AHF Transfonning Heritage Trustees, Annual Report and Accounts Year ended 31st March 2025 The Architectural Heritage Fund Company ￿T￿b¥..1130304 ftharfty Numbor 286780 &olll¥h Ch•rily Numbèr.. $¢04ye40 Tr•n8lormlng Page 001 TRUSTEES, REPORT ANO FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 THE ARCHITECTURAL HERITAGE FUND Charlty No. 266780 Company No. 1150304 Scottlsh Charlty No. SC043840 AHF Transfornilrbg Heritsge Page 002 Annual Report 2024125 Whowe are and what we do Chairfs introduction Chief Executive's highlights from the year Our impact.. Progress agalnst our strategy Our portfollo- case studies from acros5 the UK Financial review forthe year ended 31 March 2025 Plans for the future Governance statement 8enefactors, Partners and Frlends io. Statement of Truslees, Re5ponslbilitle5 ii. Independent Audltols Report 12. Flnanclal statement5 Horllago Page 003 Who we are and what we do The 'Architectural Heritage Fund IAHFI 15 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 dlsadvantaged areas. Purpose The AHF exist5 to help communltSes flnd enterprSslng ways to revitalise the old buildings they love. We help them with advices grants and loans. Our sUPPOrt acts as a catalyst for puttlng sUStaSnable heritage at the heart of vlbrant lotal economies. For nearly 50 years, we've been the leadln8 soclal Investor in creatin8 new futures for historic buildings. AHF Transformlng Heiitage Page 004 Chairfs introdurtlon As Chair, l am constantly amazed by and proud of the impact that the AHF achieve5 around the UK. The best way to understand that impact is to visit the place5 we are working, especially those where we are working most extensively. The towns in which our Heritage Development Trusts are located are examples of such places. and so in February the AHF Board went to find out more about the work of Luton Culture Trust, a vlsit that provided a perfect case study of the impact thal we are aiming to foster throughout the UK. Luton Culture Trust ILCTI is one of our current cohort of Heritage Development Trust5- specialist heritage and culture-led regeneration social enterprises - and is particularly seeking to have impact within Luton's former Hat District, within the town centre. We were lucky to be joined by a number of our partners, including Eilish McGuiness, CEO of the National Lottery Heritage Fund, and Nlck Temple, CEO of the Social Investment Busines5. We heard from LCT about how they are taking forward a number of ambitious projects that speak to Luton's history as a place of manufacture but which will bring the heritage assets and uses up to date, and meet a range of community, cultural and economic needs. Understanding the work of the other Heritage Development Trust5 has been a real highlight of the year. and we are looking forward to how we can further develop and extend this programme in future years. l also visited Northern Ireland and was able to meet the Communities Minister. Gordon Lyons, in Belfast. A5 well as discussing the progress of the Village Catalyst scheme5, we were able to outline the potential for more investment in vacant market town properties that could help meet local demand for homes. Historic buildings offer great potential to be reused for housing, and l am pleased to see us funding organisations like East 8elfast Mission that have plans to redevelop a building into affordable housing and social enterprise retail unit. Good governante requires us to refresh our Board members, although that doesn't make it any easier to say goodbye to some longstanding and highly regarded trustees. So it is with Ereat sadness we sald goodbye to Roy Hodson, our long-serving Chair of the Audit and Risk Commlttee. Roy has been a hugely influential member of the Board for the past nine years. and his sage, calm advice will be greatly missed. We also said goodbye to Suzanne Snowden, who has been part of both the Audit and Risk Committee and founder member of the AHF'S communications committee. She has been incredibly helpful in the earlv preparations for our SO anniversary next year. We have been very lucky to recruit a high calibre new Trustee for Wale5.' Alan Francis, a hiBhly respected architect who is a former Chair of the Design Commission for Wales and is the incoming President of the Royal Society of Architects in Wales. We know he will be an excellent champion for our work in Wales, and he has also joined our Grants Panel. We are looking forward to 2026 and the celebration of our 50, Anniversary This will be a key moment as we celebrate projects past and present but also look forward to the future role of the charity in supporting communitie5 acros5 the UK to transform their heritage for new uses. Please do keep an eye out for the various activities we have planned for next year, which promise to be exciting. AHF Tr8n3fornilng Herltago Page 005 Chief Executive's highlights from the year One of the highllghts of the year for me was, undoubtedly, the openln8 of the Buttermarket project In Redruth. This was a project funded under the Transforming Places through Heritage programme, our town centre regeneration focused fund. and was driven by one of our Heritage Development Trusts, Redruth Revival CIC. The Buttermarket is an exemplar for how a IonB-vacant historic building in the centre of deprived town can lead wider revitalisation efforts. It's also a reminder of the impact a social enterprise developer can have in places like this. The result is a beautifully reimagined food hall and events space, along with a variety of busine55 units, including co-working spaces. It is the type of asset that in other parts of the country might have been realised by the prlvate sector, but whlch here has requlred the work of this enterprising and highly imaginatlve not-for.profit. In Wale5 we saw the reopening of Cardigan Market Hall, following conseNation and adaptation works led by Cardlgan Bulldlng Preservatlon Trust and assisted by loan Investment from our Heritage Impact Fund. The Grade Il, market has been in continuous use since it opened in 1860 and is believed to be the flrst municipal building in Britain to follow the principles set out in John Ruskin's The Stones of Venice. It is part of the now thriving town centre of Cardlgan, a place where the reuse of historic buildings, often involving projec15 led by Social enterprises, charlties and local SMES, has been central to regeneratlon efforts over the past decade. We know the potential of projects like Buttermarket and Cardigan Market Hall to play a greater role In the revival of other town centres, and we have continued our5trategicfocus on raising more funding, both loan and grant Investment, for these types of projects across the UK. Towards the end of the financial year, we were incredlbly pleased to be awarded a three-year fundln8 settlement with Historic Environment Scotland. This long-term settlement wlll enable us to contSnue our early-stage support to charitles and social enterprises, along with a ￿neWed focus on asSlSting or8anisations to develop projects that will be both energy efficient and have a p051tive impatt on climate change. Addre551ng climate change through bulldlng reuse and helping organlsations to manage energy use and costs, and to become more su5talnable, remain5 a crltical focus for the AHF, and durlng the year we joined the Soclal Investment Business-led partnership that 15 delivering the 'blended' (loan and 8rantl Energy Resilience Fund. We also negotlated a new one-year funding agreement with the Department for Culture Medla and Sport and Hlstoric England, which led to the creation of the £5 million Heritage Revival Fund. This will be delSvered durln8 2025126 and will focus on developingthe community ownership of town centre heritage assets, partlcularly In deprlved places. As Ros has highlighted, we had a very fruitful meetin8 With the Northern Ireland Communitles Minister Gordon Lyons, which led to the commlssioning of a research project currently underway looking at the potential for a hoLSSillg and heritage regeneration fund, Sncludlng investigating potential project5 in towns across the country. . We're looking forward to the final report and hopefully movlng forward with a number of pilot schemes in the next flnancial year. As 2026 appears on the horizon, we are really looklng forward to our 50th anniversary. This will be a unique opportunity to celebrate five decades of the work of the charlty, from our early days in supporting the work of ploneering building preservation trusts, to our more recent focus on social, community and heritage impact delivering alon85ide each other. As ever. this year's impart is down to the ded5Cation of the communities we work with and the AHF'5 amazingly talented and hard-working team and Board. AHF Transfornilng Holitsge Page 006 Our Objertives Our impact: ProBress against our Strateyi Below we provide an assessment of our progress over the year dellvering against our three strateglc alms.. Alm One.. Fund Deliverin8 tar8eted investment that leads to the sustainable reuse and mana8ement of historic buildings. Alm Two: Support SupportinB charities and social enterprises to take ownershbp of, develop and sustain new uses for historlc buildings. Alm Three., Insplre Championlng the Impact of heritage and community-led regeneration. Horltage Page 007 Objective I: Fund Delivering targeted investment that leads to the sustalnable reuse and manaBement of histor1¢ buildings. Flg l. KPllmeasures Result Grant programme spend targets met Commit endowment and HIF lendin8 funds he target was the 80% commitmenl of funds. subject to vailability and fluctuations. Actual was 66%. Fundraislng goa15 achieved ES follow-on funding agreed by Mar Durlng the past year, the AHF made 154 grant offers totalling £1,734,699. We made 15 loan offers, Including extensions, totalling £3,179,138. This included three new Heritage Impact Fund loan offers totalling £250,000 and one new Endowment fund loan offers totalling £100,000. Flg 2. Loon offers Iln¢ludlng extenslonsj 24ft5 Cllent Eniland Alex Moulton Charitable Trust GW Arts CIC Bulldln8$ 1 Loan Offer 1£) The Hall £150,000 50,000 £ioo,000 £145,000 £200,000 £174,911 £ioo,000 £200,000 £375,750 Art Centre Penryn Dora House Royal Society of Sculptors Age Concern Southend on Sea lextensionl Delapre Abbey Preservation Trust (extension Great Grimsby Ice Factory Trust lextensionl Great Yarmouth PreseNation Trust lextensionl Heritage Lincolnshire lextenslonl Romsey BPT lextensionl Havens The Stables Peterson'5 Smokehouse Yare Gallery Old Kings Head Bargain Farmhouse pk! South London Theatre BPT lextensionl Valley Heritage lextensionl White Rock Neighbourhood Venture5 lextensionl Sub-total Northern Ireland Conway Mill lextensionl Sub-total South London Theatre £42,495 £194,985 £434,738 £ 2,167,879 18-20 Market Street Observer Building Conway Mill £351,259 £351.259 Transfomlng Heritage Page 008 Scotland Robert Burns Ellisland Trust Sub-total Wales Spitalfields HBT lextensionj Sub-total Ellisland Farm £50,000 £50,000 Caerwent House £610,000 £610.000 £ 3,179,138 TOTAL OFFER "'Thrl¥e Together Fund Awards Delapre Abbey PreseNation Trust Ivy House Commuriily Pub Ltd Kiplin Hall CIO The Stables £150.000 £44,000 £150,000 £344,000 Ivy House TOTAL OFFER Energy Resillence Fund Awards Delapre Abbey Preservation Trust The Stables £85,000 £85,000 TOTALOFFER Flg 3. Loan offers (Includlnq extenslons) by country Wales Loan Offer (£) - £610,000.00, 19% , S¢otl•nd England £351,259.￿. 11% I _£50,0￿.00, 2% £2.167,879.00, 68% ' Since the Heritage Impact Fund launched in 2019, we have seen strong demand across the new fund and the endowment. New lending decisions slowed somewhat during 2024125, and the number of new loan offers declined from the hi8hs of several years ago. However, sustainably managing the portfolio is always a critical part of the work of the Investment Team, and we celebrated a number of significant repayments during the year. Organisations redeeming their loans included Hastings Commons, which utilised a Heritage Impact Fund loan for the development of the Observer Building, and South London Theatre, which invested an £80,000 loan in refurbishing their thrivinB space within the Grade 11-listed former West Notwood Fire Station. By the end of the financial year. we had 66% of ourfunds committed against a target of 80%. We aim to increase loan offers during the forthcoming year. AHF Translomkng Heritage Page 009 Increasing investments into energy efficiency 5UPPOrt ha5 ￿Mained a priority throughout the year. This year, we supported Delapre Abbey in Northampton to successfully apply for Energy Resilience Fund (managed by Key FL*nd and the Social Investment Business) investment. This project also benefitted from the Thrive Together Fund, also managed by Social Investment Bu5ine55. Being part of these funds enables us to lever in new finance to support historic building reuse projects and complements our direct loan and grant funding. We also invested £50,000 in Penryn Art Centre, supporting them to install energy efficiencv measures in two previously redundant Grade 11-listed heritage assets that are now batk in active community Use. In Wale5, our strong partnership with Cadw continued and our budget of £375, 000 for early-stage 8rants enabled us to support a slgnificant number of projects. These Included a grant of £20,000 towards the redevelopment of Canolfan Owain Glyndwr, the Senedd-dl (Parllament House) of Glyndwrfs parllament of 1404. This historically significant building delivers a programme of activities sharing the history of Welsh ndependence hero Owain Glyndwr. We also provided capital works grants to two Heritage Development Trusts, Haverfordwest Heritage and Galerl Caernarfon, whlch wlll support two town centre projects. In Scotland, it was the flnal year of our Hlstorlc Envlronment Scotland agreement. We invested £325.0(KJ in early-stage grants thanks to ihis partnership, alongside £IOO.000 from ihe Wllliam Grant FoundatSon. In Aberdeen5hire, we funded the Friend5 of Tarlair Cornmunity Group to work up plan5 for Phase 3 of their efforts to revltallse a hlstoric outdoor pool, thought to be one of only three outdoor swimming pools in Scotland. We 8150 funded the latest Stage of Scottish Historlc BuSldln85 Trust's ISHBTI regeneration of the Category A Custom House in Leith. After early-stage development and consultation with the local community, SHBT plans to bring the Custom House back into full use as a multi-purpose Community and Creatlve Hub. At the end of the fin4ncial year, we were dellghted to receive the news that we had been awarded almost £2 million from the Historic Environment Scotland Partnership Fund. Th15 wlll enable us to enhance the dellvery of our core grants and project support programme In Scotland. In England, our grants budget WO5 lower than in previous years, but we were stlll able to allocate £315,000 of grants durlng the financial year, thanks to our partnership with Historic England and the PSlgrlm Trust. A grant of £15,000 was made to St Ives Community Land Trust for St Peter Street Studio and their proposals to convert the chapel to create eight individual affordable studio areas. We also made a grant of £15,000 to Bailiff8ate Museum & Gallery to further their plans to relocate from their smaller exlsting edge-of-town locatlon Snto Northumberland Hall in the centre of Alnwick. Demand for grants in England far outstrlpped supply during the year, 50 It was particularly welcome to successfully negotiate a new £5 million fund with the Department for Culture Media and Sport for launching in the new financial year. The new Heritage Revival Fund w511 support communlty-led initiatives to take ownership of and develop heritage assets, with a particular focus on deprived town centres, AHF Tran8forniln9 Heiitsge Page 010 Objective 2: Support Supporting charities and social enterprises to take ownership of. develop and sustaln new uses for historic buildings Fig KPI Result Positive impact of AHF 5UPPOrt on project confidence 85% of organisations reported a positive impact of AHF support on their project (this KPI was measured differently last year so doesn't enable a past year comparison). Minimum of 10 organisations supported by the RePlan business support servic during 24125. 20 organi5ations supported, Provide advice and support to the Herita8e Developrnent TTUSt xpanded cohort. he HDT activity programme elivered six in-person events and ight online events, wlth 67% giving 515 feedback. Overall, 95% rated vents hi8hlv. Because community ownership of herltage assets is one of the AHF'S most important aims, we ask all projects at the end of their Brant or loan period whether they own their buildings at that date: 61%1691 of Exlt Survey respondents reported they owned or held a lonB lease125+ yearsl on thelr buildin8. According to our 2024125 Longitudinal Survey* this figure rises to 72% five years after receiving funding and to 88% after ten years, demonstratinB the lastlng value of our early support. We also ask what role our funding and advice played In brSn8ing bulldin85 into community ownershlp. Of the project5 that reported they owned or held a lon8 lease on their building at Exit Survey stage, 59%1411 had already controlled their building before their AHF Erant or loan, but 33% 1231 reported that AHF fundlng and support dlrectly enabled them to achieve ownershlp durln8 their grant or loan perlod. This means that one-in-five projects we supported were directly enabled to take ownership of their building thanks to our SL¢PPOrt during the perlod of their grant or loan. A similar trend can be seen in our Lon8ltudinal Survey. We asked or8ani5ations if the work funded by the AHF enabled them to take ownership of or secure a long lease on thelr buildings. Of projects that did not already have ownershipla long lease prior to their AHF grant or loan.. 18% of projects from ten years ago reported AHF support enabling them to take ownership. 