Charlty r•gl•tratton numb•r280272 (England •nd wa￿¥) Compw)y r•gi•tr•tion number 01485287 THE HERITAGE OF LONDON TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE HERITAGE OF LONDON TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Patron HRH Thè Duk¢ of Glouc881er KG GCVO pr￿Ident Merbn Drury CBE FSA Vlc• Pr•$ldont• DLKlley Fl$hburn Michael Hoare Jamie Cgyzèr-colvin Tru•t••• Sir Laurfe Magnus CBE Sarah Booth Kit Kemp Jamiè ￿.￿al John PhlllSps Richard Johnston Pippa Cglt8rall Melanie Slout2ker Chl•f Exocutlv• (known •• Dlr•ctorl Nlcolg Slacey Honor•ry 8•¢r•tsry èx Pdnc8 lappolnted May 20251 Davld Sykes Iresignad *Jrll 20251 Honorary Tr•••ur•r Rlchard JohnBton Charlty numl)•r 280272 Company number 01485287 R•gS*t•r•d offlc• Fivefi8ldB 10 Grosvenor Gardens London SW1 ODH Ind•pondent •x•mln•r Arg9nt5 Acwunt8nt$ Limlled 15 Palace Str••l NORWICH Norfolk Vniled Kingdom NR3 1RT Bank9 C. Hoare & Co. 37 Fleol Street LONDON United Kingdom EC4P 4DQ THE HERITAGE OF LONDON TRUST LIMITED CONTENTS Pag• Tru8tg08' report Ind8perKl8nt examlnerfs report S18tement of Ilnancial 8dvltl88 Balanc8 8h8ot Note8 to tha flnand8181alements 8-18 THE HERITAGE OF LONDON TRUST LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Truste85, who are also directors of the charity for the purpc¢ses ol the Compani•s Aet 2006, pr8sent Iheir annual reP￿t and financial stalernents for tha year $nd8d 31 M8rth 2025. The financlal sl8t6m8nts have been pr&parod in aecord8nGe with the accounting policies sèt out In nole 1 to the rinancial statements and cornply with the charity's governing documenc ils Memorandum of A$$ocialion and Articles ol Association, the Companies Act 2006 and 'Accounting and Reporting by Chanties.. Stslernent DI Recommended Practice applicable lo charities preparing th•lr aceounls in accordance wllh thè Fin8ncbl R8POrting Standard appli¢able In the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191.. ObloctSve8 and actlvltl•* The chadty's obj8ctS afe lo aid the consorva￿oll 8nd r8$lof8Yon ol building5 01 archit6clur81 and historic merit in Greater London which ¢an besl benefit the 10¢g1 Community. The charity's oblects Include lacililallng and encouraglng publlc a¢c8ss to London's heritage where practiC8blg. The charlty achieve6 its objects by working with community organisation8, local authorities and statutory bodigs to restore, repalr and relurblsh buildln98 81 rI8k, to preserve them, and where appropriete, to bring them back into bèn8fici81 use. Publlc b•nofll The Trust 3upports the resloratlon and c8relul conservation of historic buildlngs and monuments all over London, 8speci8lly In 8reas with Iltle inv8slm8nt. Most '8t rlsk. h181orlc buildings are neglectod due lo lack of awareness, funding or understanding of the consarvation procèss. Thgre are often questions ol ownership 8nd r8sponsibllity. Slles wlll Continue lo dècay and can be pem)8neniiy lost if there Is no timely inletventlon. Unlisted hi51onc buildings have nts slalutory prol8clion and even Ilsted building5 may rernain on the 'Heritag& 81 Risk Registor, for rnany decadas. The h￿Slory of individu81 buildlngs helps deline 8n 8re8, both locally and in th• nattinal conlexl. Rescuing and raslortng th•88 plac85 plays an Important role In communlly prhdè and coheshjn. Increasing appreclallon of Lon(ton's historic Siles brings pl•asura and Inlèr881 to local f8sidents and hèlps sècure these p18ce5 lor the luture. Th8 Twsl r8se8rches the hlstory and slgnrficancè ol 8very project and engagos the publk through educational visils, 8v8nt$ and commuhity launches. Evary completed project is given a permanent inlerpw91alion panel to sustain futurè public interest, Slnca 2020 thè frusl'5 youth engagament programme, Proud Places, has worked wllh young poople local lo herltage projects, pdorilising those outslde formal ¢ducalion. The prograrnme arranges visit8 to projects before, during and artar work and introduces young paople lo conservation. 