts and making case to
decreases significantly. DCMS for government support.
Endowment eroded, rendering Close monitoring of projects
AHF's lending diminished. continues.
Operational Our services & products do not As well as grant funding, new lending
meet the needs of our existing or finance is being pursued.
prospective clients. Lack of Potential applicant expectations about
funding to award, both grants and new finance being managed.
loans.
Operational We do not recruit or retain staff or
Changes in current staff team have
consultants with sufficient been managed, including replacement
knowledge, skills and enthusiasm of Head of Investment.
to undertake our operations Communication being maintained with
effectively and our services are those affected by end of TPTH
poor quality. programme;
some
new
funding
secured for thoseposts.
External / economy Rising inflation, slowing growth Information being regularly gathered
and
cost of living
crisis		 for impact on projects.
significantly exacerbates the top Information and planning being shared
risks with
DCMS
and
other
sector
colleagues.

The Trustees are satisfied that appropriate systems are in place to manage risk.

f. Structure, governance and management

The Architectural Heritage Fund (AHF) is incorporated as a company limited by guarantee (company number 01150304), is registered as a charity in England and Wales (number 266780) and in Scotland (number SC043840), and is governed by its memorandum and articles of association (most recently updated 30 January 2013).

The AHF is registered with the Financial Conduct Authority for the purposes of money laundering regulation and is recorded on the Financial Services Register (number 707421).

The registered office is 3 Spital Yard, Spital Square, London E1 6AQ.

g. Board of Trustees

The governing body of the AHF is the Board of Trustees, whose members have legal responsibility as directors of the AHF as a company and as Trustees of the AHF as a charity. The Board is responsible for every aspect of the AHF's business and governance, with day to day management being delegated to members usually serve for renewable terms of three years. Every member of the Board is also a member of the AHF as a company. The AHF has no other members.

The Board comprises fourteen appointed Trustees, including the Chairman, who contribute a diverse range of expertise and who represent the whole of the UK.

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The AHF recognises that an effective Board of Trustees is essential if the charity is to be effective in achieving its objects. The Board must seek to represent the people with whom the charity works and must have available to it all of the knowledge and skills required to run the charity. During the year the trustees reviewed the Charity Governance Code and identified a number of actions that the organisation and inclusion commitments and an action plan to support this key area of work.

Some members of the Board are also Directors or Trustees of, or consultants to, organisations which -length business relationship. In this event the member or members are required to disclose the interest at the meeting at which the application is considered or the business is discussed, thereby taking no part in rests Policy). A register of Trustees interests is maintained and updated regularly.

The Board meets at least five times a year.

h. Committees

There are currently five sub-committees, the Audit & Risk Committee, the Credit Panel, the Heritage Impact Fund Credit Panel, the Grants Panel and the Nominations Committee.

Audit and Risk Committee

Composed of up to four Board members, the duty of the Audit and Risk Committee is to consider and report to the Board on matters of financial control and performance, and to help Trustees and staff identify and assess risks to the organisation. The Audit and Risk Committee met three times during the year.

Nominations Committee

The Nominations Committee is responsible for establishing protocols for the appointment of Trustees and Chair, for organising the selection criteria and running the recruitment process and recommendations for appointment to the Board.

Credit Panel

The Credit Panel makes decisions on loans below £500,000 and makes recommendations to the Board on loan applications above that threshold. The Panel currently comprises five AHF Board members and the CEO. The Panel met five times during the year.

The Heritage Impact Fund Credit Panel

The Heritage Impact Fund (HIF) Credit Panel was established in March 2018 to make decisions on HIF loans below £500,000 and to make recommendations to the Board on applications above that threshold. The HIF Credit Panel currently comprises five AHF Board members and the CEO. There is an observer to the Panel, Hannah Stranger Jones, Head of Research and Impact for UnLtd, who advises on social impact measurement. Historic England and the National Lottery Heritage Fund are also observers to the Panel.

Grants Panel

The Panel comprises five Trustees representing England, Northern Ireland, Scotland and Wales, and the Chief Executive. The Head of Programmes and Impact is its Secretary. The Panel meets quarterly. Terms of appointment are for 3 years but are synchronised with the serving terms of trustee appointments.

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The Chairman revolves around the four Trustees on an annual basis. The Panel met five times during the year.

Trustees serving during the year and since the year end were:

Board Board Committees Board Committees Board Committees Board Committees Board Committees
Trustees Year of
appointment		 Audit &
Risk		 Credit
Panel		 HIF
Credit
Panel		 Grants
Panel		 Nominations
Committee
Myra Barnes 2013 * * * *
James Bowdidge 2019 * *
Ade Alao 2018 * * *
Carole-Anne Davies
(resigned August 2022)		 2020 *
Kate Dickson
(retired Sept 2021)		 2013 *
Graham Fisher
(Chair of Grants Panel)		 2019 *
David Hunter
(Chair of Credit Panel)		 2017 * *
Roy Hodson
(Chair of Audit & Risk
Committee)		 2016 *
Karen Latimer 2018 * *
Eleanor McAllister (retired
Dec 2021)		 2018 *
Elizabeth Peace (Chair) 2014
Greg Pickup 2020 *
Suzanne Snowden 2017 * *
Neal Shasore 2020
Esther Robinson-Wild 2021 * * *
Audrey Carlin 2021 *

Trustees

Liz Peace CBE Chair

Liz Peace has more than 35 years' experience in government and the property sector. She spent her early career in the Ministry of Defence, eventually becoming a key player in the team that created QinetiQ plc. She subsequently served as Chief Executive of the British Property Federation (BPF) for thirteen years where she regards her key achievement as being the introduction of Real Estate Investment Trusts (REITS). She was awarded a CBE in 2008 for services to the property industry.

Having retired from the BPF at the end of 2014, Liz now has a portfolio career with a range of public sector, commercial and charity roles. She is a non-executive director at Howard de Walden Estates and RPS Group plc and also at the Connected Places Catapult; she chairs the Churches Conservation Trust

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Chairman of the Old Oak and Park Royal Development Corporation (OPDC), the Sponsor Board for the Palace of Westminster Restoration and Renewal Programme and the University of Cambridge Property Board.

Ade Alao

Ade Alao leads on major real estate capital projects for DWP. He previously worked for the British Council and in local government with considerable expertise in project delivery, regeneration, housing and local economic development. He is on the board of Incommunities and previously held NonExecutive Director appointments as Chair of Northwards Housing and Vice-Chair of Salix Homes - both major housing associations in Greater Manchester.

Myra Barnes

sector regeneration. She is a Chartered Town Planner currently working as a partner in a town planning consultancy. Myra was previously Head of Planning for National Grid Property and worked at Olympia & York and London Docklands Development Corporation.

James Bowdidge

James was principal of a Central London commercial and mixed-use property development and investment business, The Property Merchant Group, he undertook a wide range of projects in Central Circus was a particular highlight. In a voluntary capacity, he is a Vice-President of the Game and Wildlife Conservation Trust and a former director of Theatre Delicatessen, an important meanwhile occupier of major buildings, supporting over 11,000 artists.

Audrey Carlin (appointed December 2021)

Audrey Carlin is an experienced leader in the delivery of heritage and regeneration projects. A Town Planner by profession, she has over 29 years of professional experience, delivering over £50m of regeneration focused activity in Scotland in this time, while working with a number of local authorities Clydebank Rebuilt and Clyde Gateway. -quality studio, office and working space to the creative sector, as Chief Executive Officer. Wasps supports 1000 artists, creative industries and cultural tenants in 20 locations across Scotland, from the cities, rural areas, and Islands. Audrey is an active supporter of the arts and was appointed to the Board of the National Galleries of Scotland, in 2018. Audrey is also Chair of the Major Capital Projects Committee of this Board, overseeing nationally significant development projects.

Carole-Anne Davies (resigned August 2022)

Carole-Anne is the AHF trustee for Wales. She is the Chief Executive of the Design Commission for Wales, the national champion for good design in the built environment. She has significant experience in founding and running charities and not for profit companies as well as holding board and trustee positions with significant governance, fiduciary and financial responsibilities. She is also founding chair of Gregynog Trust which owns and operates an important mid-Wales estate at Gregynog.

Kate Dickson (retired December 2021)

Kate Dickson heads Creative Heritage Consultants Ltd, a multi-disciplinary practice that offers a range of advisory services to those with responsibilities for listed and historic buildings, especially redundant

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She supports the heritage building trust sector in a voluntary capacity as a member of the Midlands Committee of the Heritage Trust Network.. Kate is a registered architect and a membership assessor for the Institute of Historic Building Conservation. She is a Governor of her former school, Manchester High School for Girls, where she chairs the Estates Committee.

Graham Fisher (Chair of the Grants Panel)

Graham is Chief Executive of Letchworth Garden City Heritage Foundation, a place-based foundation that Foundation, Graham was Chief Executive of Toynbee Hall an anti-poverty charity based in the East End. sector, local and national Government, including as Chief Executive of MLA London, the strategic regional development agency for museums, libraries and archives and Director of London Libraries Development Agency, the strategic regional development agency for public libraries.

Roy Hodson (Chair of Audit & Risk Committee)

Roy Hodson joined the Board in April 2016. He brings considerable financial expertise to the Board having been a partner at PwC for 26 years, including serving clients in the property, construction and financial services sectors. Roy is a Chartered Accountant (ICAEW) and also Director of a number of commercial companies. He mentors at the School for Social Entrepreneurs and the University of Manchester.

David Hunter (Chair of the Credit Panel)

David Hunter is a professional Non-executive Director and Strategic Adviser focused principally on UK and International real estate. He is currently Chairman of two UK REITs. David is an Honorary Professor of Real Estate at Heriot-Watt University and is Honorary Swedish Consul to Glasgow.