50% of projects funded five years a80 reported AHF support enabled them to take ownership of their building Post-award. AHF Transfomilng Horitage Page 011 We have continued to be a part of the 'delivery partnership, for the UK wide Corllmunity Ownership Fund ICOFI since 2021 and this continued during 2024125. This fund. managed by the Ministryfor Housing, Local Government and Communitie5, 5UPPOrted community groups to take control of buildings at risk of loss and bring them back to life for the benefit of local people. Round 4 of the Fund, whlch was the flnal round, led to unprecedented sutce5s fol heritage projects 5UPPOrted by the AHF. The last awards meant that, in total, 409 projects across the UK received support from the COF: 76 lor 19%) of these also benefitted from the AHF'S early-stage advice and support. Projects supported In the final COF round included Age Concern Southend's project The Haven, which we have supported with grants and a loan to develop their plans for the Art Deco former department store. a focal part of this part of the town's high street. Although thi5 was the final roLtnd of the current Community Ownership Fund, we continue to make the case to 8overnment, In all four parts of the UK, for the need for funding for communities who wish to take control of local heritage assets. Maklng thls case for further funding will remain a priority for the AHF over the comin8 twelve months. The Heritage Development Trust programme continued its 5UPPOrt to twelve trusts across the UK as they developed and delivered their plans for taking ownership of heritage assets for the benefit of theSr local communities. In Scotland, North East Scotland Preservation Trust INESPTI was gifted an unprecedented six building5 in Port50y harbour, to be looked after by the Trust in perpetuity. These Include the John Adam designed Category A-listed Marble Warehouse, and the Category B-listed Marble Workshop, whlch will be redeveloped to Support the local economy through the creatlve industries. At the other end of the British Isles, the Buttermarket in Redruth reopened as a restored food hall, wlth a wide selection of delicious street food kitchens to ch005e from, as well a5 retail units, co-working spaces, and a diverse programme of live music, workshops, markets and more. This project ha5 been led by Heritage Development Trust Redruth Revival CIC. AHF Translornilng Horitago Page 012 Objertive 3: Inspire Championingthe impact of heritage and community-led regeneratlon Flg 5, KPI Result Published 2024125 Impact Report. New Evaluation Strate8y launched. ¢hleved New Environmental Policy published. hleved During 2024, we developed an enhanced Evaluation Framework to better support our new Strategy, and we reported on this for the first time in our 202412S Im act Re rt. The data gathered shows the transformative effect that AHF support has on projects.. more than three-quarter5 of projects reported gaining new ski115,' over 90% experienced increased confidence in their ability to deliver their project,. and an extraordinary £29 mlllion was leveraged as matching funds through our investment of just over £2 milllon during the year. Other highllghts from the new Framework Include a demonstration of the long-term resilience of projects that have benefitted from our support and funding, with 82% of buildings we fund Still in active community use ten years later. Finally, the economic value heritage-regeneralion projects bring is made clear In the 6 FTE job5 created locally by each AHF project on average. The pilot Heritage Development Trusts IHDT51 inltiative was one strand of the Transformlng Places through Heritage programme delivered by the Architectural Heritage Fund IAHFI from 2019-23. The HDTS initiative Supported seven organisations takin8 a multi-prolect approach to restoring and managing historlc buildings, helping them develop a portfolio of income-generating assets. In Au8USt 2024 we publlshed a case stud re ort prepared by The Audience Agency, which evidenced a range of insights from three HDTS, and which will help shape the development of the current programme. We published an update to our Environmental Polic during the year. Thls set out a number of priorities for the AHF'S work, including continuing to develop fund5 that can be made available to organisations to invest in new energy efficient measures. We have also continued developing our plans for our 50 Anniversary celebratlons in 2026, which- thanks to a grant from the National Lottery Heritage Fund - will include a full year of activities taking place across the UK. We will h051 a travelling exhibition exploring SO AHF projects, which will kick off in Belfast in February before moving to Glasgow, Cardiff and London before appearing as a digital exhibition next autumn. We are also planning an exciting conference and a creative partnership with award-winning art5 organi5ation Gri2edale Arts and are refreshing our branding to look ahead to the next 50 years. All of this activity will help us promote the impact of community- and heritage-led regeneration acr05S the UK. AHF Tr8n81omilng Heritage Page 013 Fi8 6. Heritage Impact Fund Proje¢t level KPIS HIF KPIS Achlevements as at March 2025 Ilagainst original project forecasts) Through the HIF and / or Replan: 40-50 organisations would acqulre long-term rights in historic bulldlnBs over a five-year period. 211181 Through the HIF and l or RePlan'. 40-50 historlc bLtildings repaired and re-used over a five-year period. 20137) Through the HIF and l OT RePlan: up to 50 new FTE jobs created. 167 (98) Through the HIF and l or RePlan.' 250 new training opportunities will be created 1267 (372) Through the HIF and / or RePlan.' 500 new volunteering opportunities will be created 997 f11371 12 flo) cornmerciolly run orgunisations and 5124) non-profit organisotions Through the HIF and / or RePlan.' up to 40 commercially run and 25 not-for. profit businesses run from re-used historic buildings will engage a wider audience Through the HIF / or RePlan'. 40- 50 orgafiisation5 will have greater confidence in their organizatlon 19 (23) AHF Transfornilng Heritage Page 014 Our portfolio- case studles from across the UK Ellisland Farmhouse Museum Auldgirth, Dumfries and Galloway, Scoiland Robert Burns Ellisland Trust Category A Securing the 18th-century home of Scotland'5 notional poet. Robert Burns Built in 1788, the Category A-listed Elli51and Farm was home to the poet Robert Burns for the first few years of his marriage. It is considered the most authentic and least altered of his homes, with mueh of the design of the farmstead directed by the poet himself, including a writing space in the parlour with views across the landscape and down to the River Nith. Burns, poetry and son8writing was heavily inspired by the countryside around the farm,. whilst living here. he wrote some of his most well-known and loved son85 and poem5'. 'Auld Lang Syne,. 'Banks and Braes, and Yam O Shanter., The Robert Burns Ellisland Trust manages the 170-acre farmstead and a significant collection of items assoclated with Robert Burns. With an aim to revitali5e the at-risk site and safeguard its buildin85 and collections for the future. it is currently developin8 plans for the multi-million-pound '5aving the Home of Auld Lang Syne, project. This project will include a programme of conservation and repair to ensure the security of historic buildings across the site and improve exhibition facilitie5 for the collection. New facilities will also be developed, including a Centre for Song - a space for creativity and comrnunity engagement. AHF grant funding ha5 provided 5UPPOrt for urgent repalrs at Ellisland Farm, as well as feasibllity work to explore proposals for the enhancement of the whole site, test market demand, and consider how new uses tould be sensitively accommodated across the 5teading. Most recently, loan investment throu8h the Heritage Impact Fund has provided cashflow support for The National Lottery Heritage Fund development phase of the projecl. htt rm. AHF Fundlng Project Development Grant - £9,847120211 Project Viability Grant - £9,990120221 Project Development Grant - £19,725120231 Heritage Impact Fund Loan- £S0,000120241 The Peterson's Project Grimsby. Lincolnshire, England Great Grimsby Ice Factory Trust Grade11 Bringing two important buildings in Grimsby's Kosboh back intofull economic use Thi5 project consists of two 19 -century buildings, Peterson's Srnokehouse and 8uilding 89. Located within the historic dock area of Grimsby, known as the Kasbah, the 5ettin8 of both of these building5 15 51gnificant. The Kasbah is a Conservation Area recognised for it5 fishing heritage, and is home to a cluster of historic srnokehouse5, shops, factories, and warehouses associated with the fishing industry. Peterson's Smokehouse on Henderson Street originally functioned as a kipper house, however. by 2017, it had been AHF Transfornilng Herltage Page 015 out of use for some time and much of it was inaccessible. Sitting directly opposite on Wharncliffe Road is Building 89, which is likely to have originally operated as a shop and was in dire need of modernisation. Great Grimsby Ite Factory Trust IGGIFTI was founded in 2010, with an initial aim of preserving the Ice Factory at Grimsby Docks. It has since widened its scope to look at the refurbishment and reuse of buildings acr05S the Ka5bah. The Peterson's Project was developed jointly by GGIFT. Associated British Ports, and North East Lincolnshire Council, and led to Great Grimsby becoming a Historic England Heritage Action Zone in 2018. Through the project, Peterson's Smokehouse has been restored for use as a fully functioning fish processing and smoking factory. while Building 89 has been brought back to life for a mix of uses, providing flexible room5 suitable for office, community, retail or café space. The AHF has supported the Peterson's Project with a series of grants and loan investment. In 2018, two early-stage Erants funded a viability appraisal, includin8 the development of an outline business plan and research to identify 5U5tainable end uses, as well as a development appraisal and the creation of an activitv and fundraising plan. In 2020, a Transformational Project Grant was awarded to support a programme of capital works. Heritage Impact Fund loan investment was subsequently provided as match fundin8 towards the full repair and refurbishment of the two historic buildin8S. With the Peterson's Prolect now complete, GGIFT is currently seeking tenants to take on Peterson's Smokehouse and Building 89. Having both buildings back in active use will boost the local economy through the creation of jobs and apprenticeships and add to the revitalisatlon of the Kasbah. AHF Fundln8 Project Viability Grant- £4,995120181 Project Development Grant £29,992120181 Transformational Project Grant - £300,000120201 Heritage Impact Fund Loan - £175,000120201 Art Centre Penryn Penryn, Cornwall Art Centre Penryn Grade11 Redevelopment of former chapel ond odjocent School Room to creute a mojor new creative space for Penryn The Grade 11-listed former Penryn Methodist Chapel, built in 1891, is a landmark building at the centre of Penryn thal had been in continuous use as a chapel vntil it5 c105ure in 2023. The former School Room at the rear of the chapel was built as a Sunday School and was later used for functions and community Art Centre Penryn was established as GW Art5 CIC, a community arts organisation, in 2017 to provide space for artists to develop, produce and exhibit their work, as well as host arts cla55es and workshops. The organisation took ownership of the former Penryn Methodist Church and School Room in 2023, moving from its previous slte at Grays Wharfto this new town centre location and changing its name. The new 51te will enable the organisation to expand its community arts offer while a150 bringing these much-loved 19 century buildings back into full community use as a major new creative Space for Penryn and the wider region, with art exhibitions and creative activities coming together in a place where people could feel Transforming Page 016 welcome, valued and inspired. AHF grant funding has enabled Art Centre Penryn to develop its plans for both the School Room and the Chapel. Additionally, AHF loan investment through the Heritage Impact Fund provided match funding, alongside the UK Shared Prosperity Fund ènd The National Lottery Heritage Fund, towards works to repair and refijrbish the School Room and install energy Saving improvements and adaptations, including solar panels. The School Room has now reopened and houses a community art room that offers regular workshops and arts-focused classes, artist studios and a shared workspace. Different groups use the space for range of activities, including regular arts sessions for over 65s and health and wellbeing se55ions. The next phase of works will brinE the chapel back into full use as a high-quality contemporary gallery space to showcase work by both local and national artistS,' the AHF has provided a grant towards thi5 next phase of the development. htt www.artcentre en n.or AHF FundlnB Project Development Grant - £16,742120231 Projett Viability Grant £IO,000120231 Project Development Grant - £50,000120241 Herltage Impact Fund Loan - £50,000120241 The Hall Estate Bradford-on-Avon, Wilt5hiTe, England The Alex Moulton Charitable Trust Grade I Refurblshment of hlstorlc cottoge5 creote5 e55ential locol rentGI properties and further odvonces the preservation oAhistoric esttste Bullt around 1610 by clothierjohn Hall. The Hall in 8radford-on-Avon, Wiltshire, is a Grade l-listed jacobean mansion with deep roots in Britain's industrial heritage. Over the centuries, it has been home to prominent figure5 in the woollen, rubber, and automotive industries. Its most recent resident, Dr Alex Moulion, a pioneering engineer and inventor, developed the rubber suspension system used In the Mini and the iconic Moulton bicycle. Today, The Hall is owned and managed by The Alex Moulton Charitable Trust, which preserves the estate and its collections while promotin8 engit)eering, design, and heritage throu8h public engagement. It also opens the estate for tours, weddings, and unique heritage Stays. The Trust has recently undertaken a project to bring three historic cottages at the esiate's entrance back to life. Believed to date from the mid- 19th century and originally used to house estate workers, the cottage5 have now been sensitively restored for residential use. As well as creating much-needed housing, the cottages will provide a 5UStainable income stream to 5UPPOrt the Trust's charitable objectives including cultural programming, communitv engagement, and the ongoing preservation of The Hall. Page 017 The AHF first supported The Alex Moulton Charitable Trust back in 2017, awarding a Project Viability Grant towards the preparation of a project viability report for The Hall. More recently, a Heritage Impact Fund loan enabled the full refurbishment of the historic cottages on the estate. htt moultontrust.o AHF Funding Project Viability Grant £5,000120171 Heritage Impact Fund loan - £150,000120241 47 Maln Street Clogher, Covnty Tyrone, Northern Ireland Hope 4 U Foundation Restoring a disused Georgian house to provide slJPPOrted livlng occommodotlon and o well-being hub for older people Grode 51 47 Main Street, Clogher, is a prominent Georgian building located In the centre of the village in 50Uth County Tyrone. The house was converted into a rural centre in the 1990s, but became vacant over a decade ago, causing It to fall Into dlsrepalr and be added to the Heritage at Risk Register. Hope 4 U Foundatlon, a charlty which promotes re8eneration of the rural Clogher Valley through the provision of community services and outreach activities, Initiated purchase of the building in 2023. The charlty, which is very attive in the local cornmunity, wished to explore how 47 Main Street could allow the organisation to work with other partners to expand its services, particularly to work with and deliver on the needs of older people in the CIo8her Valley area. It subsequently established Hope 4 U Property to support the regeneration of the town centre and to oversee this project. The group's vislon is to create supported living actommodation and a well-being hub for older people. Thls mixed-use project on the Main Street will meet an identified need in the area, aligning with the Mid-U15ter District Council Community Plan, which highlights that the percentage of people aged 65 and over is estimated to double by 2037. It also all8ns with the objectives of the Village Catalyst partnership programrne (made up of AHF, the Department for Agriculture, Environrrent and Rural Affairs, the Department for Communities, and the Northern Ireland Housing Executlvel, whlch seeks to address rural poverty and social isolation, as well as reuse historic buildings at risk. In 2023, the AHF awarded Hope 4 U a Village Catalyst Project Viability Grant towards communitv engagement, advice on constitutional model, a Viability Report, a condition suNey and costs. In 2025, the group was awarded a Village Catalyst Project Development Grant to engage a conservation architect to secure consents and a consultant to fully develop their business plan and bring this rural regeneration project to fruition. These building blocks have helped to Secure investment from the local business community and to prepare for up to £240,000 of capital fundin8 from the Village Catalyst programrne. AHF FundinB Project Viability Grant (Village Catalystl- £IO,000120231 Project Development Grant (Village Catalyst) - £20,000120251 AHF Tran8formlng leritage Page 018 The Old Wine Warehouse Ramsgate, Kent, England Heritage Lab Ramsgate Unlisted, in Rams8ate Conservation Area Repurposing of Victorian wine worehouse to create o newco-work, performance venue andcofe/restourant space in Romsgt7te town centre The Old Wine Warehouse in Ramsgate was originally constructed in the late 19th century for local wine merchants Page & Sons. Founded in 1804, the firm is believed to be the oldest privately-owned wine merchants in the UK still in operation. The building was an integral part of the business - ports, sherries and wines were bottled and stored here, supporting