85 well as runnlng cre8tlvÈ workshops. This inspiiès curiosity and learning. encourages thè v81uing ol historic places, reducos antl-SOC181 bèhaviour, and leads to a morg divw8e herftage sector. The Truslees confim th8t Ih8y have referred to th• Charity Commission's guidance on publlc benafil when reviewing th8 Trusl's objeGliv95 and aim6 and in plannlng lutur& ocllvSti&s. Achlovem•nt6 And p•rfomianco Restoratlon prol•ctB Ones projects are identiligd, the Twsl ¢ommis$ions condition surveys 11 nèc8ss8ry and works with key stakeholdèr$ lo develop the scope of works, induding appointing specialist con￿rvatOrS. The Trust proSeGI manages either in who19 or in part unlil complèts'on. During the year under review, the Trusl's focus contlnued lo be on buildings and rnonuments tsf p8rb'cu18r historic or architectural inter85t with potential for publlc engagemtnl. Thirteen projects W8re compleled during the ye8r and thirteen new projects taken on. A theme lor the year w8S the restoration of post-war attrorks, comrnissioned between 1956 and 1964 as part ol the London County Council s Patronage of the Arts Scheme. Thè scheme w85 intgnded lo revive post-war London and create attractivè n8w housing estates and schoo15 for London's displaced communlb'es, Ar￿orkS were oommissioned from both establishèd and èmèrging artists - many were wartlme refugees from the conth.nant nd placed in public spaces across th8 city. Artists often used experimèntal rn8terials, including concret8 and WlM)d, and Sixty years later many ol these artworks are decaying. Two post-war sculptures were restored during the year, one of which, The Leaning Wom8n, received the Tom Ryland Award for conservation. Six more post-war public artworks werg taken on. THE HERITAGE OF LONDON TRUST LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trust completed the restoratlon of three historic drinking fountains which wer8 brought back nlo workin9 order. This Makes a total of fourtèèn fountains in recent years. As well as bolng clvic landmarks. drinking fountains bring additional environmental b6n8fits in r8ducing single-use plastic bottles. The Trust held ¢elebratson events al the completion ol nine projects. Between 50 and 300 paoplè 8ttend¢d 8ach èvent. Including representatives from the local authorfly, Ioc81 residents and schools. HRH The Duke ol Gloucesler. th6 Trust's Pslron, 8tt8nded the Leaning Woman launch 8venl. The Trust's Grants Scheme 1$ a ￿tal part of ils work. The Trust offèrs 9rants lo all projects al an è8dy 3tage. Grants are oft8n a proportlon ()f total costs in order lo encoura9e local investrnenl and th8 Trust m* l&ad on additional lundraising. Th8 Trust8ès dè￿rMIne grant offers and a granl offer is made on condition that the project will b8 completed within threa yoars. Grants are pa￿ out on satislaclory completion of the work, o ma5nlenance plan is agre8d and any condition8 are met. Durfng thts year grants tolalling £16S,291 were p8ld on comt4tsllon of the follovlng project$.' Guilford P18ce Fountain, Camden United Servlcè Transport Mosaic, Wand8WOrth Leaning Woman Project, Hgmmersrnith & Fulham George Gr8•n Tomb, Towèr H8ml8ts John Newland's Grav8, West Norward Cemetery, Lambeth 'Bull' by Rob8rt Clotworthy, W8nd9WQrth Southgate Parade Clock, Enfield Plum8188d Flre Stotion, Greenwich Christ Church