Karen Latimer OBE

Karen is a library buildings consultant and Chief Adviser to UK Designing Libraries. In parallel with her in Northern Ireland and is currently on the Board of Hearth Historic Buildings Trust and the Irish Architectural Archive (Chair of the Collections Committee), and is Publications Editor for the Ulster Architectural Heritage Society.

Eleanor McAllister OBE (retired December 2021)

Eleanor McAllister is both an economist and a town planner and has worked for over 25 years in the west of Scotland using both these disciplines in developing and implementing regeneration projects. She was Director of the capital delivery projects in local government for the next 15 years, including three years as Deputy Director of the Glasgow 1999 Festival Company. Eleanor was also the Managing Director of Clydebank Re-built, one of six Scottish urban regeneration companies.

Suzanne Snowden

Suzanne is a marketing and communications consultant. Founder and Director at Message Consulting Limited, she advises clients on their research, communications and marketing content strategies. Suzanne was research, marketing and insights generation strategy and governance, including responsibility for the Suzanne brings experience advising on brand positioning, thought leadership and social media marketing.

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Neal Shasore

Neal is an architectural historian and Head of School at the London School of Architecture, based in Hackney, East London. He is passionate about equality, diversity and inclusion in the built environment. He has published on architectural culture in early twentieth Britain and is also a trustee of the Twentieth Century (C20) Society.

Greg Pickup

Greg is Chief Executive of the Churches Conservation Trust, a charity charged with the care of over 350 historic churches and dedicated to using these to support and regenerate communities. Previously he was the CEO of Heritage Lincolnshire, a heritage development trust with whom AHF has worked on a number of projects. Greg has also worked for the National Lottery Heritage Fund, as Fund Manager for the £20m Derby Enterprise Growth Fund, as well as on a range of projects during a period running his own consultancy, including Townscape Heritage and LGBTQ history projects. In addition to serving on the board of AHF he is a Trustee of the Arkwright Society, custodians of Richard Arkwright's Cromford Mills complex in the heart of Derbyshire's Derwent Valley Mills World Heritage Site.

Esther Robinson Wild (appointed December 2021)

Esther is a Historic Environment Consultant with extensive experience of working on a wide range of projects in all areas of the historic environment including listed buildings, historic buildings and places, conservation areas and archaeology. She has a background in finance and real estate having worked for over 10 years as an Analyst in various City of London-based financial institutions. She is a member of the Board of Directors of the Chartered Institute for Archaeologists (CIfA) and a Trustee of the Foundation for Jewish Heritage. Esther has a MA in the Archaeology of Buildings from the University of York. She is also a Fellow of the Society of Antiquaries of London.

i. Executive

The organisation primarily comprises two teams: Programmes and Impact, and Investment. The AHF Programmes and Impact Team runs our advice service and grants programmes. The AHF Investment Team manages our lending function. Both teams support the Chief Executive in raising new funding.

The Senior Management Team comprises the Chief Executive, the Head of Finance, the Head of Programmes and Impact and Head of Investment.

j. The AHF employees

Matthew Mckeague CEO and Company Secretary

Kelcey Wilson-Lee Head of Programmes & Impact

Andy Richardson Head of Investment (left organisation 19[th] August 2022)

Fiona Hollands Head of Finance

Gavin Richards Transforming Places Manager (England)

Gordon Barr Development Manager (Scotland)

Jo Robertson Support Officer (Scotland)

Adam Hitchings Development Manager (Wales)

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Rita Harkin - Support Officer (Northern Ireland)

Asha Karbhari Investment Manager (promoted to Head of Investment effective 3rd August 2022)

Madeleine Blyth Investment Manager

Andrew Hitches-Davies Investment Manager (joined organisation on 15[th] August 2022)

Emily Greenaway Investment Officer

Oliver Brodrick-Ward Administrator and Team Coordinator

Umedha de Zoysa Finance Assistant

Josephine Brown - Programme Officer (South West England)

Louise Stewart Programme Officer (South West England)

Mandy Hall Programme Officer (West Midlands)

Laura Williams Programme Officer (London, South East & East of England)

Annoushka Deighton Programme Officer (North West)

Emily Knight Programme Officer (East Midlands, Yorkshire & Humber and North East)

Fay McCulloch - Monitoring & Impact Officer

Tia Jackson Communications Officer

k. Professional Advisers:

Solicitors:

Auditors:

Insolvency Advisor:

Bankers:

Accounts were also held with National Westminster Bank plc until 15 December 2021

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Investment Manager

9 Benefactors and Friends

The AHF is lucky in enjoying the support of a steadfast group of major institutional funders, as well as like-minded individuals who support our core work. Together, these Benefactors and Friends enable us to work with communities across the UK to safeguard and enliven beloved historic buildings. We are extremely grateful for the support during 2021-22 of the following.

Benefactors (£20,000 or more per annum)

Friends (£120 or more per annum)