the firm's shop on nearby Queen Street. Page & Sons moved out in 1974, after which the building spent several years as a martial art5 centre before being redeveloped into a Michelin Guide-recommended restaurant and bar, Age & Sons, in 2009 - $0 called because the 'P' 8lazed tile had fallen off the front of the building. After A8e & Sons, closure In 2014, the building was abandoned for almost a detade before its acquisition by Heritage Lab Rams88te in 2023. The regeneratlon of the Old Wlne Warehouse Is the flrst capital project completed by Heritage Lab Ramsgate, a pilot Heritage Development Trust supported through AHF'S Transforming Place5 through Heritage programme. The community interest company wa5 founded to revitali5e historic buildings and community assets to create work and community space, and boost employment in Ramsgate. Split over three levels, the newly restored building has three distinct spaces. On the first floor is Ramsgate Works, a co-working space for creative5, remote workers, digltal nomads, entrepreneurs and anyone looking for an inspiring place to work. 11 include5 dedicated and flexible hotdesking spaces, as well as range of facilities and member benefits, including two acoustic pods for calls and small meetings, 5Ltper- fast Wi-Fi, a break-out soft-seating area, member event5, and evening and weekend presentatlon space. The basement is home to Ramsgate Arts Club- a 60-seater, intimate creative performance events space and bar, whlch will host Ilve music, comedy, alt-cabaret, film screenings, spoken word. and a range of community-led events. The business is a community interest company with a social mlsslon to support neurodiversity within the community,. as well as initially creating up to eight jobs, it will also support scores of creatives each year. Finally, the ground floor has been converted Into a new commercial unit with an outdoor seating area and will open as a coffee shop, Giant Coffee, in late 202S. In addition to the Herltage Development Trust funding for Heritage Lab Ramsgate, the AHF has supported this project with a number of grants. A Project Viability Grant funded a feasibility review of various historlc properties in Ramsgate town centre, including the Old Wine Warehouse. Two Project Development Grants, awarded in 2022 and 2024 respectively, subsequently enabled Heritage Lab Ramsgate to take the project forward, contributing towards the acquisition of the buildin& as well as covering profe55ional fees, set-up Costs, project management, communications and marketing, and operational costs leading up to the opening. In lune 2025, the Old Wine Warehouse was officially reopened. The AHF continues to support Heritage Lab Ramsgate as a Heritage Development Trust so that it can bring rviore of Ramsgate's unique heritage buildinES back into public use. htt www.herita elab.or .uk Horllage Page 019 AHF Funding Project Viability Grant- £11,530120221 Project Development Grant - £48,850120221 Projett Development Grant- £38,865120241 2 Haymarket sheffield, Yorkshire Sl Artspace ISIAI Grade 11 Returning Sheffield's originol rjineteenth century Heod Post Offlce to use with a creotlve approach to become o flogship home for culture ond tirts in the city. Constructed in 1871, thls bold Italianate building and city landmark was orlginally built as the Head Post Off ice. Occupying a corner site, at the junction of two principal arterial city roads, it 15 comprised of three- storeys, a single-5torey annexe and a basement. In 1911, the Post Office relocated, and the building became the Sheffleld Stock Exchange. It was repurposed again In 1967 as a branch of the Yorkshire Bank, but this closed In 2014. Vacant since 2017, the building wa5 identified by Sl Artspace ISIAI as a potential permanent new home- the arts organi5ation actively supports the production and presentation of new work and ideas, providing annual publlc exhlbltlons and events, alon8slde studlos for artlsts and creative busSnesses based In Sheffield. A project is now undeNay to restore 2 Haymarket lo create a fully accessible, fit.for.purpose arts venue. with a sufficient scale of gallery Space to programme contemporary art shows. as well as studlo and creative community spaces on the upper floors. Sitting within the Castle8ate Quarter, an area of citv- centre regeneration focus for the CSty Councll, SIA wlll form part of a collectlve of creatlve and cultural or8anisatlon5 making the area their focus. The AHF has stspported SIA with opportunitles to find and create a home for the organisation since 2016. When a prlor project In development was unable to progress due to clrcumstances beyond the control of SIA, it secured the purchase of 2 Haymarket in July 2024 wlth grant support from the Sheffield Council. The AHF awarded a Prolett Viability Grant in january 2025. This grant formed part of a funding package that has enabled SIA to commission plans to RIBA 2 and be8in associated project plannlng to prepare for and 5UPPOrt the capital fundrai5in8 campai8n. AHF Funding Project Viability Grant £IO,000120251 The Turf Shed at Li55an House Cookstown, County Tyrone, Northern Ireland Lissan House Trvst Grade B/B+ Turf shed toformfun, flexible spoce to drive greater activity tr) the historic LASSOn House & Demesrte AHF Tran8fofming Heiitage Page 020 Thoma5 Staple, the 1st Baronet of Li5san and Faughanvale, built Lissan House around 1620. during the Plantation of Ulster. In 1660, Thomas, youngest son, Robert, constructed much of the house which stands today, though it has been adapted and embellished by subsequent generation5. It, and the surrounding 300-acre estate, is now owned and managed by Li5san House Trust. Following a popular public campaign and inclusion in the BBC Restoration series, the house was restored and opened its doors to the public in 2012 as a vi51tor and community tentre. However, it is not suitable for a wide ranBe of activities, and the demesne needs further animation to ensu￿ its financial 5U5tainabilitv. The Grade B-listed Turf Shed is part of a group of outbuildings on the Lissan House demesne, all dating back to the 17th century. It ha5 artaded openings along its two long sides, a timber mezzanine floor and a Bangor blue 51ate roof. The south end of the building is in ruinous condition, but the volunteer-led Trust ha5 been working hard to secure the historic fabric that remains, including carrying out urgent and sensitive repairs, guided by a consetvation-accredited surveyor. The Trust's vision is to restore and transform the shed to form an open plan, flexible, sheltered space for walker5, School groups and other visitors coming to Lissan House and estate, helping to drive greater activity to the historic site. It plans to rent the spaces to groups for events like barbecues and foraged feasts, while the first-floor mezzanine would be used for overnight camping by youth groups, including the Girl Guides and 8oys Brigade. In the meantime, the Tru51 is accommodating a host of rneanwhile activities. These activities will also help to generate additional income for the Trust, contributing to its long-term sustainability and furthering its charitable aim5 and objectives. In 2023, Lissan House Trust was awarded a Projed Viability Grant to commlssion a conservalion-led condition survey and a viability study, which has helped kickstart Its ambitious plan5 and support an application to The National Lottery Heritage Fund. htt www.1lssanhouse.com Index.h AHF Funding Project Viability Grant £7,500120231 The Buttermarket Redruth, Cornwall, England Redruth Revival CIC Grade 11 Reimagining (J group of nineteenth century market buildings os o home for streetfood kitchens, creotive workshops and comrnunity gotherings Built in 1825, the Buttermarket played a leading role in Redruth's identity a5 a market town and wa5 for many decades the focus for the meat market. Located within the town centre, it was well positioned to serve the town community but increasingly fell out of use and into a state of decline. It sits alongside additional buildings associated with the mining industry, with the group of buildings forming a significant part of the townscape. Herltage Page 021 In 2014, a group of local people gathered to consider how they could Shape the town centre of Redruth; from these initial meetings, Redruth Revival CIC was formed. Shortly afterward5, the Buttermarket and Mining Exchange buildings became available for purchase. They provided the ideal project opportunity.. an excellent town centre location, with a range of spaces of different size5 and a magnificent central open courtyard Surrounded by granite pillars. Following a major renovation, the Buttermarket has now been given a new lease of life as a thriving cultural and community hub. The restored complex includes a food hall. with a wide selection of delicious street food kitchens to choose from. as well as retail units. co- working spaces, and a diverse programme of live rnusic, workshops, markets and more. The AHF has supported the Buttermarket project with multiple grants since 2019, which have enabled Redruth Revival to complete viability work, progress to development work, and Subsequently carry out pro8ramme of capital works. This paved the way for the CIC to Secure the significant investment required to bring the Buttermarket back to life, including grants secured under the Redruth High Street Heritage Action Zone and a two-stage process with The National Lottery Heritage Fund. The project ultimately received over £4 million in funding and the 8uttermarket was reopened in 2024. The AHF continues to support Redruth Revival as a Heritage Development Trust,. the three-year core funding has enabled the CICto increase Its capaclly, and it now seeks to develop further heritage enterprise projects across the town. htt htt www.buttermarket.or www.r th-r viv AHF Fundin Project Viability Grant - £6.919120191 Project Development Grant - £59,850120211 Transformational Project Grant £250,000120211 Capel y Groes Cilycwm, Carmarthenshire, Wales Menter Cilycwm Grade11 Future of historic chopel secure under community ownership Capel y Groes was built circa 1859 in a simple Gothic style and remains unaltered. It has three centre pointed windows to the facade and side elevations, and exterior walls lime washed pink. It is known affectionately as 'Capel Pinc, Ithe Pink Chapel) and wa5 painted several limes by the late artist. Aneurin Jones. The building consists of a main hall with a gallery and an attached chapel house with one vestry room upstairs and two small rooms downstairs. The chapel is located some 30 metres from the village high street, accessed via a narrow footpath. Menter Cilycwm is a Charitable Incorporated Organisation established in 2017 to secure the future of Capel y Groes. It plans to convert the chapel and vestry into a community hall to provide space for a variety of activities (coffee mornings for senior citizens, health and well-being surgeries, arts and crafts workshops, a book club, a youth club, local history talks, and Choir practice) and events Iconcerts, film night5, a produce market, a fruit and vegetable exchange, weddings. private parties. and a polling station for local and national elections), as well as a meeting venue for community organisations (the Community Council, Cilycwm Show Committee, Playing Field Committee, and Graziers Association). As part of the transfer AHF Transfomilng Hthitago Page 022 agreement, Menter Cilycwm will provide a small space for the Capel v Groes congregation Itotalling folsrl to continue to worship on Sunday mornings. The AHF first supported Menter Cilycwm with a grant for viability work in 2018. A second grant, awarded in 2022, helped fund the cost of a team of professional advisors to further develop Menter Cilycwm's plans. Now, a Project Development Grant is contributing towards commissioning a conseNation architect to develop the architectural plan5 through to the end of RIBA Stage 4. htt www.facebook.com Menter-cll cwm-100077269119428 AHF Fundlng Project Viability Grant - £2,900120181 Project Development Grant - £IO,000120221 Project Development Grant - £20,000120241 The Ice House Great Yarmouth, Norfolk, England Out There Arts Grade11 Seuside town's historlc ice hL>use transformed into Lr multi-use arts, heritoge, clrcus trainlng ond performance SPG¢ce Built between 1851 and 1892, The Ice House is a Grade 11-listed building situated on the historic Great Yarmouth South Quay. It was originally used to store freshly caught seafood that would then be transported to London's 8illings8ate fish market. In the mid-19th century the landmark building was at the forefront of an industrial revolution that saw the town's fortunes soar. As modern technologies advanced, however, The Ice House fell into disuse, serving for some time as a grain store. It is the only building of its kind left in the country and a prominent survlvor of the herring fishin8 industry that once dorninated the town. Based in Great Yarmouth, Out There Arts is dedicated to providing outstanding opportunities for artist5 and tommunlties,. it hosts and supports the delivery of outstanding circus and outdoor art5 fe51ivals and events for local communitie5 and wider audiences. Thanks to Out There Arts, imaginative and creative reuse of The Ice House, the building has been transformed into a Nationèl Centre for Outdoors Arts and Circus, enabling the charity to expand its activities even further. The building has been restored in a wav that preserves its historic character. Internally, It has been repaired and retained a5 an undivided and accessible multi-use arts, heritage, circus training and performance Space. This will host a dynamic cultural programme of live muslc, theatre, exhibitions, immersive arts experience5, and private events. It will also offer a pop-up café bar. Additionally, a fir5t-floor mezzanine leads out to a balcony overlooking the river. referencing the original high-level external platform that once provided access for loading ice into the building. The AHF supported thi5 project from an early stage, initially awarding Out There Art5 a Project Viabilitv Grant in 2018 to enable the charity to explore potential options for the reuse of The Ice House. In subsequent years, multiple grants were awarded through the Tran5forrning Places throkjgh Heritage programme, supported by the Department for Culture, Media and Sport. This included iwo Project Development Grants to develop plans for the building's future. as well as a Transformational Project Grant to help Out There Arts acquire the building. undertake external repairs and re-thatching of the roof, and AHF Tran8formlng Herltaga Page 023 install essenlial electricity and water connections. Thi5 project also attracted further support and funding from The National Lottery Heritage Fund, Great Yarmouth Borough Council, Towns Deal funding, Arts Council England and Brineflow. The transformation of The Ice House was completed in 2025 and the unique venue has already hosted an excitin8 mix of events. In May, the Grand Opening of the building kicked off the annual Out There International Festival of Circus & Outdoor Art5. Subsequently, in July, the comrnunity launch marked the beginning of Summer Night5- weekly openings of The Ice House throughout the summer season, offering food, drink5 and a special programme of entertainment. rearts.or AHF Funding Project Viability Grant- £7,500120181 Project Development Grant - £55,000120191 Emergency Support Grant- £15,000120201 Project Development Grant - £45.000120201 Transformational Project Grant - £350,000120221 The Golden Llon Birmingham, England Birmingham Conservation Trust Grode 11, located within Grtide Il. Registered Pork ond Garden 8reathing new life into one of 8lrmlnghom'5 rare Surviving timber-fromed buildings BLsiIt in the 17 century and localed on Deritend High Street la hlstorlc area of Blrmingham's clty centrel, the Golden Lion was saved from demolition in 1911 by the Birmingham Archaeological Society and relocated to Cannon Hill Park. Following it5 move, the Golden Lion was used as a refreshment room and crlcket pavilion. In March 1914. the building was Subject to an arson attack by the suffragette movement, but the fire was discovered before too much damaged occurred. The building has been empty and unused for the lasi twenty years and is currently surrounded by scaffolding. It is thought to be one of very few timber-framed buildlngs in existence in Birmingham. Blrmingham Conservation Trust is an experienced Building Preservation Trust which restored, developed and now manages the Coffin Work5 in 8irmin8ham's Jewellery Quarter. The Trust is currently explorin8 options for a sustainable use for the Golden Lion and is working to ensure its Structural stability through urgent repair works. Along with grant funding from Historic England at)d W. A. Cadbury Trust, an AHF Project Viability Grant. awarded in 2024, supported Birmingham Conservation Trust to undertake a detailed feasibility Study to assess the condition of the building and to establish the c05t of repair5 to enable it to be brought back into Use. AHF funding focussed on historic research on the building, business planning and communitv consultation and engagement. The feasibility study concluded that The Golden Lion doe5 have a viable future and urgent repairs were undertaken to stabili5e ihe building. Heritago Page 024 In August 2025, it was announced that Birmingham Conservation Trust, in partnership with Birmingham City Council, had Secured 3 £344,265 grant from the Historic England Heritage At Risk Capital Fund. With this funding, the next phase of essential works Can commence to ensure the site is secure and watertight. htt www.birmin hamconservationtrust.or AHF Fundln8 Project Viability Grant £IO,000120241 Gracemount Manslon Gracemounl, Edinbur8h, Scotland Gracemount Mansion Development Trust Cotegory B listed, Buildings ot Risk Register Former country villa to provide o sust(7inable community hubfor thefuture Situated on the southern outskirts of Edinburgh, thi5 former country villa was built in 1780 3s a rectorv, then altered