Fountain. Soulhwark London B￿98 Alcove, Richmond How Mamorial Gateway, Tower Hamlets £17,218 £23.941 £29.168 £28.163 £3,000 £2,400 £7,000 £4,400 £15,000 £13,000 £10,000 The total ¢osl of thes• proje¢l$ was over £250,000. Durfng the year grants lotallln9 £165,190 were offered lo tho folbwlng projgcts.. Commerce Welcoming All Natlons frieze,1sllngton King Edwards Recreation Gound Drfnking Fountain, Kingston upon Tham8$ Vi¢torla ReC￿allOn Ground Drinking Fountain, Kingston upon Thame$ Foxborough Gardens Estate Murals. Lgwisharn 'Gengralbns' by Geoffrey Harris, Camdèn 'Striding Man. by OlilTe Richmond, Southwark 8arking Workhouse FAaque, Barking & Dagenham Coron8tion G8rdens founlaln, Wandsworth The T818 Institute, Newham Fred Millètt mural, W8nd8WOrth Richard Cobden Statue, Camden Brooklands Park Es181e Mural, Greenwlch Bothlam Museuffl clock turret, Brornley £15,000 £13,000 £14,000 £15,000 £12,000 £15,000 £1S,000 £15,500 £12,000 £15,000 £15,000 £13,690 £15,000 Educthtlonal work During the year under r8Vi8w, th8 Trust continued to expand ils Proud Plac93 youth engagement programm¥. All of the Trust's projects durtng thè yèar had Proud Pla￿8 engagement. wlth 21 51tes visited. Over 2,000 new young people were involvtrd during the year. making a total of 8,060 individual young p80ple involved since the prograrnme's launch in October 2020. Proud Places continued to prioritis• puwls in alternative provision schoo15 and young refugees, alongslde malnstraarn primary and socondary schools. Survays show9d thal 89.￿ of partidpants in the programme wanled to continue their involvernent. As well as visTls to projects bwng restored. a chance to meet conservators and take part in creative workshops, th8 programme offered presenlats'on skills training via its progr8mrn8 Proud Prospecls. Twenty young people w8re given work experience opportuniti8S during the year. THE HERITAGE OF LONDON TRUST LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trust fan a major public Conferen￿ on'PublieArt.. A8slhetics in the Public Realrn, with over 300 d8legat85 al tha Royal Institute of British Architects. The event brought together 8peak8rs frorr the Mayor's Office, property developers, artists, eurators and academics. 11 indud•d Thoma5 He8therwick 8nd cont8mporary artlsls Hèw Locke and Anya G8lla¢cio in conversation with the Art Newspaper. The event W85 8ttended by HRH The thjke ol Gloucester. The event includèd exhibits'ons of scale Models ol thè Trust's projects and pholographs ol the Trust's projects by a student photographer. An alternative provision school supported the event a5 volunteers. The Trusl completed the 2024 Poèt for Pla¢¢$ programrne and prodU￿d a final colle¢ts"on of works by young poet Klra Ne150n. Tha Oimctor and Trustee John Phllllps atlèn¢Jed a Garden Party hosled by DCMS at Bucklngham Pala¢o In celebration ol thg Cultural and Cr8atlv8 Industriès. The Director spoke at all project launch events and also 81 èvents hèld by Clly & Guilds ol London Art School, Oxford Pr85erv81ion Trust. London County Council 60th 8nniversary, London Appr8C18tion SOc￿lY and the London Mayors 81 th8 Lord M8yor'8 Walk. She visitad Stok8- on-Trent Councl and advi88d other heritage organisations on youth enga98tll*nl. Oryafilsatlonal The Tr¢Jstees review8d and approvad an updated sel of charity pol1cl￿, Including its Safe9uarding Pc4icy. Data Prolgclion & Privacy Policy, Dlsclplinary & Gr1￿8nCe Policy, Equal Opportunltieg & Haras$rngnt Policy, Equality, Diversity & Inclusion Policy, Health & Safety Poll¢y, Internal Financial Controls Pollcy, Serious I[￿de￿I Reporting Polty. Soclal Media Pollcy and VOlunt￿r Agrg?mgnt. The