39

Grant award(£) £15,000 £15,000 £15,000 £15,000 £14,150 £13,590 £15,000 £15,000 £14,950 £7,910 £15,000 £15,000 £12,180 £15,000 £15,000 £12,120 £2,550 £7,480 £14,920 £10,000 £6,180 £15,000 £5,180 £14,629 £8,000
Building Platform A Galleryand connected building Sanger's studios Former Home of Annetta Pedretti "House of Annetta" Donald Thomas Centre Vicarage Street Methodist Church Nottingham Women's Centre Old Grammar School The Ice Works Vectis Hall 26-28 AubreyStreet Ramsbottom Co-opHall SelseyPavilion The Old Docks Office Beach House The Wards building Canters 1 Cattle Market Cullercoats Watch House The Kirkgate Centre The Oxford Arms Hotel Richmond Market Hall Old Redruth Libraryand Old Redruth College ShopNos 16-22A The Oast House Kings Coffee House
Organisation Platform Arts Ltd Heritage Lab CIC Assemble Studio CIC Create(Cornwall)CIC Yeovil Art Space Nottingham Women's Centre Lakeland Arts Newlyn Fishing,Industryand Seafarers Heritage(FISH)Trust Ryde Town Council Hereford CommunityLand Trust Ramsbottom Co-opHall Heritage Trust Ltd SelseyPavilion Trust YoungGloucestershire Beach Creative CommunityInterest Company West Green Road & Seven Sisters Development Trust Our BigPicture Ltd. Tyne and Wear BuildingPreservation Trust Ltd Cullercoats Watch House CommunityArts Umbrella(CAU) Open Arms Kington(OAK) Richmond Town Council Redruth Former LibraryCIC LEISTON COMMUNITY LAND TRUST LIMITED St Neots Town Council Knutsford Town Council
£14,900 £13,140 £8,300 £11,926 £9,963 £12,864 £11,530 £15,000 £15,000 £15,000 £15,000 £15,000 Grant increase £1,000 Project Development Grants Grant award(£) £16,146 £30,870 £33,696 £68,500 £28,120 £59,850 £20,000 £17,100 £20,000 £17,100 £11,610 £12,307 £17,355 £20,000 £39,825 £51,750 £100,000
Building The Gardeners' House Church of the Immaculate Conception John HarveyHouse The Department All Saints Hall The Buttermarket and MiningExchange Skipton Youth and CommunityBuilding The Harlequin,Lincoln 11 Market Place Reah's Famous Firkin The Ravensbourne Arms Church of St John the Evangelist Rise House 99-101 Westgate Street Trowbridge Town Hall Alice Billings House
Carlisle Public Baths 176 High Street West Newhampton Arts Centre Hale Station Signal Box The Boy's Brigade Hall Former Natwest Bank Ramsgate High Street & Vicinity: Various Primark Building 55 Lowesmoor The Lafrowda Club Buckfastleigh Methodist Church Belle Vue Theatre(until recentlythe Elim Church) Alice Billings House
Organisation The Gardeners' House,Penzance Plymouth Diocesan Trust Harvey's FoundryTrust Shademakers UK Carnival club CIC Pembroke House(officiallyknown as Pembroke College Settlement) Redruth Revival CIC The Craven Arts Charitable Trust Heritage Lincolnshire John Peel Centre for Creative Arts Peacock & VerityCommunitySpaces Ltd Millfields CommunityEconomic Development Trust(Millfields Trust) Sister Midnight CommunityVenues Ltd. The Churches Conservation Trust Rotherham Rise Gloucester Historic Buildings Trowbridge Town Hall Trust Ltd Creative Land Trust
Friends of Carlisle Victorian and Turkish Baths Tyne and Wear BuildingPreservation Trust Ltd Newhampton Arts Centre Mid Cheshire CommunityRail Partnership 7 Manchester Street WorkingGroup (interim name) CommunityAssets StandingTall Heritage Lab CIC People Dem Collective CIC Worcestershire Buildings Preservation Trust The Lafrowda Club Moor Imagination Collective Weymouth Civic Society Creative Land Trust
£65,000 £86,590 £48,120 £20,000 £19,980 £17,190 £17,840 £40,906 £50,000 £81,592 £76,792 £32,740 £60,962 £15,000 £19,800 £19,380 £29,880 £25,199 £28,705 £76,800 £47,500 £33,210 £50,000 £70,240 Crowdfunding Challenge Grants Grant award(£) £20,000 £25,000 £25,000 £20,000
Lowestoft Town Hall Former Cotton Exchange/Apollo 5 Cinema,KingWilliam Street The Civic Fydell house Cranleigh Cottage Hospital 1 Cattle Market Former Mechanics' Institute Old SundaySchool Northumberland Hall Former Church of HolyTrinity Margate Synagogue Paignton Picture House(former TorbayCinema) Beach House Riverside Mill Town Hall Old DuchyPalace The Old Library Canters The Generator,12 Frederick Street The Old Fire Station The Winter Gardens,208-214 Marine Road Central The LedburyPlaces The Marlowe Kit(Poor Priests' Hospital) All Saints Hall
Building The Acton Old Library The Generator,12 Frederick Street Barbican House Norman Nicholson House
Lowestoft Town Council Re:Source Blackburn BarnsleyCivic Enterprise Ltd Boston Preservation Trust Cranleigh Civic Society Tyne and Wear BuildingPreservation Trust Ltd Durham Amateur Football Trust Silk Heritage Trust Bailiffgate Museum & Gallery (BMG) Community360 Cliftonville Cultural Space CIC Paignton Picture House Trust Beach Creative CommunityInterest Company MAKE Southwest Isles of ScillyMuseum Association Cornwall Buildings Preservation Trust Ltd intoBodmin CIC Our BigPicture Ltd. The Generator Loughborough CIC The Old Fire Station Stoke Newington Morecambe Winter Gardens Preservation Trust LedburyPlaces The Marlowe Trust Pembroke House(officiallyknown as Pembroke College Settlement)
Organisation Acton Arts Project(Acton Arts CIC) The Generator Loughborough CIC Gloucestershire Academyof Music Norman Nicholson House CIC
Grant award(£) £100,000 £100,000 £250,000 £100,000 £60,500 £110,153 £200,000 £350,000 £350,000 £116,880 £250,000 £150,000 Grant increase £26,621 Grant increase£38,729 Emergency Support Grants Grant award(£) £15,000 Cultural Recovery Fund
Supported by the Department for Digital, Culture, Media & Sport		 Grant award(£) £3,162
Building Bridgwater Baptist Church The Branch The Buttermarket and MiningExchange Becket's Chapel StanleyHalls,South Norwood Hill St Peter & the Old Black Lion 2-4 Market Place,Caistor The Ice House The Harlequin,Lincoln Alice Billings House TrinityCentre(Gateshead) The Old Library Bridgwater Baptist Church 18-20 Market Street, Bacup
Building Bevis Marks Synagogue
Building Lych Gate Cottages
Organisation Bevis Marks Synagogue Heritage Foundation
Organisation Bridgwater Baptist Church The Branch Trust,ChippingNorton CIO Redruth Revival CIC Norfolk Historic Buildings Trust StanleyArts The Churches Conservation Trust Caistor and District CommunityTrust Ltd SeaChange Arts Heritage Lincolnshire Creative Land Trust GatewayStudio Project CIC intoBodmin CIC Bridgewater Baptist Church ValleyHeritage
Organisation Historic CoventryTrust
Historic Assets Moving into Community Ownership (HACO)
Supported by Historic England
Project Viability Grants		 Grant award(£) £4,906 £10,000 £9,780 £7,000 £6,122 £5,000 Grant increase£325 Project Development Grants Grant award(£) £6,000 £6,547 £5,000 £6,480 £1,020 £8,000 £2,050 £1,770
Building Ponsanooth Methodist Chapel Soho Foundryand Mint Blake's Cottage Dorset Hall Shurland Hall HolyCross Church
Building Highbury The Church of St. Mary Everton Library Alfred House St Michael and All Angles Church Stable Block,Delapre Abbey Rock Hall St Michael and All Angels Church
Organisation Ponsanooth Parish Council(formerlyknown as St Gluvias Parish Council) Chance Heritage Trust The Blake Cottage Trust The National Trust LocalgivingFoundation ShrewsburyRoman Catholic Diocesan Trust The Helm@Croglin
Organisation Chamberlain HighburyTrust West Torrington Community& Heritage Action CIO (WTCHA) PollyPort CIC BACKLIT Hudswell Hostel@St Michaels Ltd Delapre AbbeyPreservation Trust Banana Enterprise Network Hudswell Hostel@St Michaels Ltd
SCOTLAND
Funded by Historic Environment Scotland
Project Viability Grants		 Grant award(£) £4,446 £4,100 £10,000 £2,850 £5,000 £8,000 £4,188 £5,000 £5,000 £10,000 £10,000 £10,000 £10,000 £9,000 £7,000 £8,000 £10,000 £4,130 £2,850 £9,990 Grant increase £1,000
Building Govanhill Picture House St Ninian's Church Springburn Winter Gardens South Dudhope Mill The Briggait Geilston House Ardnamurchan Lighthouse Complex BroadwayCinema(former) Geilsland House Dutch Village VisibilityScotland White's ClayPipe Factory1 Bon Accord Baths,Justice Mill Lane Deaf Connections Ayr Station Hotel The Steading Wishaw YMCA 21 Schollwell St,Stevenston, The Old Post Office Plockton Ellisland Farmhouse Museum The Steading
Organisation Bigton CommunityHall Trust/Hymhus SteeringGroup Springburn Winter Gardens Trust Tayside Re-users WASPS Trust Friends of Geilston Ardnamurchan Lighthouse Trust Friends of the BroadwayPrestwick Beith CommunityDevelopment Trust Friends of Craigtoun VisibilityScotland Friends of The Pipe FactoryCIC Bon Accord Heritage Deaf Action SAVE Britain's Heritage THE TIM STEAD TRUST Wishaw YMCA Heritage BuildingPreservation Trust Plockton & District CommunityTrust Robert Burns Ellisland Trust The Tim Stead Trust
Project Development Grants Grant award(£) £10,000 £3,144 £5,000 £6,960 £5,000 £10,000 £8,000 £30,000 £10,000 £6,000 £10,620 £20,000 £7,000 £15,040 £10,000 £10,000 £6,501 £6,056 £25,000 Funded by William Grant Foundation
Project Viability Grants		 Grant award(£) £10,000 £7,000 £10,000 £4,600 £10,000 £7,000 46
Building NESPT Fraserburgh Hotel The Former Grapes Hotel Shambellie House Recconect Regal Sauchie Tower St Andrews Church Alexandria EarlsferryTown Hall John O'Groats Mill The Briggait Portobello Old Parish Church and Halls The Hall of Clestrain Former King's Theatre,252-262 High Street Strathearn Artspace(former CountyLibraryand Mason's Hall) St Margaret's Braemar Camperdown Works: Jute Warehouses 5-8,14-15 New GallowayTown Hall Thornhill Old School Out of the Blue Abbeymount Studios Leanchoil Hospital
Building St. Michael's Church Hall The Fossil Grove Borrodale PrimarySchool and School House The CommunityArts Hub Balado Bridge Satcom Ground Station Comann Eachdraidh Eirisgeidh - EriskaySchool
Organisation Friends of Old St. Michael's Hall & Grounds(Crieff) Fossil Grove Trust Communities HousingTrust MADE in East Lothian Aero Space Scientific Educational Trust Comann Eachdraidh Eirisgeidh
Organisation North East Scotland Preservation Trust All Roads Lead to Whithorn Trust Shambellie House Trust Reconnect SCIO Clackmannanshire Heritage Trust Viresco Studios EarlsferryTown Hall Limited John O'Groats Mill Trust WASPS Trust Action Porty The John Rae Society King's Theatre KirkcaldyLimited Strathearn Artspace Historic Churches Scotland Hillcrest Homes Local Initiatives in New Galloway (LING) Old School Thornhill Out of the Blue Arts and Education Trust The Leanchoil Trust
£10,000 Project Development Grants Grant award(£) £5,700 £11,290 £4,500 £10,000 £2,040 £8,134 WALES
Funded by Cadw, the Pilgrim Trust, and the Garfield Weston Foundation
Project Viability Grants		 Grant award(£) £10,000 £9,130 £4,016 £7,400 £10,000 £10,000
Finzean Sawmill and TurningMill
Building ColomendyHall NantclwydyDre KidwellyTown Hall,1 LadyStreet Glanyr Afon St. Paul's church/The Science Lounge Brynaman Lido
Building The Ardchattan Centre Victoria PrimarySchool Garrabost Mill Ellisland Farmhouse Museum Old Clyne School Bothwell LibraryBuilding
Organisation The Ardchattan Centre Heart of Newhaven CommunitySCIO Garrabost Gniomhach:Active Garrabost Robert Burns Ellisland Trust Clyne Heritage Society Bothwell Futures
Birse CommunityTrust
Organisation Prospects 2000+ Cyfeillion NantclwydyDre Friends KidwellyTown Council MenteryGlan CommunityScience International Wales Brynaman Lido Limited
Project Development Grants Grant award(£) £14,080 £20,000 £15,000 £14,284 £15,262 £20,000 £10,000 £9,400 £10,120 £20,000 Funded by Cadw
Capital Works Grants		 Grant award(£) £45,000 £35,000 £41,000 £30,000 NORTHERN IRELAND
Funded by the Department for Communities (NI), the Pilgrim Trust, and the Garfield Weston Foundation
Project Viability Grants		 Grant award(£) £5,150 £4,180 48
Building Former McClintock Estate buildings Hosford CommunityHomes 335 Newtownards Rd
Building The Old Stables -Machynlleth - Yr Hen Stablau Tabernacle Chapel Morriston Tywi Gateway John Summers Offices CapelyGroes Storws(Boathouse) Former Church of St Andrew Norwegian Church Arts Centre
Building Capel Carmel,TyCapel Carmel,SiopPlas Carmel Porthyr Aur,Caernarfon Capel M.C. Former St Luke's Church
Organisation Seskinore Rural CommunityGroup East Belfast Mission
Organisation Menter Ty'n Llan Cyfyngiedig Machynlleth Town Council Tabernacle Morriston Congregation CIO Tywi GatewayTrust Enbarr Foundation CIC Menter Ty'n Llan Cyfyngiedig Menter Cilycwm BardseyIsland Trust Presteigne and Norton CommunityTrust Norwegian Church Cardiff Bay
Organisation Capel Carmel Antur Waunfawr Hafod Ceiri Circus Eruption
£2,500 £10,000 £10,000 Grant increase £770 Project Development Grants Grant award(£) £8,000 £3,900 £2,500 £8,000 £20,000 Funded by the Department for Communities as part of the COVID-19 Culture, Languages, Arts and Heritage Support Programme
Village Catalyst -Project Viability Grants		 Grant award(£) £8,000 £7,500 £8,000 £9,000 £7,500 £10,000 Village Catalyst -Project Development Grants Grant award(£) £10,000 £20,000 49
OLD CLOUGHEY MEETING HOUSE former National School Kilmore Cottage Strangford Castle
Building Culmore Fort Caledon Men's Shed St Patrick's Hall Fintona OLD CLOUGHEY MEETING HOUSE Mullygruen House Barholm
Building THE OLD MARKET HOUSE Ardnabannon House Boomhall,Culmore Road Sussex Place Former Church of Ireland(St John's Parish Church)
Building FORMER POOR LAW HOSPITAL BallinderryWar Memorial Hall
Organisation Culmore CommunityPartnershipLtd Caledon Regeneration Partnership Management Committee of St Patrick's Hall Fintona The ClougheyHeritage Group Parent Support Group PortaferryRegeneration Limited
The ClougheyHeritage Group The Bushmills Trust Kilmore O'Neilland BuildingPreservation Trust Limited(KOT) Stangford Residents Association
Organisation EarlyYears BallinderryWar Memorial Hall Committee
Organisation KilcooleyWomens Centre MYMY - Mind Your Mate and Yourself The Boomhall Trust Market Development Association Clonduff Development Enterprise Ltd.