and expanded in 1800, 1890 and 1932. Its historical associations include a link with the treatment of tuberculosis, as well as proximlty to a medieval healing well, Sold to the local authority in 1920, It was used as a popular long-running youth club and community centre from 1964. During this time, it accommodated a range of communily organisations, including pre-school and after-school group5, a local housing association, and a community health and growing project. However, in 2018, it was closed Suddenly due to health and safety concerns, resultin8 in tenants relocatin8 elsewhere. In response to the closure, a Friends group was formed to undertake community engagement, which demonstrated the value of and continued need for the community spaces and services delivered from Gracemount Mansion. Informed by these finding5, the Gracemount Mansion Development Trust was established. The Trust's aim is to develop the building in the spirit of what was there before, providing ) 5U5tainable community hijb for the future, with spaces to meet, learn and work. The AHF has supported this project with three succe55ive development grants, initially to help make the case for acquisition, a5SlSting with busines5 plannin& valuation and early design costs, then to develop design5 to secure planning permlssiot). Since acquisition. AHF grant support has also enabled the Trust to undertake emergency roof repair works. Gracemount Mansion was officially purchased from the local authority in May 2025 via the asset transfer process. Going forward, a phased approach will be followed,. an initial meanwhile use phase will allow user5 to regain access to parts of the building at ground floor level, as fundraising for the full capital proje continues. htt untmaThsion.com Tran8fomilng Page 025 AHF Funding Project Development Grant- £19,770120231 Project Development Grant- £15,000120241 Project Development Grant IWGF TSFI - £IO.000120251 John O'Groats Mill john O'Groats, Caithness, Scotland John O'Groats Mill Trust Category B. on the Scottish Buildings ot Risk Register Bringing the lost workin9 Wotermill CoNthness bock into vibront use ot the heort of the community This last of the great Caithnes5 corn mills stands prominently at the northernm05t tip of mainland Scotland. Orl8lnally dating from 1750, a further phase of development in 1901 resulted in the L-5haped, three-storev building that exists today. The mill ceased operation in 2001 and lay unused for 20 years, but was otherwise Intact, with machinery in situ and largely in working order. The entire mill complex holds partlcular meaning for the communitv, as It ha5 been a focal point forihis remote community to gather for centuries. The wider site includes the mill pond, a large enclosed vertical overshot wheel, a kiln, a graln store, and workshop. There is also an older mill and staljles, which had already been converted into holiday cottages prior to this prolect. For many years, there had been efforts to explore options for the restoratlon of John O'Groals Mill, and, In 2017, a new trust wa5 formed to develop a community-led 501ution: the John O'Groats Mill Trust. The Trust's ambition was to develop the mill as a venue that would Serve boih local and visitor interests - an event and community meeting space, comblned with a visitor attraction, Letting of the existing holiday cottages wa5 part of the revenue mix, and plans for the mill enhanced the visitor offerin8 at john O'Groats. Capital works comprised restoration of the existing buildin8S, the insertion of a lift and a single-stofey glazed extension with a 'green roof and viewing deck. The AHF has supported thls project with two grants slnce 2018, initially contributing to the cost of design team fee5 to help make the case for acquisition funds from the Scottish Land Fund. The building was sutcessfully acquired in 2020 and the AHF subsequently assisted with project development costs, including specialist surveys necessary to support the Trust in obtaining planning permission and listed building consent. The Trust went on to successfully make the case to capital funders, including The Nalional Lottery Heritage Fund and the Regeneration Capital Grant Fund. Works commenced on slte in autumn 2023 and the project completed in spring 2025, with the building open to visitors for the summer season. ohno roatsmill.com AHF Funding Project Development Grant- £7.360120181 Project Development Grant- £30,000120211 AHF TraI￿10￿1n9 Herita Page 026 Gregynog Hall Tregynon, Powys, Wales The GregynoB Trust Grt7de Il. Raising the roof to secure the future of Gregynog Gregynog Hall is a historic house and grounds filled with history, culture and hospit3lity. There has been a hall on this land since the 12th century. In the 1840s, Henry Hanbury Tracy (Baron Sudeleyl pulled the old house down, rebuilding it in it5 present form with concrete 'half-timbering' and incorporating elements from the old house including the carved parlour, built in 1636. The last residents of Gregynog were si5ter5 Gwendoline and Margaret Davies, renowned art collectors and public benefactors. The Davies si5ter5 lived at Gregynog from 1924, turning it into an important centre for music. the arts and fine printing. Committed to peace and progress, they shared the ambition for everyone to benefit from engagement with and access to Wales, rich culture and outstandin6 environment. Gwendoline Davies died in 1951, followed by her Sister Margaret in 1963, after which Gregynog passed to the University of Wales. The University di5P05ed of Gregynog, includin8 the surrounding 750 acres, to the newly formed Gregynog Trust in 2019, The Gregynog Trust is a charity dedicated to safeguarding this magical place for future generatlons. Its vision 15 to establish Gregynog Hall a5 a trucible for creativity, leadership and learning in Wales. In the Trust's care, Gregynog Is open to the public as a vlsltor attraction, enabling everyone to enjoy the Hall, gardens and landscape. It also continues to host conferences and events and celebrate nature and the arts through a busy pro8ramme of activities. However, due to a lack of repair and maintenance prior to the Trust's ownership from 2019, the roof requires urgent renewal and this heritage assets faces further dereliction and risk of closure. Therefore, the Trust is now undertaking a projett to refurbish the Hall and 'Raise the Roof, which will be the first slep in securing thi5 magical plate and unlockin8 Its wider potential. The AHF is 5UPPOrting Gregynog Trust with two Project Development Grants. The first, awarded in December 2023. funded a roof Survey, cost plan, and an outline programme of repairs IRIBA 11. The second Project Development Grant was awarded in December 2024 towards commissioning a multi-discipllnary design team, led by a conservatlon architect, to produce architectural plans through to the end of R18A Stage 3. www. re no .or AHF Funding Project Development Grant - £20,000120231 Project Development Grant - £20,000120241 AHF Translomilng Heritag8 Page 027 Ballogie Soutarfs Shop Bir5e, Aberdeenshire, Scotland Birse Community Trust Cotegory A Restoring the remorkoble tlme copsule of o rural soutur s shop This modest timber bu￿IdIng is one of the only purp05e-built soutar's 15hoemakerf51 shops known in Scotland, if not the whole of the UK. It was built in 1896 by Jame5 Merchant on his own croft land in the village of Ballogie. He worked there until his death in 1941.. the door was then closed and the contents survived largely Untouched. complete with tools. ledgers, shoes. and scraps of leather on the floor. It is rare survival of a bygone era when such shops would have been found in every village. The shop is one of several heritage buildings in the locality, which include a timber sawmill, turning and bucket mllls, a former school, a church, and a community hall, along Wlth woodland and forestry sites. Buildings, people and land are inextricably linked here by ancient rights of local people to gather timber. 8irse Community Trust cares for this tollection of buildlngs and, at the Soutar's Shop, has undertaken ad hoc repairs and supported a group of volunteers in delivering small scale tours of this Special place. Now, faced with deteriorating tondition, the time has come to sympathetically repair this fragile building. Once slablllsed, dlgltal access wlll be provliled, allowing interested partles worldwide to'vlsit, the shop and study its contents. The AHF has awarded three grants to this project since 2023, contributing to various cost5 associated with securing planning permission includln8 a bat survey, a condition survey, a scheme of repairs, and conservation plan- 05 well as project management, fundraising and legal costs. Capital works are due to Start in autumn 2025 and will commence with the carefL¢I removal, catalo8uing and safe storage of contents, which will be returned once the buildin8 is fully restored. AHF Fundin8 Project Viability Grant £6,000120231 Project Development Grant - £IO,000120241 Project Development Grant- £3,075120251 AHF Tran8forniing Heritage Page 028 Financial reviewforthe year ended 31 March 2025 Overview of our financial performance and posltion The AHF'S net operating surplus for 2024125 wa5 £60,65012023124.. £575,384 surplusl, comprising an unrestricted fund surplus of £33,69212023124.. £250,768 surplus) a £19,109 surplus on the endowment fund12023124: £176,674 5urplusl, and a £7,849 restricted fund surplus12023124'. £147.942 surplus). The unrestricted fund surplu5 was less this year due to three main factors.. reduced income from our lending activities, a significant one-off credit in 2023124 due to a change in our interest bad debt provision methodology, and staff and overhead cost increases, partly due to additional headcount. Our shorl-term investments delivered galns of more than £IOO,000, which boosted the unrestricted fund total surplus for the year to £137,273,. however, whilst our multi-asset portfolio continued to deliver meaningful income for us, it Sustained disappointing losses, which impacted our other charitable funds. These losses reduced the overall net investment gains to £10,299.12023124.. £167,8118ainl brin8ing our total funds surplus for the year to £70,94912023124: £743,195 surplus). Income We generated gross incorne of £3.3 mllllon12023124.. £6.2ml. The year-on-year decrease of £2.9 mi11Son was primarily due to the National Lottery Heritage Fund funding for the non-recurring £2.3 million Heritage Development Trust revenue grant5,' these are multi-year grants but were awarded, and recognised in the accounts, in 2023124. The decrease was also due to other non.recurring income in 2023124, includin8 £508,000 from Historic England, for the extension of the Transforming Places through Heritage programme, and £250,000 additional funding from Cadw, including an additional £IOO,000 contrlbution to the Heritage Impact Fynd. Unrestricted Income was £965,945 12023124.. £1,011,839). Despite the fall in interest rates, our nvestment income remained relatively stable at £288,317 12023124.. £295.0981 and income from our sector partnerships, reported under charitable activitie5, increased this year, contributing £172,615 12023124.. £135,842). Interest receivable from our disbursed loans fell by 14%, refletting both the repayment of significant loans and a slowdown in new lendin8 during 2024125. Horttsge Page 029 Fi8 7. Income Profile Our income profile loo% 90% 80% 70% 60% £2.36m £5.19m 50% 40% 30% 20% io% £0.97m £l.Olm 2024125 Income 2023124 Income Unrestrlcted ll ftestricted Expendlture Expenditure fell by £2.3 million this year, to lust under £3.3 million 12023124.. £5.6ml,. this was mainly caused by the lower value of grants made this year l£1.5ml cornpared to 2023124 1£4.2ml. Grants expenditure was particularly high last year, due to the £2.3 Million Heritage Development Trust revenue Brants and si8nificant additional grant funding in England and Wales. Our reduced grant expenditure this year was offset by some Increases in staff and overhead costs, partly due to intreased headcount, and this is reflected in higher Spend across ljoth charitable activities and raising funds. There wo5 also a much smaller, beneficial reduction in the bad debt provislon, compared to last year. During the year we took the declsion to write off a debi which had been fully provided for in a prior year. Page 030 Fig 8. Analysis of unrestricted fund expendSture Unrestricted fund expenditure Impact reportin8, i evaluation and | communication Capacity 34°A Raising funds; io% Lending costs 18% Grant making ]_ 26% Funds Our total charitable fund5 increased by £70,94912023/24: £743,1951 to £18.1 million, of which £17.4 million represent5 the AHF'S lending re50urces12024125.. £17.3ml Of the £5.9 million restricted funds held at the year-end, £3.9 million12023124.. £3.9ml represents the cumulative HIF lendlnB funds contrlbuted by our external partners (net of bad debt charges), and £1.9 million12023124'. £2ml the addltlonal funds available for lending purposes. Pav Salaries and pay award5 are set and reviewed annually by the AHF'S Board of Trustees, and our aim is to ensure that we continue to attract and retain talented staff. These revSews take several factors into aecount, including affordabilityi economic trends (particularly inflationl and external market pay movement. In April 2024, all employees were awarded a 4% pay increase. During the year, the highest paid member of staff was in the £IOO,000- £109,999 band12023124: £90.oIXI f 99,9991. The ratio between the highest paid salary and the median AHF salary of £39,24912023124: £40,288) was 2.712023124.. 2.61. Pensions The AHF operates a Group Personal Pension Plan, which is administered by The Prudential Assurance Company Ltd on our behalf. Contributions made by the AHF to the scheme in the year totalled £66,657 12023124: £64,164). Reserves The AHF'S reseThes policy 15 designed to ensure that we continue to have an appropriate level of free reseNes li.e. excluding restricted and designated reserves) to safeguard our operations and achieve our strategic objectives. The level of reserves reflects the underlying risks facing the charity and is reviewed at least annually and whenever there is a significant change in the financial risks we face, which are Pa9e 031 monitored on an ongoing ba51S. To determine the appropriate level of re5eryes- We revlew projected financial performance including cash requirements. The AHF'S busines5 model rneans that income and expenditure can be forecast with reasonable accuracy in the Short term. However, there are uncertainties, including.. timing as to when loans will be drawn, the availability of funding in the medium term, and the economic environment. We consider how we WO￿1￿ continue to opefate if there was a sustained and significant reduction in loan-related Income or capital funds to lend, or if successor funding was not secured at the end of our current programmes. We estimate the potential financial impact of other Significant short to medium term risk5, as identified in the AHF'5 Risk Register, and their likelihood. In all cases, we consider existing mitigations including the bad debt provision, insurance policies, and the Designated Lending Fund reserve. Followlng thls revlew, the Trustees have determined that the mlnimum required level of free reserves Ss between £491,0(]O and £586,000 at 31 March 2025,. the actual free reserve5 are £586,¢X)O. The Board of Trustees revlew the underlylng factors and the level of reseNes annually and Immediatelv following any sl8nificant change in the charitV'5 actlvitles, size or risk profile. The minimum reserves requirement is, therefore, expected to chanBe over time. Investment poll¢y and perfomiance Money not on loan is invested with an external Investment Fund Manager, Rathbone Greenbank Investments, in accordance with the Board'5 Investment Pollcy. or kept on deposit or in short term Investments, on terms consistent with financial prudence and ready accessSbllily. Net galns on Snvestments across all fund5 were £10,299 12023124: £167,811 gain51 and net income from investments and bank deposits for the year amounted to £288,31712023124.' £295,098). Golng concern The Trustees have assessed whether the use of the going concern basls is appropriate and have considered Possible events or condltlons that mlght cast slgnSflcant doubt on the ability of the charily to continue as a going concern. The Trustee5 have made this assessment for a period of at least one year from the date of approval of the financial statements. A5 part of the going concern review, the Trustees reviewed detailed budgets and cash flow forecasts to 31 March 2027, taking into account the current challenges of heightened interest rates, inflation, and energv costs, all of which will continue to affert the organisations we support, 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 goinE concern basis in preparing its financial statements a5 they do not corisider there to be any material uncertainties about the charity's ability to continue. AHF Transfomilng Heritage Page 032 Plans for the future We will continue to Work on the effective delivery of existing funding programmes and the development of new prop05als,' this will include maintaining engagement with our existing partners across the UK, including our statutory body sponsors. trusts and foundations and the National Lottery Heritage Fund, as well as the development of new opportunlties. Key priorities will include.. The development of longer-term grant funding programme for England, bullding on the Heritage Revival Fund. Building on a recent revlew of our lending, increase loan offers across both the endowment and Heritage Impact Fund. Delivery of the 50, Anniversary Programrne, which has been port-funded by the National Lottery Heritage Fund. Agreeing the next phase of the Heritage lrnpact Fund with the National Lottery Fund. Year-3 delivery of the Heritage Development Trust programme and the development of a new programme lo take forward the learning. Delivery of Year 2 of our Ihree-year agreement with Historic Environment