Tnjst's impact measurement Iramework lor Proud Plac85 contsnued to be developed over the yaar, including Iracklng m¥lil¢s around local prlde, conlldence and skllls learnèd. The 18am conllnued to be 51rength•nad with new r8cwIIs, 8nd g Head ol Philanthropy was appot'ntad. Donor• toward• tho work of th• Twuit The Trust does nol r•c8lv• any funding from lh8 govemm•nt,' 11 depends enllrdy on Its own fundralsing lor all Ils work. Includlng project managam8nl and edu¢8lional work as w811 as ils grants. A don8tion Iow8rds Its Trust's work can be earmarked lor a prolè¢t and m8j¢r donallons will be acknowledged on permangnt 8lt9 Interprotalion P8ne15. The Trust works with corporatg p8rtners lo encourage dellvery ol thelr social r8spon5ibilily tsrget5, pplie8 to ¢harft8ble truBts and foundBtlon$ 8nd welcome5 leg8cie8. The Trust is enormougly grateful lo 811 118 donors and its work could not continuè wlihout their 3upport. The Trusl partlcularfy thanks the Ju)n$s Day FourKl8llon lor its support for the Proud Plac85 prograrnme, Ouring th8 year under review. the following mad8 slgnillcanl donalion8- The Jon88 Day Foundation, The Westminster Foundation, The Syncon8 Foundation, The S8mma Fund, Tha Swir8 Charllable Trust. GML Ltd. The Moorvlew Charflabl8 Trust, The Englgfield Charilable Trust, The Golden Bottle Trust. Knight Frank, Delancey, Richard Uplon, The Wales Family Enterprise Trust. The Jacaranda Trust. The London Appreciation Society. Graham Buckland. Dudley Fishburn, Sir Bruce Bossom. Sir Laurie & Jocelyn Magnus, Rosemary Lomax Simpson, Annie Mackgson Sandbach, Mdani8 Stoulzkèr, Justin Hill, Lady Palricla Hopklns, Marcia Brock18bank, Mr and Mrs Robert 8rudenell, Andrèw Fan8, Chri5toph8r Claxton Stevens, Patrick Regve. Richard Johnston, Rogar Cline, Kalhryn Dixon and Richard Hlll8bron. Flnanclal r•vloW Rejserves policy This year tha charity Ghan9ed 115 res8tves policy from th8 pfevious financial years, during which one year ot reserves was to bé m8int8in8d. 11 is now the policy of th• charity that th8 unrestricted fvnds that have not bean designated should be maintained at the equivalgnt of not less than nlne monU)s' operating expenditure (that Is. Ihe expected lolal expendlture 188S the grants paid out for consetvalion projectsl. The Trustees consider that reserves al this level will ensure that, in th8 8V8nl of a significant drop in income, the ehaNty will be able to eontirhue its current activities whi18 alternative sourrAs ol incorne are soughL Tho level of nine months. reserves hAS beèn retainèd throughout the year. THE HERITAGE OF LONDON TRUST LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Invg$tm•nt pow•r$ The Trust can invest monies not imrnediatdy required for its purposes In tsr upon such inv8slmenls, securities or property as may ba thought fit, subject to conditions or consents as may lor tha Ilme b8ing be lrnposed or required by law. Rilk management The Trustges have a duty to Idanlify and revlew thè risks to which the charlty Is axposad And lo ensure 8ppropri8le controls are in place lo provlde reosonable a58ur8nc8 against fraud and error. The Trust6as have ass&ssad the major rf5ks lo which the charity Is &xpos6d, In particulai those related to tha operauons and flnances ol the Trust, 8nd have established systems to mitigato its exposure lo Ihe major risks. Futur• D•v•lopm•nt• The Trustees b81iav8 thal th8 Trust fulfi15 8 vitsl role in resculng and presetvlng London's built h8ri18ge, e8pecially in locuslng on areas of urban deprivation. The Trust's dedicated work 8ncourag89 the appreciation and reuse ol sites with little or no stalulory support, including