The Architectural Heritage Fund Statement of Trustees' Responsibilities

Statement of Trustees' Responsibilities

The members of the Board (who are the trustees, and also directors of The Architectural Heritage Fund for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard Applicable in the UK and Ireland'.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of The Architectural Heritage Fund ("AHF") and of the incoming resources and application of resources, including the income and expenditure, of the AHF for that year. In preparing these financial statements, the Board is required to:

The Board is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the AHF, and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the AHF and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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

This Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Signed on behalf of the Board:

Liz Peace Chairman

28 September 2022

50

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE ARCHITECTURAL HERITAGE FUND

Opinion

We have audited the financial statements of The Architectural Heritage Fund (‘the company’ for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 financial statements section of our report. We are independent of the Corporation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

We have nothing to report in this regard.

51

INDEPENDENT AUDITOR S’ REPORT TO THE MEMBERS OF THE ARCHITECTURAL HERITAGE FUND

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilit ies statement set out on page 50, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, the Companies Act 2006 and Section 151 of the Charities Act 2011 and report to you in accordance with regulations made under those Acts.

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

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

52

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE ARCHITECTURAL HERITAGE FUND

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent 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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

53

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE ARCHITECTURAL HERITAGE FUND

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006; and to the charity’s trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, and in respect of the consolidated financial statements, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which 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 any party other than the charitable company, the charitable company’s members, as a body, and the charity’s trustees, as a body for our audit work, for this report, or for the opinion we have formed.

Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Devonshire House 9 Appold Street London EC2A 2AP

Date

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

The ArchIt￿t￿ra1 Heritsge Fund Statement of Flnanclal Actlvltles for the year ended 31 March 2022 Ilncorporatlng the Income and expendlture accounti Endowrn8nt lund R8striEt•d nd unr88lr￿tod fund 2022 2021 lThcorne and •ndo¥¥rn•ntsfrorn'. Dtsn&tion$ #nd leyaciE$ Donèiions and lega¢ies Irom Ind￿l￿Ua￿ and cory0ra￿ns GoveTnm&N grants OthErgrants 1,643 1.643 fj,2￿.521 1￿.664 923 6,285.521 10B.664 8.935,725 213.664 8.392.185 1,￿3 6,393.828 charitab￿ acti￿￿•5 67.664 67.664 42.187 67,684 67.664 Invtrstmentg Bank Inièresiowidends receivable 84,192 s￿.￿fj2 1B.074 84.192 522.462 93,183 505,657 32.765 Intgrest rP￿1vab￿- w k)ans4Eburse Rent receivab 1B.074 624,728 24.728 831,605 Total lThcorno 6.392.185 694.035 7,086.220 9.824,104 Ralslng tuTrds Generèling voluntary Income Invosbnant managaManl-￿ancIal Inv8sbn8ntmansg8m8nt- prop8ty 4.570 25.797 16.2 4.57Q 25.797 16.$62 46.929 S,726 29,385 27.473 46.929 62,584 charitab￿ actiwtios In¢re8se In the loèn bsd debIprov￿￿n Otrr baTrrlated a¢tivitigs 4,270 50.235 120.437 5.8BO,5 63,299 153.291 117.804 273.728 6,011.5B2 6,403.114 280,538 7.650.790 8.049,837 GTant mski 131.073 347,663 4,270 DevebpmeDI and advocacy Capacty bu1￿1￿9 ImpacL T8PDtbn9. 0valuati￿ and Commun￿￿￿# Re8earch 152,547 1￿.219 110.632 2￿.766 110.￿2 35.893 5.000 407.￿1 225,754 35.893 Conknbutyon 10 th H￿ilage Tlusi Ne￿￿rk s.￿0 5,000 330.785 188.440 Totsl EAPEnditutE charitsbk artiwtiES 4.270 6.239.t21 566.$14 6.B10.405 8.380.622 Total •xynditur• b•for• gainsllk)sse$l on inv•$bn•nls 4.270 6.239.821 613.443 8.BS7.334 8.443.206 Netgalnsllb6se61 on Sn¥e$trnts 143,567 132.7431 432,913 N•tlDss onvaluation of inv•strn•Thtprop•rty 14 1100.QODI N•tlD8%on disp05al of inv•8trnnt pro￿rtY 14 15.065 15.065 Net incomEllexpenditurel 124.232 152.5tA 47.849 324.645 Trnnsfets betsveen lund$ 2,000.0 14,6481 Net movement in funds 2,152.564 43,201 324.64S RtGon¢iliation of fund$ Balances èt i April 2021 4,072.780 2,026,849 17,2.536 15.582,725 BaLIn￿$ 31 Narch 2022 21 9,325.787 6,225.344 2,070.￿0 17,296.536 Al amaunts relate to continuing act￿ltiEs. Al ￿¢00ft￿e4 8nd knsse$ art included in the Sl9￿ment￿l Finaneial Attivitie$. no￿80n ptyes 58to 70 fom p8rtoltrse finanthalgtsiements.

The Architectural Heritsge Fund Balance Sheet as at 31 March 2022 2022 2021 Flxed assets Inwstmanls In￿l￿entpr0pP[ty ot￿r iangiW$ a5$9 Programme related investments". Loèrsdlsbuised forpreseN81ionprol(¥ts 4.332.888 4.246.5 $30.0(N) 7.150 9,919.932 8.328.913 Totsl fix•d asS•tg 14.259.970 13.105.463 urrqnt as8•ts De￿0 Loan Interest re￿iva￿ Govemmentgr&Th15 rtteivable Q￿her a¢c¥ved I￿￿n9 pi8paymeMs 383,392 1.382,402 53,185 440,033 2,360,373 25,165 2.825.571 Ca#h atbAnkAnd in n£ 9.410,655 9,515,599 11,229,634 12,341,170 Creditots. amouThtsfallino due Meyear 17.863.423 17.995.882 Netcurrenta5%et¥ 3.366.211 4.345.288 Credit019'. Qmouhtsfalling due over one ye#¥ Prowgion Is,￿0) Is.￿0) Notass•t8 17.2.536 Funds 20,21 EndOW￿￿tI￿nd 9.325.787 11.196.gY)7 Restri¢tedfund 6.225.344 4.072.780 UnrestriGtEdlunds D9$1gnaied lendiw tw 1.502,844 567,206 1,453,299 573,550 2.070. 2.026.849 Total iufAI5 17.621.181 17.296.536 Thefin&n¢i81 $18iements we￿appn)¥ed bylhe BO8￿ aufvJri6ed lor issue. on28 Sep￿Mber2o22 Si¢rkd on Iheirbeh8llby. Liz Poac Roy Hodson Chairrnan oflhe Audit & Risk C￿Tr￿￿tee 28 SepternbEr 2022 Dat@ 28 S8ptemb￿2o22 The thhIt¢￿t￿l Heritaytr Fund CompAry Ilmtted by y￿ra￿tte reglstr#tlDn number 01150304 56

The Archit8Cturdl Heritage Fund Statement of Cash Flows for the year ende(131 March 2022 Note 2022 2021 Net ¢ash provlded byllused Inl operatlng actlvllles 22 11,238,622) 1,46T,697 C8$h flows from inv8¥tyng 8¢tiviti•$: Intsresl and r8nls from iDveslments PurGhases of Investments Proceeds frorn InveslmentdiskNis8ls Pro¢eed$ from fixed 8s$ei Inve$iments Purchasesof fixed assets Change In long lemi cash deposits hekj in the investment porif0￿0 Net cash provlded by Investlng acuvlt￿s 624.728 631,605 1,396,482 530.000 10,7261 145,000 2,149,339 2,￿5,874 755.000 855,e82 Increa5elldecreasel ¢ash and cash equlvalents In the year 910,717 2,123,559 C•$h •nd wh 04vivalonts •t tho Winthing of ¢h* ￿•r 9.569.009 7,445,450 T+Jtal cash and cash equivalents atthe end of the year 10h79,726 9.$69.009 Analy81¥ of ta8h ¢a8h oquiv•l6rbt8 2D22 1021 Ca$h ¥t bank in hand Cash held in inV￿lMent portFolio Total cash and cash equSvalents 9,410,655 1,069,071 10,479,726 9.515.599 53,410 9,569,009 Analysis of change8 in ngt debl A5 at 1 April 2021 As al 31 March 2022 Cash flows Cash al bank and in hand Cash held In InVeS￿￿eni portlolio T(btxl 9,515,599 53,410 9,569,009 1104.9441 1.015.661 910,717 9.410.655 1.069.071 10,479,726 57