Scotland. Engagement with colleagues in Cadw and Welsh government regarding lon8er-term funding and how we can help deliver on the new government'5 priorities. In Northern Ireland, further delivery of the Village Cat3lyst Scheme and takin8 forward the findings of the housin8lherita8e regeneration research. Seeking to agree pilot scheme areas for housing / regeneration funds across the UK. AHF Transfornilng Horftage Page 033 Governance statement The AHF'S charitable objective5 The Memorandum of Assoclation dellnes the AHF'S charitable objects as.. to promote the permanent preservation for the benefit of the publSc generally of buildings monuments or other edifices or structures of whatsoever kind and whether permanent or attaching to land or not and wheresoever in the United Kingdom situate of particular beauty or historical architectural or constructional interest,. to protect and conserve or promote the protection and conseThation of the character and heritage of the citie5 towns and villages in and around which such buildings monuments or other edSflces or structures exist,. to advance publlc educatlon of and interest in the history of the Unlted Kingdom and its people and thereby to promote public taste and education in and concerning the conservation of its creative heritage and the encouraBement of aesthetic standard5 attaching to it5 contemporary environment. The AHF'S publlc benefft The Trustees conflrm that they have complled wSth the duty In Sectlon 17 of the CharitSes Act 2011 to have due regard to the Charlty Commlsslon's general guSdance on publlc benefit. As a UK.wide charity enabling not-for-private-profit organisations to save and preserve the nation's built herltage with capacltv- building prograrnmes a5 well as with flnancial support the AHF'5 public impact1$ slgniflcant both locally and nationally. Our values The or8anisation'5 values, as outlined in our StrateBy 2023-28, are.. EnabllnB We help cotalyse new approaches to the adaption, management and ownership of historlc buildin85. Collaboratlve We work in partnership, helping broker new relationship5 and are open with our thinkin8 and learning. Expert We are specialists in the field of community-led approaches to the regeneration of historic building5. Grounded We are a flexible and pragmatic funder, proportionate in our approach, and empathetic to the needs of small organisations. Inclusive We strive for the equitable distribution of our funding and advice and work closely with organisations and communities to overcome barriers to gaining our support. AHF Trar￿fOrmIng Heiitage Page 034 Equalityi diversity and inclusion IEDII During the year we contlnued to look at how to deliver on the relevant EDI findlngs and recommenilations within our most recent Strategy evaluation. This has included: We provided an update to the Board on progress towards the delivery of the recommended actions in our Equality, Diversity and Inclusion evaluation 120221. This included the latest diversity monitoring for our staff and Board. We renewed our commitment to the Institute for Voluntary Actlon Research IIVARI'S 'flexible funder, principles. This set5 Out eight ways which will guide our approaeh to awarding funding and workin8 Wlth projects ahf statement on flexible f ndin dated an 2025. df. This renewal also involved extemal review. Continued membership of the social investment sector umbrella, the Dlversity Forum. Continued development of our understandlng of prolerts, governance and intentions for addressing under representation and diversitv. Continuing work to ensure the Board and staff team are broadly representative of the UK population and work in an inclusive and supportive environment. This has included the use of specialist recruitment bodies to help fill Trustee roles and takin8 into account dlversity considerations when making appointments. We also partlclpated In the Foundation Practice assessment of the AHF'S approaches to diversity* accountabillty, and transparency. The charity Was given an A ratin8 a5 part of this review. Next year the charity's EDI actions wlll be mainstreamed into its overall action plan. Now that we have meaningful data, we will need to review the informatiori that has come through the application questions re8arding EDI issue5 and what this tells us about how project5 are addressing these issues. That, In turn, will give us further Steers about how we work with projects to look at how they address thls prlorlty wlthln their organisatlons. Prlnclpal rlsks and uncertaintles The Board 15 responsible for ensuring that there are effective and adequate risk management and internal control 5V5tems in place to rnanage the major risk5 to which the AHF is exposed. Our Trustees discharge this responsibility through their review of the effectiveness of the AHF'S risk management framework. This framework is deslgned to support informed decision-making regardin8 the risks that affect the AHF'S performance and its abilityto achieve r(s objectives. The framework also provides for a consistent approach to identifying. assessing and dealin8 Wlth the risks facing the AHF so a5 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, rather than to eliminate. the risks to the AHF'S objectives and to provide reasonable, but not absolute. assurance against material rnisstatement or105s. We aim to manage risk by anticipation and avoidance, rather than by handling the consequence after the risk has cry5talli5ed. The total value of the Heritage Impact Fund and AHF Endowment Fund can be affected by the failure of some of the AHF'S borrowers to repay their loan in part or in full. Bad debts are to be expected given the Tran810M￿n9 Page 035 risks involved in the AHF'S loan investment5, although the AHF seeks to minimise its potential exposure to loan losses as far as possible through its assessment and loan monitoring processes. Provision for bad debt is rnade in the AHF'S forward financial planning. and one of our objectives is to replenish and increase the value of the endowment fund through fundraising. Risk Management Process It should be noted that processes in place regarding risk management and internal control include the following: A comprehensive rlsk management framework including a risk management polity and guidance and risk register- which addresses the Charity Commission's guidance. This consists of dlffefent stages, from understandingthe risk environment through rlsk identifScation, analysis and evaluation to risk treatmenl. The rnaintenance of a risk regSster. which is reviewed regularly by the Senior Management Tearn and twlce a year by the Audit & Rlsk Committee. The risk-management strategy forms part of the plannin8 process, against whlch the Board revlews progress formally every year. The or8anisation also maintalns risk registers for any significant externally funded pro8rammes; this currently Includes the Herltage Impact Fund. As well as the rlsk reglster, the organSsatlon also undertakes a PESTLE IPolitital, Economic, Soclal, Technological, Legal and Economlcl analysis of the longer-term rlsks facing the or8anI5ation, to enable the Audit and Risk Commlttee and the Trustees to foresee and assess risk throu8h a wlder contextual framework. The Board reviews the key rlsks followlng the AudSt and Rlsk Commlttee's bi-annual review. Flg 10,. Top rlsks currentlyfv¢lnq theAHF lik'Manwhl• Our services & products do not meet the We have raised significant fund5 for our needs of our exlstlnB or prospectlve rant programmes over the past couple client5. of years. However, there has been a slowdown in lendlng, partly as a result of economic uncertalnty and a general lack of confidence in the sector. A market a5ses5ment has been undertaken to better understand current needs and gaps and lending has recently picked up. External Operational Borrowers default on loans and repayment of capltal and interest decreases significantly. Endowment and HIF eroded rendering AHF'5 lending capacity diminished. There remain significant risk5 in the economic environment and ongoing impacts of the cost-of-living crisis. We maintain a very c105e watch on the loan portfolio and provide support and advice as needed b ro ects. Cyber attacks and potential disruption caused by new technologie5 IS Something we continue to monitor closely and ensure that investment is made in our IT security apparatus and understanding of the latest challen es. Operational Our systems. IT/communications equipment is not fit for PLJrpose, erratic. Seriously disrupted, including by Al, or ceases to work altogether. Horttago Page 036 The Trustees are satisfied that appropriate systems are in place to manage risk. Structure* 8ovemance and management The Architectural Heritage Fund IAHFI is incorporated as a company limited by guarantee Icompanv number 011503041, is registered as a charity in England and Wales (number 2667801 anil In Scotland (number SC0438401 and is governed by its memorandum and articles of association Imost recently updated 30 january 20131. The AHF Ss reglstered wlth the Financial Conduct Authority for the purposes of money laundering regulation and is recorded on the Financial Services Register (number 7074211. The re8lStered Offi￿ is 3 Spital Yard, Spltal Square, London El 6AQ. Board of Trustees The governin8 body of the AHF Is the Board of Trustees, whose members have legal responsibility as directors of the AHF a5 a company and 45 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 the AHF'S executive. Board 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 fifteen appointed Trustees, including the Chair, who contflbute a diverse range of expertise and who represent the whole of the UK. The AHF recognlses that an effective Board of Trustees Is essential if the charity is to be effectlve In achieving its objects. The 8oard must seek to represent the people wlth whom the charSty works and must have available to il all of the knowledge and skills required to run the charity. Durin8 the year the trustees reviewed the Charity Governance Code and identified several actions that the or8anisation is taking forward in next year's annual plan. This includes the development of new Equallty, Diversity and Inclusion commrtments and an action plan to support thls key area of work. Some mernbers of the 8oard are also Directors or Trustees of, or consultants to, organisations which apply for and receive financial assistance from ihe AHF, or with which the AHF has an arm'5-len8th business relationship. In thi5 event the member or members are required to disclose the interest at the meeting at which the appllcatlon is considered, or the business is dlscussed, thereby taklng no part In the Board's decision (ln accordance with the AHF'S Conflict of Interests Policy). A re8lSter of Trustees, Interests Is malntalned and updated reBularlv. The Board meets at least five times a year. Commlttees There are currently six sub-committees, the Audit & Risk Committee, the Credlt Panel, the Heritage Impact Fund Credit Panel, the Grants Panel, the Communications Committee and the Nominations Committee. Audit Risk Committee Composed of up to four Board members, the duty of the Audlt and Risk Committee is to consider and report to the Board on matters of financial control and performance. and to help Trustee5 and staff identify and assess risks to the organisation. The Audit and Risk Committee met three times during the year. AHF Herltage Page 037 Nominations Commlttee The Nominations Committee is responsible for establishing protoco15 for the appointment of Trustees and Chair, for organising the selection criteria and runnlng the recruitment process and recommendations for appointment to the Board. Credit Ponel The c￿dit Panel makes decisions on loans below £sLX),L￿ and makes recommendations to the Board on loan applications above that threshold. The Panel currently Comprises four AHF Board members and the CEO. The Panel met five times during the year. The Heritage Impoct Fund Credit Ponel The Herita8e Impact Fund IHIFI Credlt Panel was established in March 2018 to make declslons on HIF loans below £500,000 and to make recommendations to the Board on appllcatlons above that threshold. The HIF Credlt Panel currently comprise5 five AHF Board members and the CEO. There is an Observer to the Panel, Hannah Stranger lones, an Independent consultant and formerly Head of Research and Impact for Unltd, who advlses on social impact measurement. Historic England and the National Lottery Heritage Fund are also observers to the Panel. Gront5 Ponel The Panel comprlses at least four Trustees rèpresenting England, Northern Ireland, Scotland and Wales, plus the Chief Executlve. The Director of Programmes & Deputy CEO is its Secretary. The Panel meets quarterly. Term5 of appointment are forihree years but are synchronised with the serving terms of Trustee appolntments. The Chair revolves around the four Trustees on a bl-annual basls. The Panel met four time5 during the year. Communlcation5 Committee The Communications Commlttee oversees the PR and communications strategy for the AHF. It Is also currently overseelng the 50 anniversary campaign. Horltago Page 038 Trustees serving during the year and since the year end were.. Fig 11.. Trustees serving durlng the year ond Since the year end Board Board Comrnittees Trustees Year of appolnt ment Audit & Rlsk Credlt Panel HIF Credit Panel Grants Panel Nomlnatlons Commlttèè Ros Kerslake IChaSrl Ade Alao Iretired December 20241 Syreeta 8ayne 2018 James Bowdid8e 2019 Audrey Carlin (Chalr of Grants Panel Graham Fisher 2019 Alan Francls Roy Hodson (retired March 2025 David Hunter (Chair of Credit Panel) Menna lone5 Iresl8ned July 20241 Karen Latlmèr 2016 17 2023 Gre8 Pickup 2020 Suzanne Snowden Iretired March 20251 Neal Sha50re 2020 Esther Rgbinson-wlld Andy Westwood 2024 Peter Williams (Chalr of Audit & Rlsk CommSttee Trustees Ros Kerslake CBE (Chalrl Ros Kerslake CBE has more than 25 years, board level experience in the property and regeneration sectors, serving as chief executive, non-executive director and chairfor a number of public, private and third sector organisations. Previously she was Chief Executive Officer of the National Lottery Heritage Fund, overseeing circa £400 million per annum of project investment, alongside 8 major organisation transformation programme of the UK-wide body. Her earlier roles include Chief Executive of The Prince's Regeneration Trust, leadinB urban regeneration across the UK, Chief Executive for Regen Co, Sandwell, and Director of Property at Network Rail. Horftage Page 039 Ros is on the board of Sanctuary Housing Group and Homes England and is a trustee of regeneration charity Re-form Heritage and the Untrversity College of Estate Management. She chairs Leeds Castle Foundation. She was awarded a CBE in 2020 and an OBE in 2016 for services to heritage. She is a qualified solicitor. Ade Alao Iretired December2024) Ade Alao leads on major real estate capital projects for HM Courts & Tribunals Service. He previously worked at DWP, the British Councll 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 Non-Executive Director appointments as Chair of Northwards Housin@ and Vice- Chair of Salix Homes- both major housing assoclatlons in Greater Manchester. Syreeta Bayne Syreeta joined Muse in 2023 as the Head of Social Value and Sustainability from JLL where She was working as their EMEA Head of Social Value as part of the Global Sustainable Operatlons Team. With circa IS years, experience, six of which were in the construction sector worklng at InterseNe and BAM UK, Syreeta has created and led various social and sustainability projects in partnership wlth prlvate and publlc sector cllents Includlng Aviva, Legal and Gener31 Investment Management, La Salle and Hornes England. Syreeta's maln drlve5 at Muse Is to develop the comblned strategy for socl?I Impact. sustalnability, and equality, dlverslty and Incluslon, called 'Our Sustainable Future,. Syreeta brSng5 her experience and expertlse to AHF, supportlnB It on Its journey to create impactful places and communlty hubs. James 8owdldBe James was prlnclpal of a Central London commerclal and mSxed-use property development and Investment busines5, The Property Merchant Group, which undertook a wide range of projects in Central London, of whlch the £50 mlllion refurbishment and reconfi8uration of SIT Edwln Lutyens's One Finsbury Clrcus was partlcular hSghllght. In a voluntary capacity* he 15 a Vlce-President of the Game and Wlldllfe ConseNatlon Trust and a former d1￿Ctor of Theatre Dellcatessen, an Smportant meanwhlle occupier of malor bulldin8S, supportlng over 11,000 artlsts. Audrey Carlin (Chair of the Grants Panel) Audrey Carlin is an experienced leader in the delivery of heritage and regeneratlon projects. A Town Planner by profession, she has over 30 years of professional experience, delivering over £50 million of re8eneratlon focused activity in Scotland in this time. Audrey was Chlef Executive of Wasps, Scotland's lar8est provider of studios to the creative sector, for over a decade, transforming historic bulldln85 into Creative hubs across Scotland. She now works with The King's Trust as Head of Government Partnerships. Audrey currently is an active 5UPPOrter of the arts and 15 Vice Chair to the Board of the National Galleries of Scotland and Chair of their Major Capital Projects Committee, overseeing nationally signifitant development projects IncludSng the Award-wlnning expansion of the Scottish Natlonal Gallery, reopened in 2023. Graham Fisher Ichair of the Grants Panel) Graham Is Chlef Executive of Letchworth Garden City Heritage Foundation, a place-ba5ed foundation that is the custodian of Letchworth Garden City, the world's first Garden City. Prior to joining the Foundation, Graham was Chief Executive of Toynbee Hall, an antl-poverty charity based in the East End. Graharn's career combines leadership roles in the voluntary sector, local and national Governmer5t, including as Chief Executive of MLA London, the strategic regional development agency for museums, librarie5 and archives Transfornilng Page 040 and Director of London