bulldings and rnonum&nt5 th81 ar8 un5isled but of historic merll and interest. The Tru8188Sl818 loc818uthorilies in id8nlifying ways ol improving tha publit r8alm around herltage assets. The Trusta&s bell8ve th81 the Proud Places programme contlnuès to ba grotsndbrgaklng In demon5trallng the interest and benefit ol Involvèmènt In h#ril8ge projects and creates a n8w g6n•ralion of heritage ch8mplons across the clty. The Trust88s b&llevè th8 pr¢gr8rnme has an opportunlty to Inspiro other organlsBlions beyond London. In the medium torm, tha Trust's work tonlinues lo expand and there is a need lo Improve Ils commun1¢81ions extemally to reflect the BCOP8 and Impo¢10l its work. 8tru¢tur•, gov•manc• and monag•m•nt Govgrnlng docum•nt The Trust IS 8 Cofnpany Ilmlted by gu8rBnlee and not h8vlng 8 8h8re c8pital. as now deflngd by the Companles Aet 2006, 11 w88 e5t8blished under a Memorandum of Association dated 26 February 1980 and Is g0vem￿l by the ArtieJe$ of As8ocl8llon adopted on the same date. Tha data of Incorptsrallon was 13 Merch 1980. Tho Tru5t88s, who ar8 also the director3 for the purposa of company law, 8nd who 50rved during the year ond up to thè dalè of signaturé ol th8 flnancial statgmanis wara.. Sir Laurie Magnus CBE Sarah Booth Kit Kemp Jamie Ritblal John Phillip6 Richard Johnston Dora DIxon-F￿0 Pippa Call•rall Me18nie Stoutzker (Resigned 30 June 20251 he Trust885 report as approved by the Bo8rd of Trust88s. Slr Laur1• Ma9nu• C8E Chairman Dated.. 22 Ociober 2025 THE HERITAGE OF LONDON TRUST LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HERITAGE OF LONDON TRUST LIMITED I report to the Tw51988 Ofj my examination of the financlal stolèmènls ol The Heritage of London Trust Limited Ith8 charityl for the yoai 8nd8d 31 March 2025. Ro$pon•lbllbtl•8 and ba8ls of r•port As tha Trugl90$ 01 the charity land also tts dlra¢lors lor the purposes of compBny lawl, you aw m$ponsiNe for the prepara￿on ol the fin8ncial ststements in accordance with th8 r8quir8rnenls ol the Companles Act 2006. Having satisfied myself that the financ4al statements of tha chArfty Ar8 not required to bè au(Jltad under Part 16 01 the Companies Act 2006 8nd are eligib18 for independènt exarninalion, I report in rgspect of my examination of lh8 charity's financial slataments carr18d out under section 145 of tha Chartlies Act 2011. In carrylng out my gxamlnalion I have followed th• Oirectlong giv8n by th8 Charity Commission undèr $8clion 1451Sllbl ol the Chari118s Act 2011. Ind•pond•nt ox•mln•e* *tat•m•nt Sincè thè charity's gross income excgeded £250,000, the Independenl examiner mtssl b8 s ffl8mb8r of 8 body listed In soction 145 of the Charllies Act 2011. 1 confirm that l am qualifled to undertake the examination b8¢8use l am a member ol ICAEW, which is one of Ihe listed bodies. I havo complel8d my •xamlnallon. I confirm that no matters hav& ¢om6 to my attention in conn8cllon wllh the examination giving ma cau¥9 lo beligve that in any mat8rlal raspaet.. a¢¢ounllng records were not kept in rèspacl ol the charity aB requlr8d by s8cllon 386 01 the Companies Act 2006. Ihe financlal slalemènts do not aceord with those records.. or tha financiAI 918lemenls do nol comply wllh the 8ccounting requirement8 01 se¢tlon 396 of thtr Companies Acl 2006 othèr than any requirement thdl the fln8nct81 s181gmenls glve B true and falr vlew, whl¢h 18 nc¢ 8 matter consid•rad as p8rt of an independent examination,, or the financial statements hav6 not been prepared in accordanc• wilh tho molhodB and prlnclplas ol th8 Slalement ol Recommended Pracllce lor accounting and r8portlng by chari11os applicable to charit1•$ preparing their