The Architactural Horitage Fund Notes to the Financial Statements for the year ended 31 March 2022 Company status The charity is a company limited by guarantee domi¢iled and incorporated in England and Wales. The registered Offi￿ is 3 Spital Yard. Spital Square, London, E1 6AQ. The members of the company are the trustees narned In Section 13 'Referen￿ and administrative information,. In the event of the charity being wound up. the liability in respect of the guarantee is limited to £1 per rnember of the charity. Accounting polici8S Basi8 of preparation The financial statements have been prepared in accordance wth the accounting policies set out in the notes to the accounts and comply with the charity's goveming document. the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recornrnended Practice applicable to charities preparing their accounts in accordanc8 with the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 published on 16 July 2014. Th8 ch8ritable company 15 8 public b8n8fit entity for the purposes of FRS 102 and therefore th8 ch8rity also p￿pared its financial statements In accordan￿ wrth Accounting and Reporting by Charities." Statement of Recommended Practice 8pplicAble in the UK and Republic of Ireland effective 1 January 2015 Icharities SORP IFRS 1021 including Updated 8ulletin 2. the Cornpanies Act 2006, the Charitie5 Act 2011 and Charities Accounts (Scotlandl Regulations 2006 as arnended by Th8 Charities Accounts (Scotlandl Amendment IN0.21 Regulations 2014. In accordance wth the prov1510ns of the Cornpanie5 Act the charity has adapted the format of the accounts lo refle¢t the spe¢ial nature of the ¢harilVs a¢tivities. Additional infonn81ion has been provided where Ihis increases understanding of the figures. The financial slatemenls are prepared in slerfing. which is the functional currency ol the charity. Monetary amounts in th8S8 financial 5tat8rnents are rounded to the n8arest pound. The following 8c¢ounting policies havg been applied oonsistently during the ¢urr9nt and previous year except as defined below". Going concern The trustees have assessed whether the use of the going concem basis is appropriate and have considered possible events or conditions that might casi significant doubt on the ability of the charity to continue as a going concern. The trustees h8ve made this assessment for a period of at least on8 year from the date of approval of th8 financial statements. As part of the going contsrn review the tiustees reviewed detailed budgets and cash flow forecasts, taking into account the legacy effects of the Covid-19 pandemic on the companls incom8 and expenditure strearns and the current challenges of iising interest rates, inflation and energy costs. all of which wll affect the organisations we support.. The aftennalh of the pandemic ¢onlinue$ to increase the risk of b8d debts frorn borrower5, and the worsening economic clirnatg wll, unfortunately, have a dgtritnental affect on our loan and grant clienls and Iheir financial sustainabilily. Nevertheless, based on these forecasts and Ihe level of reseNes avai18ble, the trust88s hav8 concluded that there is a reasonable 8XP8Ctatson that th8 charity has adequate resources to continue In operational existence for the foreseeable future. The Charity Iherefore continues to adopt Ihe going concern basis in preparing its financial statements 85 they do not consider there to be any fflaterial un￿rtaIntieS about the ¢haritVs ability to continue. Income All incorne is included in the Statement of Financial Activities when the Architectural Heritsge Fund is legalty entitled to the income and the amount can be measured reliably and ￿CeIpt is probable. For legacies, entitlement is the earlier of the charitls being notifi'ed of an impending distribution or the legacy being received. Income from charitable activits.es includes loan arrangement lees. Government grant Income is ￿COgnised when the AHF Is entitled to the grant income. It is probable that the 8(x)nomic b8nefit assouai8d with th8 grant will b8 received and th8 monetary value ran b8 rneasur8d r81iabty. Where grant income relates to a period specified by the donor, any of the inwme not ￿e￿ived in the appropriate financial year is accrued., where any of the income is received in advance of the appropriate financial year, it is deferred. Gifts in kind and donated facilities are included at the value to the Archileclural Heritage Fund where this can be quantified and a third party is bearing the cost. No amounts are included for services donated by volunteers. Loans The Aichileclural Heritage Fund make5 loans in furtherance of it5 objects. The te￿￿$ of repayrnent and the rate of interest are laid down by the Board and embodied in a legal agreement for each loan. 58

The Architectural Heritage Fund Notes to the Financial Statements forthe year ended 31 March 2022 2 Accounting policie5 Icontinuedl Loans Icontinuedl Loans are disbursed and record8d in the financial stat8m8llts wh8n th8 borrower fuifils certain conditions. S0rn8 loans are disbursed by instalrnents. The undisbursed b8lance of contracted loans is recx)rded with offers of loans for which a contract has not been made. as a future commitment (see note 121. The timing of the payment of such amounts depends on the lulfilmenl ol ￿rtaIn conditions by the borrower and cannot be estimated with any reasonable accuracy by the Architectural Heritage Fund. Th8 financi815taternents includ8 int8r8st accrued on the outstanding loans at the balance sh88t date. Bad debt expense Th8 general bad d8bt provision is 85tirnat8d at 8.3U/ts for th8 loan5 falling und8r lh8 Heritage Impact Fund activities. The general bad debt provision is estimated at 14% for th& loans falling under the Charitls Endowment activities_ See note 6 for further details. Any change in the bad debt on loan interest receivable lor the year is taken lo be the impact on unrestricted revenue reserves. Bad debt expense incurred on the capital element ol a loan as part of the Heritage Impact Fund is taken against each charitable fund, consistent with each funds, contribution to this lending fund. Any other bad debt expense required Is taken against the endowrnent fund. Grants The Architectural Heritsge Fund rn8k¢s non-refundable grants in furtherance of its objects. Non-refundable grants offered are accounted for an accruals b85is and are disbursed when the recipient has fulfilled certain conditions that are individual to the particular ¢ase. Where the timing of the disbursement of grants cannot be reliably estimated all non-refundable grants offered but not yet disbursed at the balance sheet date are in¢lu¢Jed in the balance sheet as Creditors.. amounts falling due within one year. In the previous year. the disbursement schedule for the non-refundable HDT revenue grants could be reliably estimated and undisbursed grant5 held ori the balance sheet at year end were allocated between creditois.. arnounts falling due thin on8 y88r and cr8ditors.' arnounts falling du8 OV8r on8 year. This year all HDT r8V8nue grants will b8 disbursed within one year. Resources expended l expenditure is accounted for on an accruals basis and has been classified in the Statement of Financial Activits"es under headings that aggregate all relevant costs. Irrecoverable VAT is included with the expense to which it ielates. Charitable activities include all costs relating to the provision ol loans and grants in furtheran￿ ol the objects of the Architectural Heritage Fund. It also includes costs ￿lating to the support, development and distribution of infomation relating to the Architectural Heritage Fund and advi￿ and guidance to charities and social enterprises developing heritage led regeneration projects. Costs of raising funds are those incurred in seeking voluntary contributions and managing the investment property. These do not include the costs ol disseminating information in support of ¢harilable activities. Support costs are indirect costs incurred to facilitate the charity's activities. Where such costs cannot be directly attributed lo particular headings, they have been allocated to activities on a basis consistent with the use ol resourTrs. Support costs including premises. staff and overhead costs are allocated to activities by reference to the time spent by staff. Governan￿ Costs, included within support costs, are those incurred in connection with the governance of the Architectural Heritage Fund and in complying with constitutional and statutory iequirements. In￿SImOn1 propartiès Investment property, which is property held to earn rentals andlor for capital appreciation, is measured using the fair valu8 mod81 and Stated at its fair valu8 as at the balanc8 5h8et date. The surplus 01 deficit on r8valuation is recognised in th8 Statement of financial activities. Fixed asset investments List8d inv85tm8rits st8t8d at rnarket valu8 at th8 year 8nd. The SOFA includes any r8ali5ed arid urirealised g8ins and losses during the year. 59

The Architectural Heritage Fund Notes to the Financial Statements for the year ended 31 March 2022 2 Accounting policies Icontinuedl Tangibl• fixèd assats Expenditure of more than £2,000 on a tangible fixed asset (including any incidental expenses of acquisitionl is initially capitalised at cost and subsequently rneasured at cost less depreciation. Depreciation is calculated to write off the cost, less estimated residual value, of all fixed assets on a straight line basis over their estimated useful lives as follows.. Computer equipment 3 years Programme r81at8d investments Con¢8ssionary loans disbursed for charitable preservation projects of the AHF'S beneficiaries are initially recognised and measured at the amount paid. The carrying amount is adjusted in subsequent years to reflect repayments, and a provision is made lor any estimated iirecoverable amounts. Provisions are estimated on the basis ol the fair value of any amounts pledged to the AHF and are reassessed at each reportsng date. Any resulting gains and losses are recognised in the Statement of Financial Activities in ihe year in which they arise. An additional general provision is made where the trustees consider it appropriate, based on historic bad debt performance. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call wth banks, deposits held wthin the investment porttolio and other short-term liquid investrnents wth origin81 maturities of 90 days or less. Cash held within the investment portfolio is classified within fixed asset investments. Provision A provision is defined as a liability of uncertain tirming or amount. Provisions are ieoognised in 8ccord8nce with FRS 102 when the charitable company has a legal or constructive obligation as a result of a past event, a reliable estimate of that obligation ean be made and it is probable an ouffitsw of economic benefits will be required to settle the obligation. Where the effect of the time value of money is rnaterial provisions are recognised at a discounted rate. Financial instruments Financial instrumenls are recognised in the company's balance sheet when the company becomes party io the contractual piowsions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recogni5ed amounts and there is an intenb.on to settle on 8 net basis 01 to re81ise the asset and settle the liability simultaneously. The AHF only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic rinancial instruments are Initially recognis8d at transaction value and subsequently measured at arnortlS8d cost Using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Taxation The charitable cornpany is exempt from tax on income and gains falling wthin section 505 of the Taxes Act 188 to the exlent that these are applied to its charitable objects. Employee benefits The cost5 of short tem employee benefits are recognised as a liability and an expense. T8rrnination ben8fits are recognis8d immediately as an 8XP8nse when the charitabl8 Cotnpany is demonstrably committed. R•tir&mènt bènèfits Payments to defined contribution retirement benefit schemes charged 8S 8n expens8 to the Statement of Financial Activities as they fall due (see note 101. Leases Operating lease costs are charged to the Statement of Financial Activities as incurred, on a straight line basis over the term of the lease term. 60