Libraries Development Agency, the strategic ￿8¥On¥1 development agency for public libraries. libraries and archives and Director of London Libraries Development Agency, the strategic regional development agency for public libraries. Alan Francls Alan has more than 40 years post-qualiflcation experience In architecture. His professional experience started in 1974 as the office junior at Gwent County Council and has includede fifteen years in private practice in Central London, interspersed with stint5 where he returned to South Wales. He co-founded Gaunt Francls Architects in 1997. Although all projeets In Gaunt Frantis are developed collaboratlvely, those which have Alan's personal stamp Include Llys Cadwyn the town centre mlxed-use scheme in Ponlypridd; the Parkgate Hotel in Cardlff which opened in 2023- the conversion and upgradinB of Lutyen5 Grade Il. masterpiece '8rltannlc House, In the City of London,. the conversion of the Grade Il* former Public Record Offite in London's Chancery Lane into the Maughan library for Kings College London, and the Brltlsh Council's new-build headquarters in Cairo, Egypt. Alan was Chalr of the Design Commlsslon for Wales from 2006 - 2016 at a time when a number of major project5 for Wales were under scrutiny (including Central Square In Cardiff and the Cyfarthfa Ironworks masterplanl and when heavyweight discussions were in hand wlth Welsh Government about the energv debate and Impact on Welsh Buildlng Regulatlons. In July 2024, he was elected President of the Royal Soclety of Archltects Sn Wales. oy Hodson (Chair of Audlt & Risk Committee) (retired March 20251 Roy Hod50n joined the Board in April 2016. He brin85 considerable financial expertise to the Board having been a partner at PWC for 26 years, includlng servlng clients in the property, construction and flnancial services sectors. Roy is a Chartered Accountant IICAEWI and also Director of a number of commercial companles. He mentors at the School for Social Entrepreneur5 and the Unlverslty of Manchester. Davld Hunter Ichair of the Credit Panel) David Hunter is a professlonal Non-executive Director and Strategic Adviser focused princlpally on UK and International real estate. His background is as a Fund Manager, and In recent years he has held a wide range of board position5 in UK and overseas listed businesses. He is currently Chairman of a UK REIT. Davld is an Honorary Professor of Real Estate at Herlot-watt University. Menna Jones Menna Jones has worked in the Social enterprise sector for the last 30 year5 and was Chief Executlve of Antur Waunfawr, a social enterprise in North West Wales for 27 years until joining 6ardsey Island Trust in her current role as Development Manager in 2022. She previously worked as Development Coordinator for Cymdeithas Tai Eryri housing association and for Dafydd Wigley, MP for Caernarfon5hire. She has been involved with the social enterprise and community sector in Wales at all levels including voluntary roles, spearheading heritage, recycling and care projects, and contributing to Social Enterprise Strategies in Wales. Menna is passionate about the language, culture. environment and heritage in Wales, and is a Board member of Yr Ufdd INational Youth Organisation of Walesl, and Canolfan laith Nangwrtheyrn Iwelsh Language Centrel. Page 041 Karen Latlmer OBE Karen Latimer is a library buildings consultant and Chief Adviser to UK Designing Libraries. In parallel with her professional career she has over 40 years, eKperSence in the architectural heritage Sector in Northern Ireland and is currently on the Board of Hearth Historic Buildings Trust, The Boomhall Trust and the Irish Architectural Archive Ichair of the Collection5 Committee), and is Publications Editor for the Ulster Architectural Heritage Socletv. Gre8 Pickup Greg Is Chlef Executive of the Churches Consetwation Trust, a charity charged with the care of over 350 historic churches and dedlcated to tjslng these to support and regenerate comrnunitie5. Previously he was the CEO of Heritage Lincolnshire, a heritage development trust with whom AHF has worked on a number of project5. Greg ha5 also worked for the National Lottery Heritage Fund. as Fund Manager for the £20 million Derby Enterprise Growth Fund, as well as on a range of project5 during a period running his own consultanLy, including Townscape Heritage and LGBTQ history projects. In addltlon to seNing on the board of AHF he was formerly a Trustee of the Arkwright Society, custodians of Richard Arkwrlght's Cromford Mills complex In the heart of Derbyshire's Dernent Valley Mills World Heritage Sile. Suzanne Snowden [￿tired Morch 2025) Suzanne Snowden Is a marketlng and communlcatlons consultant with experience in a variety of communications, marketing and insights role5. As founder and Director at Message Consultlng Llmbted, she helps clSents wlth thelr messaglng and thought leadershlp strategies, including the deslgn and roll- out of complex international research campaigns. Prevlously Global D1￿Ctor of Thou8ht Leadership at Pwc, Suzanne led the firm's research, marketing and Ins18hts programme 8lobally. She brings experience advising on brand positioning, thought leadership, communications and dlgltal marketlng. Neal Shasore Dr Neal Shasore Hon FRIBA Is a hlstorlan of the built environment and an architectural educator. He has researched and published extensively on archltecture in Imperial Britain in the twentieth century. For four years he wa5 Chief Executive and Head of School at the London School of Architecture. Ne is a former trustee of the Twentieth Century Society and 15 currently a member of Historic England's London Advlsory Committee and the London Dioces8n Advisory Commlttee. Esther Roblnson Wlld Esther Robinson Wild is a Historic Environment Consultant with extensive experlence of working on a wide range of projects in all areas of the historic environment including listed building5, historic buildings and place5, conservation area5 and archaeology. She has a background In finance and real estate having worked for over ten years as an Analyst in various City of London-based financial institutions. She is a former member of the Board of Directors of the Chartered Institute for Archaeologists IClfAI, and former co-lead of the London School of Architecture and the AHF'sjointly delivered Part 4 course'working with Heritage,. Esther has a MA in the Archaeology of Buildings from the University of York. She 15 a Fellow of the Society of Antiquaries of London. **Tra�sforming Hentage** AH F Page 042 ## **Andy Westwood** Andy Westwood is a Professor of Public Policy, Government and Business and a director of the Productivity Institute at the University of Manchester. He is a board member at Skills England and a governor at the National Institute for Economic and Social Research. He also works as an expert adviser to a range of organisations including the International Monetary Fund, the Organisation for Economic Co-operation and Development, the European Union, and the Economic Affairs Committee in the House of Lords. Previously he worked as a special adviser to UK ministers on innovation, education and skills during the last Labour government. ## **Peter Williams** Peter Williams has spent over 30 years in a variety of both executive and non-executive positions in consumer-facing businesses spanning retail, leisure, media and consumer products. During his executive career, Peter was on the board of Selfridges for 13 years, initially as CFO and then as CEO, during its radical transformation to become the world's leading department store. Following Selfridges, he was the CEO of Alpha Airports Group pie, which operated duty-free retailing and airline catering in 15 countries. Peter's extensive non-executive experience has included board positions at ASOS, boohoo, Rightmove, Superdry, Cineworld, Mister Spex, GCap Media, Capital Radio, U+I, Sophia Webster and Silverstone. Peter is also a trustee at Somerset House. ## **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, evaluation and communications activities. 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 Director of Finance, the Director of Programmes & Deputy CEO, and Director of Investment. ## **The AH F's employees** Matthew Mckeague - CEO Oliver Brodrick-Ward - Executive Assistant and Team Administrator ## **Finance Team** Fiona Hollands - Director of Finance Bryony Demetriou - Finance Officer ## **Investment Team** Asha Karbhari -Director of Investment Andrew Hitches-Davies - Investment Manager Emily Greenaway- Investment Officer Leila Bougdah - Investment and Programmes Assistant AHF Transfomilng Horllago Page 043 Pro8rammes Team Dr Kelcey Wilson-Lee- Director of Programmes & Deputy CEO Riona McMorrow- Head of Grants Gavin Richards- Heritage Development Trusts Programme Manager Dr Laura Wllliams- Development Manager IEn8landl Josephine Brown - Programme Oflicer (South West En8landl Loulse Morgan- Programme Officer (London and East England) Mandy Hall- Programme Officer Imidlandsl Annoushka Dei8hton- Programme Officer (Northl Dr Gordon Barr- Development Manager Iscotlandl Jo Robertson- Support Officer (Scotlandl Adam Hltchings- Development Mana8er Iwalesl Rlta H8rkin- Development Manager (Northern Ireland) Leah O'Neil- Support Officer (Northern Irelandl Tio lacksot)- Communications Officer Deepa Naik- Evaluation and Data Olliter ProfeS￿onal Advlsers: Sollcitors.. Thorntons, Citypoint, 3rd Floor, 65 Haymarket Terrace, Edinburgh EH12 5HD Bates Well$ 10 Queen Street Place, London EC4R IBE Brechin Tindal Oatts, 48 St Vincent Street, Glasgow G2 SH Morton Fraser, QuartermSle Two, 2 Lister Squhre, Edlnburgh EH3 9GL Farrer and Co LLP, 66 Lincoln's Inn Flelds, London WC2A 3LH Cleaver Fulton Rankin, 50 Bedford Street, Belfast, BT2 7FW TLT LLP, 20 Gresham St, London EC2V 7JE Auditors: Moore Kingston Smlth LLP, 9 Appold Street, London EC2A 2AP Insolvency Advisor.. BM Advisory LLP, 82 St John Street, London ECIM 4JN AHF Translormlng Heritage Page 044 Bankers.. Barclays Bank plc, 167 High Street, Bromley BRI INL Investment Manager Rathbone Greenbank Investrnents, 30 Gresham Street, London, EC2V 7QN AHF Tran8fornilng Herttage Page 045 Benefactors and Friends The AHF enjoys the support of a steadfast group of major institutional funders, as well as a growing number of like-minded individua15 who 5L¢PPOrt OUT core work as Friends of the AHF. Together, these Benefa￿or$ and Friend5 enable u5 to work with communltles across the UK to safeguard and enllven beloved historic buildings. We are extremely grateful for the support during 2024-25 of the following. Benefactors1£20,000 or more per annuml UK Government Department for Culture, Media and Sport Hlstorlc England Historic Environment Scotland Cadw Department for Communities in Northern Ireland National Lottery Heritage Fund Garfield Weston Foundation The Pllgrlm Trust Wllllam Grant Foundatlon Frlends1£120 or more per annuml Adebayo Alao Simon Back Glenarm Building Preservatlon Trust Mike Harris Michael Hoare Roy Hodson Fiona Hollands Asha Karbhari Karen Latimer Matthew McKeague l Robinson Artemi5 Sarafoglou Suzanne Snowden Paul Tomlinson Myra Vasdekys Nigel Waring Kelcey Wilson-Lee The Architectural Heritage Fund statement tsf Tru$tees' Responsibilities Page 048 stat¢mnt olTruste88' R*spon5ibllltles The members of Ihe Board (who are the Trusi8es, and also directors olThe Archlltctural Horltsgè Fund fortho purposes of company lawl are re8ponslble for preparing the Tru51e¢s' Report and Ihp fi'llanciHI $t4lemenls in with appli(xbtE law and Uniied Kingdom Accounting siahdards iuniled Kingdom GeTreralyAG¢epte¢ Accwnting Pradicsl. 1nduding FRS 102'The Fin4nGial Reporfing St8nd8rd Applicable in Ihe UK and Ireland.. Company law réqulrès thè Irusiep5 to p￿pare finanaal stalernents for e3ch financial yearwhith 9ive a true and fair view of the $lale of sff8irs ol The ArGhileGlui81 H8iilage Fund I'AHF'I and ol Ihe incoming r&souic&8 and application of rasoure*8. in¢lud5ng the income expendlture. of th8 AHF fof thai y&ar. In preparing thetsefinancial slalEmEntS, Ihe Bwd 15 required to.. select suiiabfe accounknng policle5 and then apply them ¢0Th8i¥l8nlly'. obseofe the mEthods and prinGiples in Ihe Ch8ri1ks SORP IFRS 1021., rnak8 judyetnenls and estlrn8tQ5 that are regsongble and prudpnl.. $lal? whether applic8We UK Accountsw Sl8nd8rds have b8en folh)w6d, subject to any mattrrial departures dlsc108ed and explalned In Ihe finaThcl81818iemenis', 8nd prtrpaie th2 finanthal Statements on Ihe 9ging Con￿rn tsa5is url*gs111s in•ppropri8le lo pie$umg Ih•tthe chwil•ble ¢ornparny will cornllnu• in buwMB8. Thé Board 18 responsiblè for ktr8ping proper accourstsng records thol disdose with reasonable Accuracy al any lime the financi4 poslllon of IheAHF, and ¢DBblg thorn to •noui8 th41 the linanci81 #lal•menls comply with the Cornpani•s Act 2008, the Ch•rili•s and Tru5t¢¢ Inv¢51m¢nl IS¢ollandl Act 2D05 and th8 Chartti88Accounis Iscollandl R$gulallon8 2005198 amondedl. They are 160 rélponsible for $afeguardino the ossels olthe 8Dd hence lorlaking re05QD8ble sleps for Ihe pievenlion and detection of frBud and other Irregularlll88. In so far 88 th• TrustseÈ af6 8W818'. Ihero Is no r•l8v8nl audrt Inlofmatlon olwhlch the chariiabl• ¢oryiny's &udilor Is ￿8w81•.. tho Tiu$ts*i havo tsk•n bll it•Pi that they ought lo havt lakon to m4ko them601¥•$ aware ¢f •ny Ml•v•nt iudll Inform811on @nd lo ￿tablIsh that the audrtor18 awar• of that Infomiauon. The TIu8tè8s ar& r88pon8ibl8 tor tha m•intènance ond iniegiily ol tha corpor816 And fknanclal Information Included on th8 ch4ri1abl8 companW8 wabsita. Leglslaiion in tha Unlled Klngdom gov•inini Iht w•p*raiioN And dl886mlnallon of finandal 614tsm•nts MAY dlffar Ir¢m l•gl$laiion in othorlurl#dictlDni. Th18 Report has been preplred kn Nccordance w5th th• spedal piov18toTrs relollng to $mAII companles wllhln Part 15 of th Comp•ni88Act 2006. s￿ned an bthll ollh¢ 8D•rd.. Ro Chalr 30 S6ptsn*6r 2025 P8ge 047 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ARCHITECTURAL HERITAGE FUND Oplnlon We have audited the financial statements ol The Architectur81 Heritage Fund I'the company. for the y8ar end&d 31 March 2025 which comprise the Stslemerbl Of Financial Actlvitles, the Balan¢e Sheet, the Statement of Cash Flows and not85 to the financial statements. including a summary of 3ignifi¢anl accounting policies. The financial reporting frarnework that has been applied in their preparation is applicable law and Unit¢d Kingdom Accounllng Standards, including FRS 102'The Financial Reporting Stsndard Applic8ble in the UK and Ireland, (United Kingdorn Generally Accepted A¢countlng Prac￿ce). In our opinion the finan¢lal $latements'. give a twe and fair view of the slate ol th& tharltabl& company's affalrs as at 31 March 2025 and ol Its Incornlng resources and applkation of resources, including its incomè and expenditure, for the year then ended., have b&en prop8rfy pr8P8Ted in accordance wth United Kingdom Generally Accepted Accountlng Practice., and have been prepared in a¢¢ordance vAth the requlrements of the Companies Act 2006, th Charltle5 and Trustee Investment (Scotlandl Act 2005 la5 amended). Rtrgulallons 6 and 8 01 the Charities A¢¢Junl$ l8¢ollandl RegUla￿OnS 2006 lag amendedl and the Charlties Act 2011. Basls for opinion We conducted our audlt In accordance with InlemBtio￿I Standards On Audlling IUKI IISASIUKII and applicable law. Our re3pongibililles under those standards ar8 further dtsscribed in the AuL1ilor's R•spon$ibilltl&s f¢r the audll of flnanclal statements secllon of our report. We are independent of the Corporation In a¢¢ord8n¢¢ with the ethical requirements that are relevant lo our audit ol the finan¢lal slat?fflent5 In th8 UK. includlng the FRC'S Ethical Standard. and we have fvlfilled our other gthical r•sponslbllllles In accordance wlth these requirements. We believe that the audit 8vldenc8 we have obtalned Is suffleienl and approprlate to provide a ba$1$ for our opinltsn. Concluglon8 rolallng to golng concorn In audltSn9 th• finanelal statements, we have concluded that the Trust¢&s' u$e ol the going ¢on¢•rn basls ol a¢counling in the preparation of the linanclal 5talemènts15 approprlat•. BaBed on the woth we hov? perfDrmed. we hav8 not Id•ntifiad any mÈt•rlAI uncertainll•s relatlng to ¢venl$ ¢r ¢ondllions that, Indlvldually or collecllvely, rnay cast slgnificanl doubt on th? cornpany's ability to continue as a going concern for a period of al lea81 ￿e1ve months trorn when the finan¢ial ¥lal¢m•nl$ are aulhorl$ed for i$$u•. Our responsibilllies and the responsibilit108 01 Ihtr dir•¢tors wth r¢$p¢cl to golng concern are de$crlbed in the ¥elevant section6 01 this report. othèr Informatlon The tsth•r infDrmatlon Comprises the InlormatSon Included in the annual report, ofher than the flnanci¥l slalemenls and ou¥ auditor's report thereon. Tho Trustetss a¥8 responsible for the other information. Our opinlon on the flnanclal statements does not cover the other Snformatlon and, except to the exlenl oth8rwi58 explicitly 5tat&d in our ￿pOrt. we do not express any form of assurance conclusion thereon. In connèctitsn with tsur audit of the flnanclal statements. our respon￿bIlItY1$ to read the other Inlorrnatlon and, in doing so, eonsider whether the other information is materially incon6islent wilh the financlal statements or our kn￿edge obtained in the audit or otherwise appears to be materi?Ily rni5slaled. If we 1dentlfy such material Snconslstencles or apparent material misslatement8, we are required to delerrnine whether there 1$ a material misstslement in the financial statements tsr a material misslaternenl Dfthe other information. If, based on thè work we have performed, we conclude that there 18 a material misstatem&nt of this other Snformation. w• am requlred lo report that fact. We have nothin9 lo report In thi$ regard. P8ge 048 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ARCHITECTURAL HERITAGE FUND Opinions on other matters prescrlbed by thg Companles Act 2006 In OLW opinion, based on the work undertak¢n in the cour¥e of the audit.. the information given in the Trustees, annual report for the financSal year for whlch the financial statements are prepared Is consi$tenl wlh th* finan¢i81 $talemertts', and the Trustees, annual report hav6 be&n preparèd in accordanc& with applicBb18 18981 requlrèm8nts. Matte[8 on whlch wo ar& requlred to r•port by •xcèptlon In the light ol the knovAedge an(J und6rstandlng of th8 company 8nd its environment obtained in the course of the audit, we have not Identlfied materlal misslatemenls In the Tru$lee$' annual report. We have nothing to report In r8SP8Ct of the following m8tter8 where the Comp8ni88 Act 2006, the Charities Accounts Iscotlandl Regulatlons 2006 las amended) and the Charities A¢1 2011 requlre us to report lo youll, In our opinion.. adequate accounting records have not beèn kept, or r•tUTn$ ad$quale ft>r our audit hav? not b&8n recelved from branches not visited by us., or the Ilnanclal slalem¢nl$ are not in agrètmtnl wslh th* a¢¢ounllng re¢¢rd$ and returns.. or ¢ertaln dlsclosures of Trustees. remuneration specifled by law are not made,, or we hav¢ not r¢¢*ived all the information and explanations we require for our audll., or Ihe Trustees were not entllled to prepar• the financial statements in aeeordance with the small comp8nle8 reglme and l¥ke advantage ol the Small Companles exemption in preparin5 the Trustees, Annual Report and from pr¢parlng a Slrale9le Report. R•sponslbllltl•8 ol Trusts•• AS explained more fully in Iha Tru$l¢e$' re5pon$ibilili&$ $tSlemenl $et ¢ul on page 46, Ihts Tru$lè8$ Iwho are al8¢ the dlr¢¢l¢r$ of the ¢harit8ble company for the purpo$e$ of company lawl 8r• i•sponslblé for thé pr8paratlon of the financial slal8menls and for being s8ti3fted th81 thay slve true and falr vlew. gnd for $u¢h inl•Tnal control as the Trusle?s deittrmine 13 n?