financial statements In acwrdance with the Flnancial Raportlng Standard applicable In the UK 8nd Reputsllc ol Ireland IFRS 1021. I have no concems and have corne across no olhèr matters in connection with the examination lo which altention 8hould bg di8wn in this report In order to 8nablè a prop8r underslandlng ol th8 finonclal 8tAlomenl8 lo be reached. Arg•nt• A¢countsntB Llmlt•d 15 Palace Street NORWICH Norfolk NR3 1RT Unit8d Kln (tom THE HERITAGE OF LONDON TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrè$trf¢t•fl R••trlcted fund funds 2025 2025 Total Unr•strlct•d R•atrfct¢d fund• funds 2024 2024 Total 2025 2024 Not Income from.. DonBtiony and legbcies Charitable activilios Investmènt8 335.252 5.918 41.024 426.279 761,531 5,918 41,024 302.782 332.963 635,745 38,385 38,385 Total Sn¢om• 382,194 428.279 808.473 341,167 332.963 674,130 Exp•ndlturo on: Raising funds 112,338 15.574 127,912 47,480 4,649 52.129 Con8ervallo Educatlon 242,821 65,228 152.194 247.930 395,01 S 313,158 170,582 94,692 70,182 153,729 240,764 246.421 Total charlt•bl• •xpendltur• 308.049 400,124 708.173 265,274 223,911 489,185 Total •Xp•nd1￿r• 420.387 415.698 836,085 312,754 228.580 541,314 Nel gainsll10888sI on Investm&nt8 13 19.6991 19,6991 17.512 17,512 N•t Incom•ll?xp•ndltur•l 147.8921 10,581 137,3111 45.925 104.403 150,328 Tran5fer8 belween lundg 1881 88 N•t mov•m•nt In fund• 147,9801 10.689 137,3111 45,925 104,403 150,328 R•eon¢115•tlon ollund•'. Fund balancas Bl 1 Aprll 2024 869.123 185,3to 1,054,433 823,198 80.907 904.105 Fund b•l•nc•• at 31 Mor¢h 2025 821,143 195,979 1,017.122 869,123 185.310 1,054.433 The statomenl of financial activllies includ8S 811 g8lns and losses recognlsed in the year. All Incom& and exwndilure derive from continuing activities. THE HERITAGE OF LONDON TRUST LIMITED BALANCE SHEET ASAT31 MARCH 2025 2025 2W24 14ot•• Tengible assets In￿$tMonts 15 10 6,914 198,463 8,642 208,162 205.377 216,804 Current aii•ts Dèbtors Cash at bank And In hand 17 23,377 791,102 17,592 833.369 814.479 8SO.961 Cr•dltor8.' amounts falllng du• wlthln one y••r 18 12,7341 113.3321 N•t curr•nt a•••ts 811.745 837,629 Tol•l ••Mt• l••• ¢urr•nl Il•bllltl•• 1,017,122 1,054,433 Th• fund• of the ¢harlty Restricted In¢omts lundB Unrestricted funds 19 20 195,979 621,143 185.310 869.123 1,017.122 1.054,433 The Incorpor8t8d Ch8rtty Is enlllled to th8 8XaMp￿0￿ from the audll requlrement contolned In 8ectlon 477 of th& Companl8s Aci 20r￿. for the year ended 31 March 2025. The directors acknowledge Iheir responsibillties lor complying with the requirements of tha Companie8 Act 2006 wllh respect to aeeounung records and the preparatbn of flnanclal Statèments. The members hav8 not r8qulred thè Ctsmpany lo obtoln an AudSt of its financial ststern8nls for th8 yèar in que81Son In accordance ￿th S￿tion 476. These flnanciBI stalèm8nts have been prepared In 8CCOfdance wlth the provi3ions 8pplIca￿e lo comp8nies ¥ut4'ecl to Ihe Small compan1è5 regim&. Th rinancial siatements w fe opproved by the Tru$tee8 on 22 Octob8r 202$ Sir Laurfe Magnus CBE Chalrn)an Company reglstr8tion number 01485287 (England and Wal8sI THE HERITAGE OF LONDON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountln9 pollcles Ch•rity Infomiatlon The Heritage of London Trust Lirniled is a private company limlt8d by guarantee incorpcrfatad In England and Wales. Th& registgred offlce is Fivefields. 