The Architectural Heritage Fund Notes to the Financial Statements for the year ended 31 March 2022 2 Accountlng pollcles Icontlnuedl Fund accounting Enclowmertt funtl ContribLrtions received for lending to preservation projects constituting 8 Capltal fund which cannot be expended. other than by loans. Designated lending fund Resources allocated by the Board from the AHF'S unrestricted funds to be available for lending and to constitute a serve for bad debts on loans and for any loan-ielated expenditurè which cannot be met from annual ineome. Genefftl fund The general fund constitutes the free reserves of the eharity frtsm which running eosts and non-refundable grants have to be paid. RestriGtecl funcls Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donor. The aim and use ol each restricted fund is set out in the notes to the financial statements. 3 Judgements and key sources of estimation uncertainty In the application of the charitable company's accounting policies, the trustees are required to make judgements, estim8tes snd assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estitmate is revised where the revision affects only that period, or in the period of the revision and lulure periods where the revision affects both current and future periods. Critical judgements The following judgements18part from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. (IJ Bad debtprovision The charitable wmpany rnakes an estimate of the recoverable value of loan debtor balances. When assessing impairment of these, management considers laciors including the current credit rating ol the debtor, their financial P8rforrnanc8, th8 payment profi18, th8 gen8rat8 8conomic 8nvironment and historical 8XP8ri8nC8. The Coronavirus pandemic conts'nues to have an adverse irnpact on the financial and trading pressures of the heritage and community sector which the Architectural Heritage Fund serves through its loans portfolio. As a result, the effective g8n8ral bad d8bt provision18xcILJding restricted activities in relation to the H8ritage lrnpact Fund) h8s only r8duc8d slightly, to 6.5°/,12021.' 7°Al. A policy update was rnade in February 2021 in relation to the general endowment and designated lending view of UK-wde Covid-19 restrictions and their impact upon the AHF'S loan portfolio. See note 6 for details of th& irnp8irment provision rnade. (li) Provision Th8 charitable company has made an estirnate for the provision in relation to its obligations under the Whiteh811 office lease and this is amended where necessary to reflect the latest information available. The provision is sensitive to changes to factors outside of the control ol the charity. See note 19 for further information of the expected timing and payment of the provision. 61

The Architectural Heritage Fund Notes to the Financial Ststements for the year ended 31 March 2022 4 Analysis of government 9rants receivab Endowment Restricted 2022 2021 fund funds total Histori¢ England . Culture Recovery Fund Hi$iori¢ England Tr8nsforming Pb¢es Through Heriiage Hisioric England.. ¢ap8¢ity Buikling National Lollery Heritage Fund.. Replan Historic Environment Scotland Cadw. Welsh Historic Environment service Dept for CDmmunities Northern Ir81and." H8rilag8 Irnpact Fund Dept for CDmmunltles Northern Ireland C8dw." Heritage Impact Fund 2,050.￿0 5,125.896 80.WO 28.097 655.000 329,132 200.(N)O 317.800 150.￿0 4.848.407 80.￿0 34.664 464.000 350.(K)O 250,000 258.450 4,848.407 80.000 34.664 464.000 350.000 2SO,DOO 258,450 6.285.521 6,285.521 8,935.725 5 Other grant Income Endowment fund Restrlcted fund5 2022 2021 total William Grant Foundatio Gatheld Vleslon The Pl￿riM Trust 107.(M)O 58.332 48.332 58.332 48.332 58,332 48.332 106,664 6 Losses on loan5 and adlustrnents to the bad debt prov1510 Endowment fund R8StrSct•d funds Unrestrl¢t8d funds 2022 total Incraaselldacreasel In the loan bad debt provision.. Loan capital specific Loan capital general Loan interest specrfic Lt4an interest general 13,531 19.2611 13.531 60.974 19,5331 52.832 50,235 20,000 19,5331 52.832 4,270 50.235 63.299 117.804 End¢)wm8nt fund R6stri¢ttd fund UnrOSirict8d fund8 2021 total Incraas8lld8¢r88881 In th8 loan bad d6t)I provi810n-. Loan capital spacific Loan capital general Loan interest specrfic Loan interest general 183,030 1278.7321 183.030 I1(￿,076) 9.467 32,088 172.656 9,467 32,088 95.702 172.656 41.555 118.509 In recognition of the risk that funds may not be recoveraNe in full, despite the AHF'S best efforts. the AHF'S trustees are of the opinion that it prudent lo carry 8 general bad debt provision £gainsl oulslanding loan b21£ntss not speafically provided for. In 2019120, del8iled wrtfolio an8ly8is indicated Ih8t an 11% general b8d debt provi¥on was 8ppropri81e lincre8$ed from 8.3°k in 201W1918oainsi endowrneni loan balan￿S outstanding not specrfically provided for, reflecting diffiGu￿financlal arbd trading Gondilions due to the iTnpaGt of the Coronavirus pandemic. In 2021122 the latest portfolio analysis indicates that a general bad debt provisi(￿ of 6.5Vts is appropriate against endowment loan b818n¢es nol spe¢ific8lly provided for. A 8.3'k general bad debt provision is carried against Heritag8 ImaGt Fund k)ans outstanding. The fund is relalivety n8w and this rale is considered to be appropriate and is based on a long temi average of historical bad debt charged lo the AHF endowmentfund. Loans di5bur88d and inler8St r8G8rrfable are stsled after prOvi￿onS for iTnpaitTnent amounting lo £1,521,47812021". £1,403,674). 62

ooui op P4 c)

The Architèctural Heritagè Fund Notes to the Financial Ststements for the year ended 31 Mareh 2022 Non￿￿undablfr grant 2ts22 Neicharge 2021 Netchavge otrered thdrawn Core initiatives.. England Ttsnsffoming PlÉees tlTrmugh Hefttsge IDCAIS) Project viability Project develwment Transfottnabonal proje¢t Iin¢l HDT Ca￿tall Crowdtunding challenge HDTS Irevenuel Etnerg8ncysupportgrants Gri)¥wno Communily Ent&rpiise Ihrouoh ￿entage fL>cMS) Project viability Project developtnenl Nat1{￿al Cwciiy B￿ldIng- HE Proieet viability Project developtnenl Cullur81 R&Co￿ryFun Racov8ty grsnts Scotland M8in Sco118nd (HES} Projed vi8bility Project develwmenl HTN lseatl8r￿ offiterl Etnargsncysupportgrants Will￿M Grant Foundalmn 467.462 1,597.6 2.202.883 90.0 1122.8401 1134.7&11 119.3941 344,622 1,462,921 2.183,489 90,WO 9.089 1,426.523 2,W2.077 52.5 179.815 90.0 15.0 15,WO 8.5 18,2511 43.133 36.867 41,866 33,486 78.6 20.039 3.162 49 1,000.000 140.5Y 204.321 28.333 109,083 203,646 28,333 155.940 299.821 28.334 36.093 Project viability Propd devekytnenl Wales 58.600 41.664 sa,￿0 41,400 12641 72.228 Project viability Proied devekymenl ca￿ts1 North8rn Ir8land 50.546 148.146 151.0 29.5Y7 72.239 233.184 148,146 151,ffl0 Proied vi8bility Project dEveknptnent Capital wotks Vi118p C818ty51 Projfct viability Pro￿ devekwmenl 12.6 22.400 9,929 20,MO 91.295 63.435 150.0 12.4MI 70.000 50.0 70,￿0 50,ffl0 Total 5.442.826 312.764 5.080,th2 6,740.749 Nurnberof grants". 2022 20Z1 Proiecldevelopmgnl Tran5formatiunal project & cèpltsl Rec4)verygranls Emgrgen¢y support gr¥nls Olher 91 44 23 201 287 RÈ%lrided grant making expendIlu￿ 01£5.910,33312021'. £7.535.2181 In the Stalememof Financial Actlvllles also Intludes Supwrt offi￿rC0stS and giant related overheads. 64