¢*$$ary to ¢nabl? the preparallon ¢1 flnan¢i81 $tètem8nl8 that are free frorn material misslatemenl, whether due lo fraud or error. In preparlng the flnancial statemen15, the Twstees are reyponsible for assessing the charftsble company's ability to continue a5 a going concern, di8closing, 88 8ppIic8ble, matters related lo going concern and using the going ¢onc¢rn b83is of acwunting unles$ the Tru51ee$ ¢ilher intend lo Ilquidgte the charllable Company ¢r t¢ ￿9$• ¢p*rallon$, ¢r have no real1$li¢ alt¢mallve bul lo do $0. ALtditor's rasponsibilities for the audlt of th• financial stat8ment8 We have been appointed as auditor under Section 4411llcl of the Charities and Tru5t?e Investment Iscotlandl Act 2005, the Companies Act 2006 and Section 151 of the Charitie5 Act 2011 and raport to you in aecord8rtce with r¢gulalion$ m8¢e under those A¢t$. Our obl•ctiV•8 are to obtain reasonable a58UT8nc8 about whether th• financial stattments 88 a whole are free from materlal misstatem¢nt, whether due tts fraud or error, and to issue an auditor's report that Indudes our opinion. Reasonable assurartcè is a high level of assurance, bul Is not a guarantee that an audit conducted in accordancè wlth ISA9 IUKI ￿1] always detfrct a material misstatement when it exi5¢3. 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 ol user5 taken ¢n th¢ ba$1$ of these financial slatements. A5 part of an audit in acrcrdance wth ISAS {UKI wts tsxoreise prolessional judgement and maintaln professional 5ceptlci5m throughout the audrt. W& also.. Pqge 049 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ARCHITECTURAL HERITAGE FUND Iilenlify and assess the risks of material misstatement of the financi81 statements, whether due to fraud or error, design and perform audit procedures responsive to Ih06e risks. and obtain audit evldane¢ that is sufficient and appropriate to provide a basis for our oplnion. The risk of not detecting a material rnisslatemènt r•sulting fiom fraud is higher than for one resulting from error. as fraud may Involve colluslon. forgery, inlentlonal omissions, rni51epre88ntations, or the overrlde of 5ntemal control. Obtain an underst&ndlng of internal conirol relevant to the audit In order to de51gn aud procedures that are appropriate in the ciicurnstanc85. but not lor the purpose5 of expressing an opinion on the 8ffeelivtness of the chaiitsble company's inlefnal control. Evaluats the appropri¥lene$s ot accounting policles used and Ihe reasonableng¥3 of accounting estsmates and related di5ck)sure5 made by th¢ Trustees. Conclyde On the appropriateness ol the Trustees, use of the going concern ba8is Df accDunling and, based on the 8udrt evidence obtained, whether a material uncertainty exists related 19 evenl$ or conditlons that may cast significant ¢Joubl on the chaiit&ble company's ability lo continue as a going concern. 11 we etsnclude that a material uncertainly exists, we are required lo draw attention In our auditor's report to Ihe related disclo8ur85 In the financial statomants or, if such disclosures are inadequat•, to modify our opinion, Our conclusions a￿ based on the avdll evldence obtained up lo the date ol our auditor's r8POrt. How8vèr, lutur& events or conditlon8 may cause the charitabl• ¢gmp•ny lo ¢ea$e lo continue as a golng concern. Evaluate the overall presentallon, structure and content of the flnanclal stalemants, including tha distlosuros, and thether the financlal statements repre$¢nllh¢ undtrfying transactlons and events In a mann?r that achleve¥ lalr pres8nt8tlon. We communicate with those char9ed wllh sovernance re9aidin9, among other rnatters, the planned scope and lirnlng of thè audll and $lgnlfi¢anl audll flndlngs, Including any glgnificanl deliciencles In intemal control that we identify durlng ¢ur audlt. explanatlon as to what extent th• •udlt wa8 con8ld•rad c8pabl• of d8l•ctlng Irrogularltl•8. Includlng fraud lrre9ularllles. Includlng fraud. are Instances of non-¢omplian¢g with laws and r8gulations. We d*51gn proc•dures In Ilne whh our responsibllilie$, outlined abovi, lo det•¢l malerfal mlsstatements In respect of Irrggularilles, including fraud. The exlenl lo whth our wor￿￿￿$ ore ¢apabl• of d•to￿l￿g Irregularilles. including fraud is detail¢d bek)w. The objectives of our audit In re6pecl of fraud, 8r•', to Idènllfy and a58ess the ￿Sk8 of materfal mlsstatement of the financi81 statement¥ due to tr¥ud., lo obtaln sufficient appropiiat• audit •vidence regardit)g the assessed risks ol rnalerial misslal¢ment due lo fraud, through deslgnlng and Implementlng approprlale responses lo those assessed risks., and to respond approprlately to Instances of fraud or suspected fraud identified during th? audit. However, tho primary responsibi5ily for the prevention and del¢clSon of fraud iesls ￿th both management and those charged wllh governance of ¢he charitab18 Eompany. Ow approa¢h was as lollows.. We oblained an understanding ol the legal and regulatory requirements applicable lo the company and considered that the rn08t significant arè Iht Ctsmpanles Act 2006, the Charlties and Trusteè InvÈstmenl Iseollandl Act 2005 las amendedl, regulations 6 and 8 of Ihe Charities Accounts Iscotlandl Regulations 2006 las amended), the Charities Act 2011. the Charity SORP, and UK financial reporting standards as Issued by the Flnanclal Reporting Council and UK taxation legislation. We obtained an understanding of how the charitable company ¢ornplie¥ with these requirements by discussions with management and those charged with governance. Page 050 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ARCHITECTURAL HERITAGE FUND We a¥3¢ssed the risk of material misstatement of the financial statements, including the risk of material misstatement nsiblllty to any party tslh•r than the ¢harilabl• ¢¥mpany. the ¢hari13ble ¢ompany'$ members, as a body. and the charlly's Tru$lg•¥, 4¥ a body for our audll work, for this report. or for th* oplnion we have formed. Luke Holl (Senior Slatulory Audllorl for and on behalf of Moore Klngston Smllh LLP, Ststutory Audllor 9 App¢ld Street London EC2A 2AP Moor¢ Kingston Smith LLP ig eligiblB to act 88 suditor in terms of Seotion 1212 of the Companie5 A¢t 2006. Pa￿051 xcaurtl 2.16J.14 21Q.I INalY ¥76.&tJ 711.726 .14$ J329,213 JS,UJl 2J.J M2 Lv•rtlii4yr•N Vl.Q371 3M•) 117. 2.1ty1.122 37.1 9,045,J46 TWlixp•n4kyi 22Jll IOIA11 137275 7D.94• IGG77TI 137W3 e.•?lJ59 TheATthlttttuid Hentage F￿d Bala￿ Sh*&t a$4t 31 Maith2025 Page 052 Flx•d i•s•t¥ 3.144.955 .6 46,J J4,62Q 9.106,474 Tolilllxod 11.287.911 Curnn141¥•15 367.929 2,073.12 a6.50 2,OW,eOD 3.QW.148 4,2f*.7)1 J.QM.OOD 2.492.877 9.797.77J 1$.lJS.977 1816S.020 Fund rund 9,545,075 .Y4.B20 D•ilqnii•d I I.OA7,112 088,000 1,69•,a19 646,0 2.183,122 T¢t41funo• 1B.019.011 Theiinirtld bylho cn Joth Sow￿b•r, ind Kar￿•￿ DW• 30 ￿P1•￿&￿2￿25 Jos￿l￿b￿a015 Th&Athitoclufal Heriia9e Fund siatameni of CaBh N¢wsfgrlh8 W[￿ded 81 2U Page 053 Not 2024 N•tc*vb Yudjnop•r￿*n9 (BO1￿231 IIM47.4001 Inief¢sirrom Inv¢*m¢nt Purcfrasqsollixed a5geiiweulm?nt 786.726 1329,79n 871.721 529.261 129.86J,7141 JD,071.B$2 IJ1.806,Q571 30,700.587 111,2551 120,8871 PracqedslryJm Euirenl Big•lin￿61￿e￿ rcthasgyuifixqd asS+1S 126.oeoi 1277,710 ensh atlh•b•qknnlno Oflhvy￿T 6.071.154 6.348,874 Tutsl¢*ih *Kd¢th•h•4uW•l•ntJ•¢th• •nd oflh•y 3,911,140 I￿71 194 An*1￿1101%11handC1•h4qVl¥thnts Cothoi b•nkInd￿ hgnd Cqth h•ldln I￿￿tr￿n1 2,492,677 *OQO,049 391B P4ll A•a11Api 2024 Asat31 M&r¢th ¢Mh flovA bonk h•ldhiiThv•Mmrl S.VDD,049 12,007.172) l.J54.950 2.492.877 1,426.065 5911 91D Totsl The Archilectural Heritage Fund Notes to the Financial Statement3 forthe yearended 31 March 2025 P8ge C Company $thtu$ The ch8rity Is a comp8nylmKed by 9u8ranle6 domiulèd and in¢orporal8d in Ery18lld and W3lEs. The reyi%lered officÈ 15 3 Spitd Yard. Spllal Square, London. E16AQ. The membe¥$ of IhB ￿MpanY ar¢ the Truste85 nafnEd I Secllon 13'RelerenrE and adtDlnislralfve InfLYm8NDn'. In the evenl of chjrtty wound up, Ihe Iiabilty in Je5pec4 of the gv8rer¢lee i& limited lo £1 member of Ihe ¢hirSty. pollclgs Ba315 of preparatlon The financlal stalernen15 have been prep4ied in gGcord8fj¢e VA￿l￿e accounting pclicEs set out in the notes lo the a¢counis and complyvllh the ch•riV$ yovemln9 do¢umtrni. the Charibes Ad 2011 and Accountmg and Reporting by Charilies.- Slalemenl of Recomrnended Prac11￿ 8ppli¢8ble lo ¢h8nll88preparing Ihelr a¢rounl% in acwrdance wAlh the Financial Reporflng SlaDdard applicBble in Iho UK and Rcpublic of Iroland IFRS 1021 published on 16 July 2014. The charilable company15 a publlc benefit eniityfor ihe purpo$es of FRS 102 and lher0fo￿ th& charity also prepared ils financial Slal£rnenl& in accDrdance vllh A¢¢ounllng Reportlng by ¢harllies'. Slgtemenl of Re¢ommended Pr8dlGe 8ppll¢ab18 In Ihe UK and Republic of If8land &ffet￿v6 1 Januèry201D Ichaiillog SORP second Edition). tho Compani85 Ael 2006, th8 Charlues Acl 2011 and Chaillles Atctsunls IScotl3ndl Regulaiions 20r￿ as amended by The Ch8rllit8 Ae¢oun18 Iscouandl knendmenl IN0.21 Regulallons 2014. In accoidance YAth the provls14ns of the Comp8nle¥ Acl Ihe charity has adapted the formal of the accounis 10 reflea Ihe spec181 nalure of lh• char4ty'8 acUv*l&s. Addllional Information has boen provided this increases understanding of the figur￿. The finorKi•l st61e￿nIS 8ro prepBred in sleTMry. thlch18 ihE funcilllnal rurrency ollh? charlty. Mone1￿ amDthnlJ Inlhese lln4ncl•l $1oternenls are rounded lo Ihe ne4resi pound. The lollts￿lng i￿9UnI1rvJ pdl¢*s haw been applled conslsltntlydwrlnp the curreDlllnd prevlous ￿ar*¥Cept 08 dofined bolow. Golng eonc•rn Tho Trusié•b have as8088èd vthélhoi Ih¢ u$0 of golNJ £¢nc•rn ba*$16 8ppf0pr*￿ h8ve 00n$￿81¢d POSBible evenl& or condillons Ihal ￿9N c8s141gnlfkanl doubl on ihe •tdlily ol Ihe cherfty lo wnllnue as 8 9olno concern. The Trusle?s have rnade thls asse551nerl fora perlod of al Ica¥l one from lh* dale ol Bppioval Df IhÈ flnancl&l stalemènl8. part Ollhe g￿ng eoncern revl8WlheTIusi8és revl•%%*d deialled budoÈt8 and cash flowforecast8. lakjno Inio •¢¢QVNI ￿e109￿¢ye￿eCIs ol the Covld-10 pandemic on Ihe comp)ny's I￿oM0 •n# o¥pondilvre streams and tho curreni ch811ong0ts of hèighionod In￿reSt faiets. innaiion and energyco&iJ. atl olthlthK411 aftect the or9anitllicnB suppori. Oesplle • gllghuy moio p08iUv• maeiHconomSc plciure, thère ai8 $UII num&rou6 pD81-Covld. cost of1fvSna and Infl81ion rélAItro chllllBnDe5 lackng mHny projecls.. ￿thoUgh Ihase have argvably BLybllised Hs newnormal. Claee monllorlng ol l¢ndlng cll¢nlg and increased enga9emenl Ydlh high iisk proj2¢ts ¢onlinues, Y￿th bad debl piowigioning emplgyed ¥there requlred. Neverlhe19$s. bgsed on Ihgse for8C851$ and Ihelovel olresgrves 8¥Bll8ble. Ihe TN¥leos tt8ve concludeu Ihaiih&ré18 8 raasDnaiièèxw¢iaiion thai thè ¢*irilyh&s adeou81tr ra8ourc88 10 coniinuo In operailonal exlslenco lor Ihe lorese8abl6 futur8. The ¢h8rity Ihoiolor8 Gontinuos 1¢ adopl lh8 goin9 ¢¢n¢¢m bo¥i¥ In prEpailng115 finBnrlal slalempnig ￿lEY nol w¥lderlliere lo be jny rn4leripl uncertalnlle3 Bboul Ihe chBIll¥s 4bWty 10 contlnue. Incomo JI Incorne Is InclLh*d kn the Siatsmenl of Flnanrlal Acllvlle5 when the Archlleclural ￿T￿tage FL￿d i& lègally entit￿d 10 the Sncorne and the 8mwni can be mèasured rell8bly and Fecelpi Is proba￿8. For]￿8¢E•s. eniiitemenl 151 •artierof the charitYA being nolified of an impendin9 distiibution or Ihe legacy beirvJ rtcéivéd. In¢om> from charilable adwities ir¢c4iid¢$ loan 81ratyemernl f8¥6. Govemmenl grBnl Income is recognlsed AHF IB en¢Kled lo the granl kncDme, It IB probatle that th econDmic bEnèfrta5s0cialed sthh Ihe granlylll be iecelved and the ￿￿etaryw*1ue ¢8n be measured rellabty- Where giatrt Income ￿leStD a pE￿￿j speGlflEd bylh? d￿or, of the Income nDt ￿ceIved in Ihe apprcprisle flnanck31 yearls accrued,. where any of the Income recefved Sn advance of the apwoprlalg Onan￿81 year,1115 deferred. Where good8 geYvl¢es Ihgl ￿Uld norma51y be pur¢hB5ed frorn suppl￿ES are sKuvided lo the Charity as d￿d￿0￿, th15 donatknn 15 i￿lUdEd In th2 Inanckl statements as an estitnale based on Iha valu8 ollhe to ihe Charily. LTran$ The ArchileGiurHI Her￿laye Fund rn8kes furlherBnce ol¢ls objEc16. The lerrns ol repayrneth the r8le tsl intei¢Ji are lald dow by the Board and ernbodlerl Irs & legol ag￿ement foreach loan. The Architectural Heritage Fund Notes to the Finan¢i?I Statement5 foi the year ended 31 March 2025 Page 055 2 A¢counting pollcles {GO￿tIn￿9￿) Loans lconlinuedl Loans are disbursed and ￿COrded In the finandal 8talemeTrtswhen the brrt¢wer fulfil$ certaln conditions. ScNne loans are disbursed by instaltTh2nls. Th8 und15burs8d balance ol contracted IDans is recorded wlh otfer8 of loans forwhich a contra¢1 has not bÈen made, 88 8 hJlu¥8 commitment IsEe note 161. The liming of the payment of such amounls depends on the fvifilment of certain conditjons by th8 bDrrowpi and cannol be estimated wlh any rEasongble a￿ur#¢y by the Archileclural Heritage Fund. The financial 51atem¢nl$ incjude Interest8ccru8d on th8 oulstanding loans 4t the bo￿n￿ s￿¢t dat•. Bad debtexpens0 sed on the lal&st delalled portfolio analysis, Ihe tolal c4pltal bad debt provi$ion rèquired 18 estimated at 6.5% 12024.. 21.5%) for Heritage Impact Fut￿ loans., the capital b80 debt provl8lon for the ChaiilY$ Endowment Fund loan5 IS 8stlnialed a16.5 %12024.. 6.5%). Bad debt expense incurrtd on Ihe trapilal and In16resl élement ol Herit8g8 Impact Fund loans Is taken agaln$l each charitable fund, consisleni with ea¢h funds, contribution to thi5 lending fvnd. Capltal bad debt 0￿8n Incurred on endo¥vrnent fund loan$ 1$ lak¢n ag8in81 the applicable country endowTnÈni ￿Thd. Wh8re there 15 a ¢han#e in th& Inl&resi bad debt on endowm8nl loan int8r891 rgceivgble for the year, th¢ lrnpa on the unreslrirt¢d fund 5$ limited lo 5% of unpmvided for loan Interegl oJisiandSD9 at the balanf* 6heel dale, Any remaining expense IB lykvn ay4ln$t the 8ndo%Mnanl fund. con518lenl vilh tso¢h fuNJ819' conldbullon to the fund. Grant8 Th8 Ar¢hlte¢lural Pledlay Fund mak88 nOn￿relund8bIO grunt? in furthomnce ¢1 Il& oblo¢1$. Non.rèfund&ble 9mniB offered are 0￿0untad for on an accruals basis and ore dlsbursod wt)¢n th& reclpl&nl ha fulfilled tÉrtotn eondillons thsl are indivirJu81 lo the particular case. Where the tirning of the ¢Jl$bur8tm&nl ol granls cannol be fftliably éstim81ed 811 non-refundable graTht8 offered bul not yel dlsbursed at the balan¢tr shs•t dale ir* i•¢1￿￿¥￿ in the balance 8heal aB Credltors.. amounts fallinB du8 Vlilhln one yeaf. Expendlture All expenditure Is a¢¢ounted for on an 8ccru818 basls 8nd ha8 b88n tla8slfled in th• Stsl&m?Tht ol Flnanclal Acliville8 under headlngs that oggre9ate all rel&véni costs. Irracovarabla VAT Is Induded with the expell￿ 10 Wh￿ il relats& Charitable actlvllle8 includo all costs rolaling lo Ihg provision of108ns grants in furtherance ofihe objec18 01 Ihe Archlteclural Harltag8 Fund. 11 also Includes ¢¢si$ ro181ing to tho Support, development and dlstribvtion of Infonralion relats.ng lo Ihe Architectural Heritag& Fund and 8dvlca and gtsld8nc8 to charlttes and sodal enlerpFlSP$ d¢v¢loping heritsg8 led regeneration projeGI5. Cost8 of raising funds includB cost5 incurred in Seeking v¢luntsry ¢onldbuilon8. These do not Include the costs of dlsseminaling informatbn In $upport of chArilable activit￿￿. Support costs a￿ indlrect costs Incurred to facilitate the chariV5 actiwlie5. Where 6uch ¢08ts unnol be dlre¢tly attdbuted 10 particular h88ding8, Ih8y have been allocated lo aclivilies on a basis COllSi$leni with the use or re$oyr¢es. Stspport C0818 Induding premi8e&, 81aff and overhead costs gre olkncaled to activities by reference to the time $pÈnt by staff. Govem8nce costs, Included within support CO515. atE tho¥e inrurrEd in wnne¢bon ￿th the governance oflhe Architectural Heritage Fund and in camplylng vAlh conÈlltutlonal and stalulory requirem8nl8. Flxed asset inv¢stments Llited Investrnents are slated at Ma￿et valu8 at lh8 year end. ThE SOFA itKludes any reall$ed Ond uNealised gain$ and losses during the year. ThcArchlt¢dur¥l Fur NotaslDthg FiwGiylStaternth forthFyBarended31 March2D25 Page 05S T4nglbb ExpenQlluTeOfm￿fj Ihan£2.OW Ax8d assoll1￿￿d￿l ￿Y￿1t￿￿1FI￿￿$49ofaC0ul￿￿nn> IS1r￿￿11 ￿P￿IDed￿r￿31￿￿d measurealll coJlkssdepieoaWDn. Dep￿FA*nlSCTkn￿leO%DVfftteOllffte l￿d￿1¥￿u*. ttfèllLAtswb￿[L￿$d￿S5tts(￿ rthpultréqulpmuLt 3yÈAra L¢1Jthdd￿pFoVqMvn1i wthetEFffl tsflhEk￿. subwuBnfym•asuied al castkas Is pl￿￿*d*lr¥1Ity t*￿￿t•d ￿vJ￿¢O￿￿Ieto2t, lus D41abH100o￿￿Pffl￿1l 5yw Programrno rf41?dlnY•sUnen Ltsan*disbuisedfor diarllabk wt$WlknprQlg￿￿ m¥¥¥urgd•l •mounlPAid. •dluslidln iubi•qu•Mye4rA lo ml•drnp&>Th•N11, End i w0v11￿￿1￿mI Ir bepJ4l¥Bdwthhln 12 rnunths4rirrtWAg wdO%VKlr••hUry)¥II. thAlobMoth￿nc4n OulNrA¥Qtir￿￿QllI1tt 104u*odio iovJ•lh•rblpth Pin*n¢I￿1n•lrnM1n FIMnC￿4¥MIs￿d1w￿•￿w•0￿11I,y￿b1h￿￿Or1mp￿nl1Pm1qllI9d 47 Imq Ih¥l• •4$i•iind Th* ￿￿￿10b1￿comp￿￿￿0¥￿MD1ftl ¢ominlrtod. 