10 Grosvenof G8rden8, London, SW1 ODH. 1.1 Accounllng conv•ntlon The financial st8tements have been prep8rèd in Accordance with the charity's goveming document, the Compani85 Act 2006 and Accounting and R8p¢rting by Charities.. Statement of R8¢omTllgnded Practice applicable to charities preparing their aCC￿JntS in accordance with the Financial Reporting Standard appllcablè In thè UK and R8public ol Ireland IFRS 1021 lef19Ctlve 1 January 20191.. Th• rharity 15 8 Public Benefit Entity as dèfinfjd by FRS 102. The charity has laken advantage ol the provisSon6 In the SORP for ¢h8rltie8 8pplySng FRS 102 Upd8* 8ullg1in 1 not to prepare a StBtemenl ol Cash Flows. The financial statements are prepared in st8rlino, which is the functk)nal currency ol Ihe charity. Monetary amounts in these Ilnanclal slalèmanls are roundèd to the nearest £. The fin8n¢lal slalernenls hgv8 baen pr*paTrd under the h151orical cost conv8ntion, Imodified lo includ8 th8 rèvalualion of freehold proporties and lo Include investrnenl properties and cert8ln fin8n¢lal inslri¥ngnls al lair voluol. Th& principal accounling policias adopted are sel out bebw. 1.2 Golng con¢•r Al the line r)f approving the fin8n¢i81518lemenls, the Trustees have a rèason8bl8 expectatlc*n that the charfty has 8dequat8 r980urc8s lo continu9 in oporalion81 existence lor tha foraseeablè future. Thus th6 Trusta•s continue lo adopl the going conogrn tyg$is ol accounting In preparing th& flnanclBI slalemenis. 1.3 Charltabl• fundi Unraslricled funds ale avallabla for usè 81 the dlscrelknn ol Ihe Trustees In lurtheranct of Ih8lr charltabla oblacllve$. Designoled funds ropiesènt unrÈ8lricted funds set aside by thè tnjslees lor a speclfic purpose. It often represents grant aid alloc8t8d by the Trustee5 to a 8P8cific prolect and Ihergfore transferred lo dasignaled funds. Such funds can bè undèsignalèd or re.designatgd at a latar data 91 ¢he dI￿retIon ol the trust8e8. Restl￿ted funds are subject lo specillc conditions by donors or grantors as to how they may be used. The purposes and uses of the re5tricled lunds afe s¢t out in lh& notes lo the financial slalements. Endowment funds ar8 subject to 9pècifi¢ condi1Sons by donors that th8 c8pIt81 rnusl be maintained by the charity. 1.4 Incomo Incomg 15 recognlsed whgn Ih& charity 1$ legally entilled io11 ofter ony p@rf￿man￿ u)ndfjlion5 have been mot, Ihg amounls can be n￿Sure￿ rèliably, and it i¥ probatAe that incorn8 wlll bè rec8ivgd. Cash donations ar8 recognised on receipt. Other donabons are r9wgnised once Ihe charity has b88n notified ol the donation. unless performance conditions require deleiral ol the 8mount. Income tax ￿0¥8rable in relation lo donations rèc9ived under GiftAid or deeds ol cov8n8nt is rècognised al the time of the donation. Legaci89 8f8 rècognised on receipt or otheThAs8 rf t￿ ¢h8rity has been notlfied of an impending di8tribulion, the amount is known, and receipt is èxpoctad. 11 the amount is not known, the legacy is treated as crntingenl assel. THE HERITAGE OF LONDON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollclos IContInu￿) 1.5 Expenditur• Liabilities are recognised 88 8XP8nditure as soon as ther• is 318gal or constructive obligation commlltlng the charity to Ihal expenditure, il is probable that 8 transfer of economic benefit5 wlll be required in selllernent and the amount ol the obligation can b8 measured rella￿y, Expenditure is accountèd for on an accruals basis and has been classified under headings that aggregate all cost related to the categtsry. Where costs cannot be directly attributed to pat1icular h8adlngs Ih8y hav8 b8en allocated lo activities on 8 basi8 consisfenl with the Use of resources. Gfant$ offer8d 8ubject lo conditions which havè not b99n rrel al the year end date are noted 95 a comrnilm8nl but nol aceruéd 8$ expenditure. Allocatlon and apportlonm•n¢ of ¢o•t• Staff costs are allocated tg activities on an e811ma18 of lime spent. Other support Costs are ￿loCated In the 38me proportions. 