The Architèctural Heritagè Fund Notes to the Financial Ststements for the year ended 31 Mareh 2022 rnov8m&nt fund 2022 2r121 Nel moygmgnl In fvnds is arnved al?ft&r G￿rgIng.. Audiiors, remuneratlon curreni year audll Auditors, remuneratio￿ non-audil services Operating loase ¢h¥rges- land and bui14ings Oper2tln9 ￿ase charges- offlce eqUI￿ent 19.075 13.9)2 27.142 2,797 18.780 13.716 21.500 2.797 10 Employees Z02Z nyrnbr 2021 numb9r Averagg monlhlynumberol &mploye8s duriry the year 20 19 Th8 numberolemploye&swhos& rernun8ralion 8xceeded £60.OOOwas". £60,ON-£69,999 e70.000-e79,999 £BO.OM-£89,999 Key man8gemenlcompn5Ès ￿￿tr￿slee8, the chlel execthegnd the 9eniorm8n2gemènl ￿a￿. Total key m8naoemenl personnel remunerd￿0n was £334.30612021-. £305,083). Staff costs ojTnpnsg'. 20ZZ 2021 SaLIri8s SociBI securityetssts 783. 83.178 62.061 15.2$3 543.797 714.920 71.4&1 56,454 20.1Y 863.012 Oth9rstsff costs The AHFoper8les B defir￿ o)nlriMiion pension scheme. The assets of the scherne Bre held sep8rd￿tyfrOM thoseof ihe AHF In an Indepe￿enIty administered fund. Al 31 M8rch 2022 wnsion conlribuuons wereouts18nding12021.' £NIll. 11 Members of the Board Some of the Ll8mbgrsol 8o¥rd ars also dirgct(￿sQ[l￿&IsgSof, orconsultant$ lo, organisationslhal re¢8ive finanoal essistsn¢8 (rom the AHF or with which thé AHF has an attn's léngth busin8ss rèlati(￿shlp. In thos& circufflstanc8s. thé Métnb@r Is requiréd todisc1c￿ his orh&r Intéresl at Ih me&ling atwbich the applicalw is coDsidered aDd lakes ￿ part In the Board's decision on the application. Anyfinancial assistan￿ is given In th9 ordinarywurse ollhg AHF'S actiyilies.The Idlowng Mgmbgrsol ihe Board arg Involv￿ organisalionswhich have received fvnancial assistanc£ from th9 AHF during th9 year. Grahatm Fish£r, Kat9 Di¢￿, Gr9goryPickupand Kargn Labm9r. Duri￿ the year. 6 Members12021- Olof the Board inCur￿d eXper￿fOr travel 2nd su￿stenCe to£1.76312021 £nill." none ￿ceIVed any muner8tion fvom the AHF. 12 Commttments Lo&n ¢ommltmgnts The AHF had thefollowing k>3n commitments 81th&year end.. 2022 2021 Iracied but lullyd1s￿￿ed Offered bul not yel ￿￿trade￿ 1,439.378 3,470.WO 1.511.843 3.978,0 T¢)tsl 4,909.378 5.489.842 65

The Architectural Heritage Fund Notes to the Financial Statements for the year ended 31 March 2022 12 Commitment5 Icontinuedl Operatlng 164s8$ Al 31 March 2022 Ihtr total of tha AHF'S futur8 minimum 188se paymènts urKJtr non*an¢trllable 0￿[al1n9 Itases was". 2022 2021 ATnounls payable. Amounts due within one year Amounts due between two and five ye8rs 20.958 1.448 115.499 42.409 22.406 157.908 In the pr￿r yearthe ¢h8rity entered into a sublease agreement lo rent out office Spa￿ in reblion lo its le8se 8115 Whitehall. London. Al 31 March 2022 the total of k8se p8yments receivable were.'- 2022 2021 Amounts r6c61v8ble'. Amounts due within one year Amounts due belween two and five years 20.958 1.448 115.499 42.409 22.406 157.908 Flxed assot ￿n￿StMents 2022 2021 Ll8t8d Invo8tm8nt8 ma￿et Value 811 April 2021 Addilian8 Disposal proceeds Unr8ali5ed gainslllossesl Realised gainslllossesl Matktrt Valu8 at 31 March 2022 3.438.140 246,145 11.396,4821 166.OT91 142,093 2.363,817 3.784,484 1,768,094 12,545,874) 411,100 20,336 3.438,140 Historical ¢osl ol inveslmenis 8131 Marth 2022 3.217.84fj 3.153,627 Anal￿18 of invo¥tmonts Listed equities Treasury bills UK Inv8slmenl grade bonds 1.892.317 2.691,352 471,5 2.363.817 746,788 3.438,140 Cash held in th8 inveskn8nl PDrtFolio 12 Month cash deposits Mark8t Valu• of In￿StMants at 31 March 2022 1,069,071 900.000 4.332.888 53,410 755,ODO 4.246,550 Reconciliation of net Ilossesllgains in the Statement of Financial Activities 2022 2021 Unre81￿e￿ Ilossesllgains 131.2691 142,093 412.577 20.336 M8t110888811galns 88 per Statomant of Flnanclal Actlvltl88 110,824 432,913 Slgnlflunt Invostm8nt holdlngs b888d on market valu8 at 31 Ma￿h 2022 w8ro'. Mark8tValue 1£) 471,500 Cost 1£> 501.332 RATHBONE UNIT TRUST MGMT High Quality Bond S Dl$i 14 Invostm8nt property 2022 2021 Friars Walk. M8th6t Pl8¢&. Burton upon Trant. siaffordshlra.. market valu& al year &nd Fair Valu6 530,000 630,000 1100,0001 Fairvalue loss DIS￿SaI 1530,0001 Al 31 March 2022 530.000 Following a strategic ravi￿ in March 2021, th8 board decided lo procead with the safe via auction of Fri8ts Walk but a8 8 i&n8nl8d property, as this was considered the best means of achieving a sale. In the current year. folk)wing the sale of the property on 3 September 2021, tha charity roalised a10s8 on disposal of £1s.L￿5. 66

The Archltectural Herltage Fund Notes to the Flnanclal Statements for the year ended 31 March 2022 IS Other tangible assets Computer equlpment cost Al April 2021 Additions Dispos818 At 31 March 2022 7,212 10,726 2.192 15,746 Depreciation At April 2021 Charge Disposals At 31 March 2022 7,212 3,576 2.1921 8.596 Net book value At 1 April 2021 At 31 March 2022 7.150 16 Loans disbursed for preservation projects 2022 2021 Loan capital Loan capital bad debt tyovision 11,278,153 1,358,221 9,612.695 1,283,782 9,919,932 8,328,913 Programtne related investments are slated nel of provisions of £1,358,221 12021. £1,283,782> and include £8,012,867 in loans outstanding which are due for rep8yment 8fter more than one ye8r12021.. £7.155,3371. AHF Endowment b?n capitsl outstanding Is £7.405.87212021. £7,309.5911 against which there is a £1,036.82212021-. £1,092.6181 bad debt provision. Heritage Impact Fund loan C8pilal oulstsnding Is £3.872,281 12021.. £2.303.17fj18gainsl which there is 8 £321.39912021.. £191.1641 b81J debt [Kovis￿n. 17 Creditors 2022 2021 Outstanding non-refundable grant ofters Historic Eng￿nd- Ch8lenge fund 8dv8nce G8rfield Weston- Support ofticer and grants programme deferred income Trade credito Tax and social stcurlty AccTual$ and deferred InGome 7,414,147 200,000 58.336 67.274 23.081 100.585 7,575,972 200,000 116,668 37,420 21,547 44,275 7,863.423 7.995,882 Deferred income Defetred income as at 1 April 2021 Amount added Inwme released in the year 119.268 4.024 159.6321 178,900 2,600 162.2321 Deferred Income as 8131 March 2022 63.660 119,268 Income deferred In trÉ ye8r rd¥les to grant and Olher Income speufi¢¥lly for fulure per￿d8. 18 credltws gr8aterthan l y8ar 2022 2021 Outstanding non-refundable grant offers 149,215 149,215 In February 2019. the company entered Into a secured loan facility giving the Company the option to draw down on funds of up lo £2.000.000. Any funds drawn down vlill be rapaYab￿ on demand 8nd in full. with a¢cm8d initr•81, on or b8for8 30 Nov8mb&r 2023. Interest accrues on the loan at a rale of 1.75ty1o above the published base rale of Barclays Bank PIC The is secured over the fixed asset invasimenls of the company including cash dtrposi18. shares. bonds and s&curi116s of any other kind. As al the balanc& sheet date there was no draw down on the loan facility12021." £Nill. The company remains compliant wlh ils loan covenants. 67

The Architectural Heritage Fund Note8 to tha FSnanclal Stattrments for th& year ended 31 March 2022 19 Provision 2022 Provlslon 5.000 63.423 Amount allotated in the yearAmount released In the year Balancg as at 31 Marth 2022 158,4231 5.000 5,000 In 2015, assignéd the l&ase of our offic& pr8misè8 at 15 Whitéhall to a ténant. This tènant wtrnt Into administraiion during the year ended 31 March 2019 and due to our autotnatic guarantee agreetnenl with the landlord. and the fact that no other tenant had been found. we were reqUI￿d lo provide for our obligations until the lease ends in June 2023. In the prior year we secured a new l&nanl and the prov1810n w88 updat8d to r8fl8cl our18tasl &811ma18d obligations until th& end of Ih&18as8. S88 note 3 for further infortnation on critical judgem8nts. 20 Analysis of net as8&ts by fund R¢stri¢t¢d Fund5 Vnr¢s¢rl¢t¢d Fund5 Totsi Fun46 2022 Fund5 Fund balan¢g$ a¢ 31 March 2022 rpr¢sentsd by.. Lyed a$s¢ts-iThvestM¢niWQ￿Y Fixed asts-ptogtsmmè relaied Im¢siments L¥ed as5ets- i￿estMen18 FiY9d a$s¢ts-¢omwt¢rgquipmenl C￿ent $SSets C￿ent [abi￿leS 0,809,050 B58.028 3,030.882 2.lYJO.000 80.000 1.474.860 9,919.932 4.332.888 1,tS8.709 8,906.60S 662,320 1149.2801 15.OWI 17.863.423) 1S,iKM)I Total notas50ts 9,325.787 6.225.344 2.070.050 17,621.181 EndOwn￿￿1 Fund¥ Rèstrlctsd Funds unr0￿1C￿d Funds Total FU￿￿8 Fund balanÈÈs at 31 Marth 2021 r￿￿&￿nIÈd by.. ed assets- investmenltWY 530.000 530.000 88.000 FLYed e55ets- i￿eStmen C￿lent assots Cwvni knbihtlES Noncurrent Iiaknliti8S Prov￿￿Tr 2,738.625 4,246.550 12,341.170 17.995,8821 10,583.623 17.892,PAOI 1103,2421 1s.tthi Total nEtassEts 11.196.907 4.Q72.780 2.026.849 17.296.536 21 Analysis of funds UnreStri¢ted funds Deslgnatod rtding fund Ikstri¢ fund lund Totsl 573.550 4,072.780 11,1￿.907 17,2%.536 overnent0ffu￿$ tsih Li)an bad deblwTlte-offs and PlOVlSiDnS 163.2991 150.2351 202.799 1117.8041 I15.i￿5) Transf8rs b8hYé8Thfunds 49.545 154.1931 2.￿0.000 11.995.352) Ba*nce al31 2022 1,502.844 %7.206 6.225.344 9,325.787 Transf•rs bthi••n fund5 During the year. following 3 review of the origin31 endowment funding documentation. il was agreed that £2,WO,000 (represented by £1.000.000 England Endowmenl and £1,000.000 ScotLqnd Endowmenll should be rec18ssififed as restricted funding. In order to maintain g6neral r8serv8s of not less than one year's expendilurtr on cor& ￿$18 and initiatives, based on thè averagè annual expen(lilure from unrestriGled fun(ls overthe three year perio(l ended 31 March 2022. £49.54512021. £136.9971 was transferred frorn the general fund to the Desi9naled lending fund. £4.64812021.. £1,3f11 was transferred from the general fund lo the &ndowm8nl fund In 8gr&8m&nt Mth Hi81oric England, being the reallocation of c&rtain Mthdrawn grant offers. 68