411r￿unt b•n•llts A¢1￿￿1¢￿ ia lhiy￿1d￿*<4?w 101. Th¢ Architectural Heritage Fund Not88 to th8 Financial Statements lor the year ended 31 Ma￿h 2025 Page 057 2 Accountlny pollEles l¢pnlnuedl Fund accounting Endowmenl lunLI Contributions re¢eived for lendlng to pre88rvalion proj8ct5 consliluting a c&p*tal lund which Gannot be expended, other than by loan5. Oeswnated lending fund Resource8 allocated by the Board from the AHPS unreslricled fijnds lo be available forlendlng and its ¢onslllute reserve for bad debts DD108n6 aad fDf dny loanyeloted expenditure which cannot ba m81 trom annual income. The general fund eonslitules Ihe free reseNe8 ollhe chgrity from whld) runnlng c¢$l$ have to be pai RoSir{￿9￿ funds ReslriGled lun16 ora fund5 %￿Ich are to be used in accordart¢¥ with $pe¢ifi¢ rè&triction8 Impo&ed by donor. The 8lm 8nd uae of each re8lrKted fund18 set wt in Iho notes lo Ihe finan¢ial $tat&mènlÉ. 3 Judggffjefit5 and key SOU￿e¥ ol ¢stlmatlon uncerl81thty In th8 application of Ihtt chariiable ¢ompany'# accounllng pol￿￿8, the Tru8t••s are roqulred lo make judg8menl8, 88tlmates and a55UrnPtion$ ab¢ul the ¢arrying amount of ass61s anrl li8b4iiies that am not readily apparent from other sourc8& The 881imat•s and a550¢iated as$umpllon$ are based on hi8lorKal exp8ri6nce and other lactors that are considered lo b8 rolevanl. Aclugl reuulls miy thff¢r from Iha8e 88tlm8t88. The 8slimB1•5 and undertying a$$umpiitsn$ aw roywd on an ongoing basls. Revlslons lo accountin9 estimales ar• r8oJgni5ed in the porlod whlrh the eslimale 1$ ￿VI￿d where the revision afiect8 only that period, or in the period ol th• r•vlsion and fvlur• ￿riodS wh•r• th revlsl¢n offeel$ both curronl and future pedods. Oonaled goods gn(l $eryi¢￿ are bp¥gd on an estimate ol the vBlue oflhe fDntrfbulion la IhB Chartty Bu perthe accounllng pollcy obova. Durlng the prevlous year, the Charity received pro bono prol866ions1 servlGBs from Corporate Edge Limlle¢, In ¢onnection ￿th sTrme database dovelopment. Thesa servlces wjre volued ai E1.404 4#d Ihs Income 15 induded In £4,276 Don8llon$ and leg8el8s frDm indlvldu8ls ond corpor8lions on the SOFA Thero ￿re no donated goods or St￿le¢S loceived In th• current yeer. Crftlcalludgomonts The folltswng ludg8m&nls lÈp@rt from thou IDvofvln9 e8timot￿l hav• hod th mo•1 signiflcanl effect on amounts rocogni$ed in th# fin8rt¢ial slai8mènl8. (Q Bad debtpmvls10 The charftabje corryany makes èn estlmatè oflhe Meoveroble value ollaan debtor b8lan¢o$. When 8J$e8$lng Impalm)¢nt of Ihe$e, rnanagemenl considers factors including the current credit rating of the debtor. their finan¢l81 performance, the payment profile, the general 8concmiG environment and hi8torical experien¢?. The current economic envlronmenl and conslralned publlc fundlng situation both continue lo have an adv8r5B Impact on tho financial and Iradlng pre85ures of the hBrilage and comrnufjily geclor which lfve Archilertural HerilHge Fund serve$ through its loans portlolio. As a result. Ihe eflectlwe general capilgl bad debt prowiylon (excluding résiriciÈd adivilles in relation lo the Heritage Impact Fu￿) has remained at a levèl ¢on$i$teni with the prÈvlous year. ai 4.2'k12024'. 4.1%>. We contlnue to closely monilorthe dient portfolio. particularly proje¢ts fa¢Ang increased rlsks. See n¢te 6 for delails of the impairm8nl yovisim Tr5ade. Th8ArchH8ctutal Fund N¢i¢stOlhe FinanGIEI Slat8￿1￿19fDrthey￿&r pndqd 31 M4r¢h 2D25 Page 058 4 rn¢•￿ R•sirfciod 2024 nd totsl LvllwrytrlvntsypFwd. W￿￿90￿¥0￿?￿￿nlTr￿I1￿ HMt¢n¢ ew19nd. Trtn>foThingPtsco¥Thmwh Heillauo 2 Hk4t0￿ EnulBnd. HACO Lollgry HBrfIE9eF￿d.. EnvLTwmEnlScothd 5LV.Q .7 15.827 481.Q fjw.oo) J1ASJ 501A43 la4.￿ 45QW DepilorComffluni￿E5 Noi4hem DepiiorCommunlU4BNDrthpin Iiqlar Wp41 Kld*Nd>CaMbknqd P•Jthllrlty lJO. 117.fKA) 2.1￿ 268 4963.408 6 Oth•rllrwiinwm• R•$￿¢1•d rundi 1025 1024 ¢01 Tund 110,tsJD JQ.OOD aQ.OQD ooo IiO.LW so.orx) 62.SOD G￿111￿ Wèiion Th*pdtsfthTf4ibl somoo so.000 310.000 hlh*yd#rènd￿31 2024.Il&thEIgMlhDrffj4 Il•tronlo iuklclid ￿nL l Lw*••onlDin1 4nd •dJuslm•nwttythp￿rt￿1b% 2020 R•paymThtolk4niprqvJDUi￿P[￿￿d•d I Lo•D¢apwrlÈp¢¢H 523 118,881) LMninthr¢114tMiil IP10) .•231 End￿Th•￿t fund R•itrfEl•d fund 1024 rund RWITh￿l0lr￿￿•PI•¥￿￿￿Pru￿dldtCr rJ•¥ielld8ei¢tyt•i Loth Cap11￿1p•￿ l￿￿ rapll*wnei LoAn In￿1+11$per4Thr L(*n 114Ba341 ¥T6 13D) 1.227 8M371 bid d0b1pm￿￿OOI1￿ItoulÉlgnd￿g bthncoiffloisp#rJknlYptovldÈd far, kn2019120, d#t￿￿d portfolll onl￿%4￿ Indiul•dth&ikn 11%g•hAtAlbrtd d￿lp￿%￿s￿lwI*¥9rOp￿4￿•ffficr4aII4 frorn&3%￿ 201W191 a94ln5tqndovnnerllD p￿￿edfOr, pknd4mikltt 1021122 bid d4b19t4￿a￿oIe.YA¥￿l c0Th￿￿1￿4Ppr0prtat* bwj ￿blY[o￿t￿￿oy41%l2￿2é..4.1%}th pwvprlBlgwalnBtendovnn￿ll>8n 202412S &J% agalrt￿H￿￿9￿lMÉCE Fthdkan#oulil*idityb•torn 102t123, vthqnlh•fund cn ?kngkn•vgt4geolhithnc& b&ddEbl(*wqed la nul ¥w(Ir￿q￿plU￿d￿dfOr. 2025 TrAal kV24 Totsl R•4ourc•s•wndEd 1.416 5.352 32.215 101 J57 75.￿2 40.e47 35.D31 315.176 21e9.922 46e.351 191.021 25D.461 445.llg Z51 44.É14 4.912.697 402,617 180.239 Granimallry ¢￿dtyt￿Uthr 131. 12.IU4 143AIS 11927 46.0 60.062 53,641 J7,7JF 13,624 301004 &•22263 2)24W4 Im6.322 422J418 297,717 70 Yl,lSJ 937(¢ 26.147 6.522J63 Gén¢t4 46,WJ6 3S.%5 13.428 41.931 40.7Tr1 17.566 31627 31,362 30.297 3255¥ 37.957 11J. thtsvra)¢e t[￿S 16. .868 I23.￿￿) 302.004 1240.7211 28.147 The A￿h￿o￿vraI Hotitase Fund Nolestol￿￿ Flnancthl Statemems fiJrlhÈyeÈiended 31 Marth 202S Page 060 Grants 2020 NOt¢￿T9* 2024 orieied Wfthdrwn pro5•￿￿•￿t+.. UK ftéwrwgfAT ProjEL*￿￿￿1itV P￿irL￿devthp￿e Enulind 2.340,e73 205.475 75.900 193.10D 50D,QOO Ti4nWom4ryPlaGp51hrnWHthItAOS{QCMSI 119.764 30.¢00 C4PA P￿iE￿ ¥fBbilll 2J5,ei? 1e4,$71 2W.694 11.¢941 8coUind Piq•el￿#b￿1Iy 141.32 1gQ626 1?5.299 1OQ,52$ 11?,￿1 211A84 bS%knGrnniFoun&41ion 4S,SIY 85,614 J2.220 40.ODO PrDldUdi¥dopm*r W• 72,7S5 207,214 lOQ,OQO 84,130 40S,191 40.17• Piojoctdevdopmort Cqp114 woth North•m li•lind Pr0JKt￿Jtr￿I1IV Pro)￿tI￿v{loPm8rrt V￿1+ca￿&t 207,215 100.OllO la.o 31.997 12112 a7.J88 32,000 aO.ODO IQ.OOD Jo.000 .000 21.U•4 eO.f Pr4ÈL*dtsvt4wfii 13.SQO Pro]•￿￿•¥￿•nI Tot•1 1,7J4 899 4.#3.418 Jmbir&gMnti'. 1026 2024 PIty•￿ Proj* dAvdtyment *ri149• D*¥dopm•niTIuii 97 s& es rh*•dgr4nlmRklry 1x￿￿￿1￿[•￿£1.9S2,362[2Dl4.'£1,6o?.7O2) A¢tlbltseyqtso1nd￿I￿Gl￿I6l￿￿c￿rO￿lEu Th8 Pthlte¢iur81 H$ritagè Fund Notès io th¢ FinAnc4BI SialemEntbfortheyear &Dded 31 Marth 2029 Page (hsl Netmovomgnlln 2¢X 1024 m¢v4rn¢ni Al￿￿rch019kn¥1 AL￿11￿*, rernme1￿1tsn ll¢uiieniyewA￿￿ Audiiols, rthurtI£￿ts￿. Audliatu, St￿¢•￿ 0porAtinu1￿￿ rtharg•S-IAndV￿ bL•in op?1￿1￿￿1¢￿￿¢ th•Ty￿￿￿￿&eqLIPrnpn1 27,000 4,Je2 7.061 27.671 24,144 1,880 X,910 1,079 2025 2024 mb•r 20 4¢Q.Qo￿É80.QP9 £70.oD￿E79,gB? £90.0D￿tO>.èss £100,￿El05,599 lh• ¢Ntsf•XQ¢th￿d Iho•eni0frnw￿￿0m?Ml0￿TQ1￿ krymaniyomoMpw50nth low￿nOr•Iknn￿4ts £402,2B712D24'. E376,4371. g?¢.e73 96.966 75.207 J6.55e 1,146,404 1.079 socuthy¢oJii Pfjn*onMnlrtbullw Olhtst *l*w￿l14 e¢.s67 20.272 1,028.J2S Inithredlund.Al )1111th2Q25£nl PIn￿rYTh￿nIN￿IIQm￿rn oui*•ndln912024'. ENII, 11 Iho Eoord Som•oflhe M¢moeM tsflhe Bo•r4 •rèd80 DllO¢tw• oiTN•ieeiof, oi¢onMIl•ffli￿, IheAHF or d1h￿￿￿ IMAHF h*1 ina¢m'•lenDth bJiintllrdiiionihlo Intho￿&r¢1Jmi1anee1. Ihe Momborll Nulrètsiodithsoio ￿h￿rIntI￿oI1 *ith wdln•YywM ollh•AHP44tyi%iti• DurtnythDyew.thre4yrani0￿T•Mthl loR￿ForM HqdKqV•'. AE15.000 Pr￿r￿vI￿lI1yQII￿l for8qlhvlldz MthdlilCh•pEI& 1 BbiMid* Stlvèt, Iilrfty. Sttsktronllrrtht A£75.000 Projott Dovcloprmnl Grnnl olE75.0Dofoil￿ CCRE Coniioienian P•Work1V￿￿ur￿tV￿iUhO￿UDn￿yyAth&￿I At31 M•rth2025. q £)19,174 WrK•oui*•n¢iwlnrd•lon ￿4134￿,6741￿n •WWd￿1n SepWn¢￿2O2I *ndwN wiIMiyd(**y)lThMgy2022 At31 m¥th2￿.5. BulldrymTr￿ hatt@t74,QQO bknceobtstiDlllwin relqWonto4t300.QOOloyn4wBithd Insew&M￿r2VaI, 01 DurfnlllhD￿1.e ￿&￿￿￿(2024. 81 DIt￿￿80*1￿1￿￿Od*1Pen￿si￿tr1Y￿. tVJ*nmtsdlU￿ aUb￿￿ne¥ 1mrrth￿￿r*10E4.7Io(1O24. E4.4051.' rqc4fvdJwytemunerollunlramthBAHF. t2 C¢mmI￿nènls 2024 ThtyAHFh￿lih*I￿bthWI￿ffl c¢mmlwi$4iih¢sYw¢nd'. ¢untradqd ￿1t￿￿dI¥bui￿d 0￿et￿ bula￿YEl¢on1f￿uYed 537,587 600.U 1.037.$87 759.179 690.llrLI 1.349.1?9 The Arch5teotural HeThlagg Fuad Notes to the FlnarKK81 S181emÈnls for th8 Ye8r8￿8￿ 31 M81ch 2025 Pa￿ 062 12 Commllrn4nts Icontlnu4d} Operallng leases At 31 March 202Sthe iotalullhpNHF'shAutp minitnum193sB psymgnts wdFrnrjt￿￿n￿￿18b1fj 0￿[alry le4sE¥wa5 2C129 2024 ounts paYa￿e.. ount6 duewithin f*Le year Amounts b*tW￿rt bv0*dIl￿Y9s[s 13.A55 26.S10 16.072 13.455 In Iheye6rendEd 31 March 2021 the ChBr1tyenier￿ Into O 5L*lea5e eure2menlto renloulofNce Space in rdalvJn tolisleBSeat 15 Whrfehll. LL￿dorI Theleaseended on 18 June 2023and thErewett no*m¢unt8 receivab￿•131 Marth 2025. 13 Fixel and t￿rrent asspt Inv4stmonts Fixèd I￿•1 1Tr¥o#tm•nl* 2026 2024 Ll8lèd Inw#tm¢ntB M8rketVolu• at l Aprll 2024 Addibons Dispolai proceeds Unrezllsed gt¢in51(Ios5eg1 Rfjglls¢d gwins1119¥5¢&1 M&rt(flV4lug 0131 Nl•rrh 202S 3.073,850 326,797 3,W1,868 549,3SO 55.375 3.292 3.073.BSO 13.531 2.976.173 Hlstoru1 costof inv¢•lm•nb8t 31 Mw¢h 2025 3.024.509 3.090.305 Afflilyili ol Inv••trn•nt• 2.52¥,S23 450850 2,976,173 2.623.100 480.750 3,073.850 UK investrnaDI grad• C•ih h•ld in th? Inve8￿*￿1 portldK) Maik•l Val￿• ofinv45trn4nt• at31 Morch 2025 I,A26,083 71,10B R•¢on¢ii*ilon ol n*1 Ilovoillgalnfj ln th¢ Slal¢m¢nt of Fln•n¢lplActlvlllg11 2028 2024 VnrvJ118ed (los￿¥)1￿81￿? un flxtrd asset Inve¥imJnl8 Rell115Ed IIDBiqBllglllDBon fixed 4ESetlDv•sI￿ll Uniaill&8d Ito$6asiigaln* w Cuiren14$￿llDV•$lrne￿I1 R￿￿15£d IIoJstsiigiinJ Dn ￿rrè￿t M8BI inve$irn?Dl* N•1 9•In￿lI￿se•l •• porSI4i•M•ni ol Fln•n¢l•l A¢tlwltlg¥ SS,375 12,284 103,444 102,99S 10.295 SlqnWl£ant Inv•slm•nt holdln9b bis•d on mork•t valu•1* 31 March 2025 vMrv'. Mllikel V•lu•{ 4THBONE UNrr TRUST IIGMT Hloh oU￿￿Y B￿d S 01a1 450.SS0 SOl.322 Mark•l i14ko PHP$ awsura to mbrkoirisk$ Is Inlint volh 116 im*m•ni¢bj•¢iiV¢ of achiÈthW A resl reiurn 181oelof CPI 4 2% improwng Ihelryw 18Ttn mlutn¥ alt￿ #Y¥ttWwh&n ¢omp#ted tOL¥gh. To a&ieve lh￿SIm. 1htrA￿F m￿n￿1r0 lldiver&lfiBd pDrtfdhDitlV88ied oss as&8ldaBses. CurrontJv6et InvthrytrnoThts 2Q25 Z024 ol Inve$im•nte Treasurybi115 4,208,7S1 4,Z08.751 3,UOO.OLY) 3.000,000 ThDlrthn•ctur￿ Fwd ￿￿10￿*￿Sn￿￿￿Vj Slat&Tr8N8forlhByésr4ndud 31 Ma￿h 2026 Page 063 knpyovirnèh AiAwM2024 1&$49 P&31 D•pr¢d4tlDn AiAwd2Q24 ChaillÉ .199 WJl Mthrth 2016 Np¢bop*vyl Wjl M•rch 2016 11 lit4nB1bk4iioti AIAwI2024 io, •131 kl4roM 101 IINpr4W2 9,151 Ittsl M4roh2015 J4.670 &412.0J8 10,1?Q.OJI I QYI 567 Y BF3.tsY4 È1.072.5S71*ndknd￿ll f8.557.15a E8,35290I2D24. t7,19B,074>iyin￿*￿￿￿1r•I11£￿12.•i4 p024. t4Jl.*741 01biprow￿. 17 Crnd*vrn 1,628,8 I,FQD,013 1.i63*J 1.115.6TJ B35.1 17$12D 102,5 31,7 ,201 T￿•ntt AccnJ4 Y2JlS 110.0 127.S 137.5 4.099.717 T￿PA￿ll￿tuA Hprdage Fund otès totha FI￿nc￿l Ststam&nislDr tho yèarendÉd 31 March202S Page 064 Vun Puth4* Flxqdass&1s-p[wr￿m01daI￿dhnV•th￿nts 8.597.830 l.B51.SaS 108.000 $6$,271 a,055 48.￿] 2.227.686 7Mg3.674 4.4D2230 Fi*d*$5E1g-r￿￿t?r¢￿￿￿￿tyn1 48J53 9.Y97.77fj CuN•riét¥¢i$ I.195.￿7 6.374.233 2.683,122 Unwtrtclid Tothi Funds 2D24 F*Dd• Fund¥ Fund LI J1 2024 Tgpmonlodby. 7.?26,100 I.$Yf.B74 1.723,1Q è,106.474 703.èJS F￿005￿1*.fWU111•q￿P￿nI Flxtdaslloti-dalob4 34,02D I,eoD,O T.￿5,0￿7 1175,3541 1¥.37E.1061 Tot41n•iiiM 9.644.82Q 6,978,069 2,01SA4• ￿￿2& 1• RHirlct•d EThdDwThnE nd no rot41 l Al￿1702 IM89,e49 1.971.$5 ,$?0 11.U89.OZa 19,109 29.800 174A281 197.Z73 1,000 Sg11,782 8015.073 bit*ionfvnds Thi MI èoMd¢nWls*WJ•.É1•7.17311024'. EJfjz.Zl6)￿11r￿￿￿Th•d ThÈknhitec￿1HerltaOe Fund NotestOltr* Fkn$nty￿ swiementsfgrthe yew ended 31 March 2025 Page 065 1• And*￿￿01 fundstsL*)tinuod) Geographl￿1 SDurG HlsiQricEngl￿ ThFDDpartmenlfoi ¢￿viD, TrA•diaS Sport ID¢klSl &230.347 43S.Q 5.666,347 HI￿￿1¢En￿10￿M&Tht se￿4nd C&w. w¢lsh Hl5t4rr6Enw￿￿m1￿￿j￿T¢I Uwd •545 073 TM 1 A￿110￿4 L¢Jn ¢gplJ1badd•M Pro￿11¢n¥- 9OMI L￿￿ d•bl prabilion5-g￿ (Lou￿)￿G￿nI￿nIn￿•GiM•nl .a85,078 11256 I,172.07B 45D,583 056,274 .514,610 19,023 as 116.8S61 Bd4fje•ii J1 2028 45D,614 000.J01 .045073 B￿￿¢0 At nc•At G•ln•4lM•ul JlilM•rr 21 Incvm• Èxyndllyr• 2024 Grnnts In bupportof eor• kn1t1￿¥•I.. O¢MS..Trlln•forminB PIK•iThroug* 77.￿7 22,743 Hl*tth* En4lionmonlSco11And C•dw'. Enviwnmthm S•Th4¢• BE￿10rCOMffiu￿￿￿￿ North?In Irdllnd INI) 4e4.000 480.ODD 117.OOD 93.ODD 1464.000) 143.SOD) 1113.000) 75,$00 22,460 42.450 Doptlorcornmurliei Nl.. Her￿￿￿1M￿ Fund HllttsfcEn￿1On￿frnl s￿11￿d.. H￿tIllI Imptti C*dw¢.' H•rfi4B•h*Fund LDrtoryHthtagD Fund., HirflogBlmpwFund GarfoldW•iion ThvPllpdmTn*t LUtt•ryH￿1Iy￿ Fund. HDT PmF•mm• Wlli4mGranl Found￿10￿.. T￿blEdgU[WtFUnd RadlliEthwdEnqlHrrt1l￿ding lundi R•dRsslf1•dSc￿1and1•ThthnV1Ur*S RostrlEtsdfvTrdstot 420.413 401173 2,059,979 2,260 12.500 IB 4# 420.4QI 402, Z.Wg.329 50.000 EO.ODO 49e.8 110.OOD 150.000) 50.DOD) 1498.50J1 IIIOll 14? 7.927 97T.999 977.999 940.888 5,97&559 2,2B3.28B 12,J55.41 174.É% S.$11.782 The Architectural Heritage Fund Notes to th? Financial Statements for the year ended 31 March 2025 Pag? 066 Puwposl of knBtriGtBd Fund Grènis In 9￿Pport01 CDre inilialiv26 fall into the folowiny categories.. IheAHP3 Project Wiability Grants, Project Da￿lOpmEnt Grants, Project Capit41 Gran15, IhE Her11￿¢ Impa¢l Fund. 95 ￿11 as gener41 fundlng In sUPPPrt gf Ihesp sth¢m¢s and iel8led a8peets of tha AHF'S cola aims and oty'édwets. ThE Flprilgge Irnp8EI Fund18unoh8¢ In 88￿ 2019 and h85 been o(fehng108n ftn9Dce from th8 ewrly part of 201gQO. The HIF15 alolnl Inttlallve ￿ll1h funding conlribulions from the National Loll2ry Heritage Fund. Histr>ric England, Hlsiorl Enviionment $Golland, Cadw, Departmenl for Communlli95 Norfhem Ireland and Ih¢AiGhlleclur41 Hedtsgp Fund rf5eW. Addilionalty. Ralhbona Greenbank Inve51menls 15 p$soci4led by prOv￿1ng loan lacililies lo IhB AHF. This pmviGion of sacial nvestynenl $upports appIIG8n15 aGrog5 Ihe UK who are undertaking a herllage upllal project orsie lo()klng lo bulld upon or scaltrup an oxr4ling enierprise. ￿Ong￿ld• the Heritage Imp4¢1 Fund is our busines1 iuppgrt Servi￿.. RePlan. This lauththed n the Autumn o12D19 and Is as$l&iiriy community and soei•l On￿rpriSeS 8¢L¥$Stw fIn8n￿ Ihrt>wh Ihg Fund 10 d¢v8lop slrongergovernan¢8 and impacl and butsinas$ rnodels. The Hertlage Impacl Fund reslrlcl8d lund balancas c&ril8d lo￿ard al 31 March 2Q25 pilmall￿ comprl$t1ondlng fund5. These funtys will not be expended Ihrou9h Ihe Slalemenl of Fwancial Activities oltterlhan Ihrougl movemonis In Ihe ba provLsion or onyluttEre •mounls repay8bk lo fund8r8. Transformlng Places Ihiough Hefllalle awardad 11$ firal ordnls Saptèmb8r 2019.. the programm8 ran unlll Maich 2023. Th programme focused on supportlng prolécls In town cantrè and hlgh sire81 lo¢&lions across England, wlh provi8ion for Proj8d MabS11ty and Dev8lopmeTht Grèni8,Cspllol Grani8, Crowdlundlng Challeng& Gf8nls. TrATh8fomaliona1 Capllal GrantB snd a $ulle ol afflllaled 8ellviliéts Including a CommuAityShaies 4u¢tyoff8rlng b8lro managed byCoop&ralN8$ UK 8nd a Cfipaclty Bulldln9 Workshop 8eiiès being led by Ihe H&ri189• Trusi Nefvvork and Locolity. In 202>24, Hislorlc England awarded an addlllonsl £506,000 lo th8 AHF10 6UPPOrt more Project D8velopmenl Grènls for prolecl$vilhin the Tiansfomlng Plèc•s Ihrouqh Hwllage progrnmm•. Th*$è appa8rwtthlniha 4ccounts 48.HlilorlcEno14￿d.. frnnifomilng Places Ihrou9h Neillaoe 2,. Thè AHF'S giant progiimmos ottèr advlcé and guldBnCè Alonp￿t and 8om8llme8 In116u ol granl fundlng, •cro85 Ens4•nd. Sc￿l￿nd. Wales and Northom Ire18nd. Thé fundlng camas from Hl8lorfc Engl•nd, HSslod¢ Envlronmanl Scotland, Cadw. Dep8rtm8nl of Communlllq& {Nll. Garfe1d Weston Ilowaid$lha Nl budg?11 and Pl￿1]M Tru81 Ilowaid8 the england budgell Thls support alms10 95$151 local communSU88 $è6klng lo rescue and rtruiiii80 a hlsiorle bulldlno whlch they v8luo. The AHF pla¢e8 partleular •mph•$lo on iar9eiing help iow•rd$ Supporting communty &nlorprl8•s Ihal wl6h lo sel up andlorgrowlhelr bu#lnes8es In hlBlorfc bulhJSngS, P8rtlculafy Ihos8 Ihal Ire 81 rlsk Andlor Ir8ngforred Irc*r publlc ownvrship. Progrnmmos In each of Ihe four n811on8 are led by a D•velopmonl Manager. ￿ryth Support Offjcersworklng under Ihe M4nog¢r In Englond, Scoil4ni% gnd Northem Irellnd. Fdlovinq Iho complotlon of the Willa98 Calaly81 pilot propramme In 2021, the Dfc 4nd D•parfm•nl forAori¢uttyr• RUNI Aff41rs 4fflmed Ihelr commllment 10 Ihl8 scheme by o>p8nding11 lo run o¥•i foury¢•ri, th•AHF 10 ¢ff¢r 8UPPQrt lo build th¢ ¢apiial plpolln• wllh PVG8 and PDGS. as w•ll as advlce. A newgrqnifund wo81ouriched In Scothnd 2010119. thè'Tgllcrtd Support Fund.. th•nk$lo fundlng frcm IhBWIIII& Granl Found811on (WGPI, hag commlU6d £100,000 In gi•nis per ann￿rn glnu. v￿Ik o¥erhe4d &UPPDrt110%1rn 241251. Thè NatioAtl Lotlsry Htrriiagè Fund is SUPPOrtinq a UIGwdO 8xpan8ion proyr8mm8 In 8UPPOrt ofHeillBg8 Developrnenl Tiu¥ls IHDT51 during Ihp 202>26 pqrlo41. Th15 proyramme Inthdes revenue gron15 01 up lo È70,000 pei annum for 12 new HOTS locatèd in each co￿￿try of th? UK. as well 35 dn activity programme, Consullèncy $upport. and earty-51age grants (Piojeci Viability and Project Developmarttl to $upportlhe HOTS in their developmenl over iho Ihree-year proor8rnffle. The pro9r8mme 81$0 supports a Pfogramma Manager, a 0,2 FTE Support Offlcer, a 0.4 FTE E¥81u•llon and DatA OMt•r, cor)suliancy budgeifor Communl¢atlons and Evaluation, arbd èn overhèad conlrlbullorn. Not tabh in opèmting &¢tiViti•8 2025 2024 Nel rncomellexp8ndl￿rnl fu the year 70,949 743,195 AdJu8tMents fov: Depreuallon and amortI5alion Nel IgaSThslnosses on Invesimenl& Inleresland ￿l￿dendS from inveslm8nt8 Ilncrellselldecreasg In debtors InueaselldecreaSEI in rreditor6 IDecre856lnnci8ase In provlslons Nelcash used In opernting aCtI￿tIEs 13,623 I10,2￿) 1786,7261 1,224.519 11,318,08gi 9.370 11.380,0671 154,634 15.0001 11,517,400) 806.023 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 Setvices Register number.. 707421 AHFTruslee5' Annual Report and Accounts