1.8 Tanglbl• flx•d ••••l• Tangible fixed assets are Ini118lly rnea8ured al cost and subsequenily measurail 01 co$1 or Valuation, n&1 of deweciation and any impairmenl1095e8. Depreciation is recogni88d 50 as to write off the cost or valuation ol 8$set$ less their re61dual valu8s ovgr tholr Useful lives on the lollowlng base8'. Offlcè èqulpmenl 20% on reduclng balance The gain or loss arising on th8 disp0581 of an 88Set is delermin8d as thè dlffgronca baiween th8 sale proceeds and the carrylng valua of Ihg a$$&l, $nd Is rtrcognlsed in the statement ol Ilnancial 8clivi1185. 1.7 Flx•d a•i•t Inv••tment• Fixed as8et invpslments ar• Snilially measured at Ir8nBaction price excludlng Ir8n88clion ¢osts, ar￿ are subsequently rneasur9d al folr valuo 01 98¢h reporting date. Changes In falr valuè arè ￿cOgnISed in nel Incornellexpendilurel lor Ihe year. Tiansa¢tion costs are expensed as incurred. 1.8 Impalrm•nt of fix•d a•*•t• Al èach reporting end dale. Ihe ch8dly revlew$ Ihg carylng amunts of Its tanglble Ag991# to detomln8 whether there is any indication that those assets hgve suflered an impairrnent loss. 11 any such in(J￿atIOn exists, the rgCOV8r8ble amount of the asset Is 88tlrnaled in order lo detemiina the ext•nt ol the Impaimenl loss Ilf anyl. 1.9 Ca•h and c••h oqulval•nts Cash and c8sh gquivalents Indud8 cash Sn hand. dèposits held at call with banks, olhor short-t9rm liquid inv8strn8nls with original maturities of thr80 months or lèss, arKI bank overdrafts. Bank ovardrafts 8r8 shown thln borrowings in current liabilities. 1.10 Fln•n¢l•l in•trumento The charity has elect￿ to apply the provisi¢￿S of Section 11 'Basic Financial Inslrurnenls, and Section 12 'Othef Financlal Instruments188uès' of FRS 102 tt) all of its finandal instrumenis. Financi81 instrurnents are recognised In thè ch8rfjty'5 balance sheet when the charity b&com￿ party to the contractual provisions ol the instrument. Financial assets 8nd liabilities are offset, wlth the nel amounts presented in the financial statements, wh8n there is a legally enforc8able right lo sel off the recognised amounts 8nd there is 8n intention lo selt1• on a n8t basis or lo roallse the 8ssèI and 5gtUe the liability simLAtaneously. THE HERITAGE OF LONDON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcl•s Icontlnuodl 8a*lc Ilnanclal assets Basic financi81 assèts. which include debtors and cash and bank balanc8s, are inlts'811y m88sured at transaction pric& including tr8n$a¢lion costs and are 5ubs8quently carried al amortlsed cost using the effective interest method unless the arrangèm8nt constitutes a financing transaction, wher8 thè transacllon 18 Fveasured at lh6 present value of the future recgipl8 discounted at a market rale of inte￿st. Flnancial a$801s 185sifi8d as receivable within one year ar8 not arnort15ed. 8•$lc flnancl•l114bllltl•s Baslc financlal liabillt18s, In¢ludlng er6ditor8 and bank h)ans are inltl8lly rgcognlsgd al Iran$actk)n price unless the afrangemenl constitutes 8 financing transaclion, where the debt instrumènt is measured at th8 present valua ol tha fLrtur8 P8ymonls dl8counted al a market rate of interest. Finanaal liabililigs ¢I88S￿ed payab18 thin one year not amorllsed. Debt instruments ar8 subsequently corrlod al amortisod ¢081, u8lng the effectSve interest rale m8lh¢)d. Trade credltors are obllgations to pay for goods Ctf serv1￿8 Ihal hav& bèen a¢qulred In the ordIn￿Y cour98 of oper81ions from supplier5. Amounls payable are classifiad as current liabili118s if payment 15 due wllhin on year or le$8. 11 ntsl, they 8r8 preBented as non