The Architectural Heritage Fund Notes to the Financial Ststements for the year ended 31 Mar¢h 2022 21 Analysis offund¥ (conts￿ve￿) Endowmentfund Geographlcal 2022 2021 Sovrre R8StnctgdfoTlending in g6ogwhiGalafftas HiStDric Engtsnd The Depar￿eTht for Diglt81, Cul￿￿e. Media & Sport IDCMSI 5.073.110 4￿,0[￿> 5.508.110 2.819.652 446.636 6.043.491 435,000 6.478.491 3.735.568 439,844 England Scotland Wal&s Hlst¢iC Enwn)nmenLScotland Cadw. Welsh Historic Enviwmenl servic Notgeograph￿01lY￿P$triGted UK Government UK-wide 5S1.388 543.004 9.325.787 11.1.907 England scotland Wale UK4vldo Total Babnc& 8t 1 April 2021 Loan ca￿tal b8d debt provisions- specthc Loan c3wtal bad debt provisi￿S- general Goins invostment Losses on investment property Transler olfunds 6.478,491 156.OMI 12,W8 S3,￿8 3.735.568 439.844 543.004 11.1.907 158,CKJOI 51,730 143.567 115,0651 I1.995,￿2? 36,187 47.897 1.422 6.962 IY95.3521 I1.000,￿oI BaLqnce at 31 Merch 2022 5.508,110 2.819.652 448.836 5S1.388 9.325.787 Re9tricted funds 8alance at l#tApril 2021 BalaDco at 31st March 2022 Inc(he Expenditure Transfers Grants in Support of tore initiatNeB'. Hisloric England. TransloKmin9 Places ThrrNJgh Heritage HIs￿ric Enoland. Cap8tity Buikji Historic Environment Scotland 4.848.407 80.000 4M.OOD 350.000 130.000 12B.45D 250,000 4.848.407) 180.0001 IW.OODI I350.0￿> 1110.8LI 112B.4501 138,0001 63.075 Cadw". Wdsh Historic En￿l[0￿￿ent $8p¢i Dept forcommunities Northem I￿land Dept forCommuniti8s VC Oeplforcommunilies Northem Ireland.- Heritage Impact Fund Hi51oric England. Herikge Impact Fund istoric Environm&nl S¢otlend.- Heritsg9 Impacl Fund Cadw.. Heritsge Impact Fu NatsDnal Lottery Heritage Fund HeritagE Impart Fund DCMS GCET Gathe￿ Weston 19.178 700,WD 252,925 461,182 321,W4 2,23D,669 912,000 316.000 447,304 317.000 2.160.000 16.362 37,500 14.0041 24.664 16.362 120.8321 14È.3321 58.332 4È.332 Rgclassthed England I￿￿1￿9 funds Reclassifi￿ Scotl8nd knding furAs 1.OW.000 1.OW.O(K) 1.000,000 1.OW,000 3.96S,780 6.392.185 16.132.621> 2.OW.O 6.225.344 Grènts In support ofthe Talknred Support Fund 107,WO Restrf¢ted funds ￿al 4,072,780 6.392.185 16.239.621) 2.OW.O 6.225,344 69

The Archltectural Herltage Fund Notes to the Financial Statements for the year ended 31 March 2022 Purpose of Restrlcted Funds Grants in sUPPOrt of Gore initiatives fall into the folhwing categorie5'. Ihe AHFS ProjeGt Viability Grant5. ProjeGI Development Grsnts, Crowdfunding Challenge Grants and Capital Grant8, a8 well as gener81 funding in support of th8S8 sGhetnes and related aspeGts of the AHF'S core aims and objective5. Th8 Heritage Impact Fund launched in early 2019 and has been offering108n finance from the eady part of 2019120 for up to five year5. The HIF is a joint initsatsve with funding Gontributions trotn the National Lottery Heritage Fund. Histori England. Historic Environment Scotland, Cadw, Department for Communities Northern Ireland and the Archileclur81 Herilage Fund itself. Additionally. Rathbone Greenbank Investrnenls is associated by providing loan facilities to the AHF. This provision of 80cial investment will support applicants across the UK %tho ar8 undertaking a heritage capital project Dr are looking to build upon or SCa￿￿p an existing enterprise. Alongside the Heritage ITnpact Fund 15 Our business support service.. RePlsn. This launched in th8 Autumn of 2019 and is assisting community and soa81 enterprises acc8ssing finance through the Fund lo develop stronger governanGe impaGt and business tnodels. The Heritsge Impact Fund reslricled fund balances carried forward at 31 March 2022 primarily comprise lending funds. Th&8& funds ￿ryI1 not be exp&nded through the Statemènt of Financial Activities other than through movem&nts In the bad debt provision or 8ny future 8mounts repay8ble lo funders. Transforming Places through Heritage a￿[de￿ its first grants in Sepletnber 2019", the progotnme will run until March 2023. The programme focus8s on supporting proj8Cts in town c8ntre and high 8treel locations across England, with prov15ion for ProjeGt Viability and Developtnent Grants. Crowdfunding Challenge Grants, Transformational Capital Grant5 and a 8Uit8 of affiliated activiti88 including a Community Shares equity offering being managed by Coop8ratiV88 UK and a CapaGlty Building Workshop series being led by the Heritage Trust Network Locality. The Support Officer initiative. %thich ran in England from 2012 to March 2020 and continues across Scot18nd. Northern Ire￿rnd and Wales, aims to assist local communities seeking lo restue and r&-Utilis& a historic building ￿1th they Value. The AHF places p8riicular emphasis on 18rgeting help Iow8rds supporting community enterprises that wish lo sel up andlor grow their businÈssÈs in historic buildings, particularly those thai aro at risk andlor IransfÈrrÈd from public ownership. The initiative was replaced in England laryely by the Programme Officer role vAthin Transforming Places through Heritage from Odober 2019. During 2021122, there were four vllthdrawals from grants made during 2019120, which were Ihems8lv8s awarded using funding withdrawn from grants originally offered during the 2016-19 Growi￿ CoTnmunity Enterprise through Heritage programme funded by DCMS. These grants were lo offer 8arly-slage support towards h8ri1age r8g8n8ration projects. One PVG was awarded In 2021122, and by agreement ￿th Historic England the reTnaining funding was rolled over to be award8d during 2022123. Th8 Dfc awarded an additional £55,000 10 8UPPOrt the development of a r8S8arch pi8c 8xamining the potntial for a heritsge-regeneralion prrgramme in market town5 in Northern Ireland. Following the ¢ompleiion of the Village Caialysl pilot pr￿ramme in 2021, the Dfc and Department for Agri¢ulture Rur81 Affairs affirmed their commitment to this scheme by expanding it lo run over four years, with the AHF continuing to offer support lo build the tApital pipÈlinÈ wth PVGS and PDGS, as wÈll as advi￿. A new grant fund ws818unched in Scotl8nd in 2018119, Ihe'TaIlo￿d Support Fund,. thanks to funding from the Willi8m Grant Foundation IWGFI, which has committed £300,000 over Ihree years. WGF grants will hÈlp to fund work that the AHF is otherwise normally unable to because of eligibility, or grant limits or other reasons. Rectsntiliatitsn of nèt incomÈlléxpÈnditurÈl to net cash infltswllouffiowl from operating activities 2022 2021 Nel incom8llexpeTrdilur81 for the year 324,645 1,713,811 Adlustments for.. Depreciation Nel lossesllgainsl on investments Nel lossesllgains) on investment property Interest and rents from investments Increase in debtors Incr8as8lldecr8a8el in creditors IDecrtas&llincrease in provisions 3,576 176.0141 1432,9131 100,000 1631,6051 12,387,274) 3,164,101 158,4231 1624,7281 1584,4271 1281,6741 Net cash providÈd byllusÈd inl tspÈrating activities 11.238,6221 1,467,697 70

The Architectural Heritage Fund ahfund.org.uk Tel.. 020 7925 0199 Email.. ahf@ahfund.org.uk The Architectural Heritage Fund Company Number'.1150304 Charity Number: 266780 Scottish Charity Number.. SC043840 Financial Services Register number= 707421 AHF Trustees. Annual Report and Accounts