2016–17 Annual Report Building a Better Future from Our Past

The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

HASTINGS PIER East Sussex | England Hastings Pier Charity | hastingspier.org.uk

2016–17 Annual Report Building a better future from our past

www.ahfund.org.uk The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Contents Annual Report 2016/17 Building a better future from our past

CASE STUDIES 32 | England 51 | Wales 52 | Scotland 61 | Northern Ireland

Financial statements 92 | statement of financial activities 93 | Summary Income and Expenditure Account 94 | BALANCE SHEET AS AT 31 MARCH 2017 95 | STATEMENT OF CASH FLOWS 96 | NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 Front cover: Trinity Centre, Bristol – Psychfest / Photography courtesy: Andrzej Zajac ©

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Overview About the AHF

The Architectural Heritage Fund (the AHF) is a registered charity, founded in 1976 to promote the conservation and sustainable re-use of historic buildings for the benefit of communities across the UK, particularly in economically disadvantaged areas. The Memorandum of Association defines Mission the AHF’s charitable objects as: To use our knowledge, experience and • to promote the permanent preservation resources to ensure as many people for the benefit of the public generally of as possible can enjoy the cultural, social buildings monuments or other edifices or and economic benefits of a vibrant and structures of whatsoever kind and whether well-managed architectural heritage. permanent or attaching to land or not and wheresoever in the United Kingdom situate Objectives of particular beauty or historical architectural Objective One: To support people, or constructional interest; communities and organisations to take ownership, repair and adapt historic buildings • to protect and conserve or promote the and places for new sustainable uses. protection and conservation of the character and heritage of the cities, towns and Objective Two: To attract more investment villages in and around which such buildings for the conservation and sustainable re-use monuments or other edifices or structures of the UK’s architectural heritage. exist; Objective Three: To inspire the start-up • to advance public education of and interest and growth of new community enterprises in the history of the United Kingdom and that utilise historic buildings and places its people and thereby to promote public for public benefit. taste and education in and concerning the Objective Four: To demonstrate the value conservation of its creative heritage and of a well-managed historic environment by the encouragement of aesthetic standards championing and showcasing the impact attaching to its contemporary environment. of the projects we have supported.

We seek to achieve our objects primarily by Implementation of policy providing advice, information and financial Annual income is derived from interest on assistance in the form of early project grants, loans and bank deposits, Government grants competitive short-term loans and other for particular programmes, donations forms of investment, to projects that have the and legacies, and sundry other sources. potential to deliver substantial cultural, social This income is used to finance the AHF’s and economic benefits in places where they grant-making activities and to cover its are needed most. operating costs.

The AHF translates its charitable objects In most years, the primary cost of generating into a mission statement and strategic voluntary income is internal, involving objectives, as follows: negotiation with, and reporting to, the AHF’s four Governmental funders.

121 projects Clockwise from bottom left: supported and/or funded The Duke of Marlborough, Suffolk Lower Lodge Gateway Project, Ashton Court, Bristol by AHF during 2016/17 Turner’s House, Twickenham / Photography © Anne Purkiss Stretford Public Hall, Stretford, Manchester

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Overview About the AHF

Public benefit The trustees confirm that they have CLIENT OUTCOMES FOR OUR WORK IN 2016/17 complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. As a UK-wide charity enabling not-for-private-profit organisations to save and preserve the nation’s built heritage – with educational and capacity-building programmes as well as with financial support – the AHF’s public impact is significant both locally and nationally. 85% 66% Our impact of clients are confident that they would of AHF clients consider themselves more financially Since 1976 the AHF has awarded loans with undertake a similar project in the future sustainable as a result of the AHF support a total value of £127m to over 900 projects across the UK and has made more than 1,440 individual early project grant offers totalling over £11.5m.

Since 20001 308 projects completed as a result of AHF investment of £4.1m of grants and £48.8m of loans, levering in over £436m from other 93% sources, including £173m from the Lottery of AHF-supported projects have resulted and £178m from trusts, foundations and in the re-use of a historic building commercial investment.

Client outcomes The figures, right and on the next page, are extrapolated from the 143 completed surveys of AHF clients. A greater proportion of these were received this year from early-stage projects, as part of an Impact Review process now formally reviewed 78% by the AHF’s auditors. of organisations have engaged with a wider 83% audience than before as a result of their say that AHF support helped them secure Of which: AHF-supported project additional funding from other organisations 69% were in progress 9% did not proceed, or were stalled, and 3,000+ 22% people, as a result of AHF support, have were completed developed new skills in business planning, 91% 2,000+ strategic development, financial or project of clients believe that AHF support has increased people have developed new skills management and fundraising their credibility to other potential funders in community engagement 1. Data taken from the AHF’s social impact survey 2016/17, full report available for download from www.ahfund.org.uk

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Overview About the AHF

COMMUNITY OUTCOMES FOR OUR WORK IN 2016/17

97% of survey respondents felt that their 1,500,000+ community is a better place to live/work 8,000+ people have attended events held 400,000+ in as a result of the AHF-supported project community events have been held in the last year at an AHF supported project...... of which were children or young people... 14,000+ local community members have been directly 250,000+ involved in projects over the last year (either ...and at least 250,000 were adults from coming to meetings or volunteering their time) low-income or other disadvantaged groups

4,000+ 3,000+ volunteering opportunities have been training opportunities have been created in the last year created in the last year... 1,000+ FTE employment opportunities have been created during project works, with an estimated 5,000+ 1,000+ additional 1,000 FTE opportunities ongoing once days of time were given by the volunteers ... of which were for young people works are complete 38,000+ 2,000,000+ people have visited an AHF-supported people have visited an AHF-supported project in the last 12 months for training project in the last 12 months for leisure and education purposes or recreation purposes

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Overview The year in numbers

ADVICE

677 46% 73% 56% enquiries responded to by the AHF of these were new clients of enquiries were about projects that of enquiries related to (2016: 550) (2016: 49%) are seeking to repair and find new projects involving community uses for listed buildings (2016: 77%) businesses (2016: 33%)

GRANTS 120 36 37 50% grant offers were made (2016: 64), grant offers were for grant offers were for buildings listed of grantees (2016: 63%) were amounting to (2016: £375,033) buildings on national Grade I & II* in England and Wales; organisations that had never £1.19m ‘at risk’ registers (2016: 26) Category A in Scotland (2016: 23) previously applied for AHF funding

LOANS £13.5m 17 £435,000 AHF managed capital funds for lending in the UK, comprising: loan offers were made, totalling of community shares have been purchased by the AHF £1.9m £11.6m £2.4m Unrestricted designated lending fund Endowment funding restricted by source (£1.85m in new lending and £0.59m in extensions)

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HASTINGSFrom the PIERChairman FROM THE CHIEF EXECUTIVES East Sussex | England Hastings Pier Charity | hastingspier.org.uk

Liz Peace CBE Ian Morrison Matthew McKeague Chairman Outgoing Chief Executive Incoming Chief Executive to July 2017 from October 2017

A lot has happened since I wrote my first During the year we said goodbye to Phil Kirby This is my third but sadly my last contribution I am a long-time admirer of the role the Chairman’s foreword for last year’s innovative who has been a trustee at AHF since 2011 to the AHF’s Annual Report. I am sorry to Architectural Heritage Fund has played in – and very well received – Annual Report. and Rita Harkin who has taken up a new be leaving such a wonderful charity, but the helping communities breathe life back into We are experiencing a degree of national position as our support officer in Northern temptation of re-joining Historic England, at cherished historic buildings. Reading through and global instability, coupled with economic Ireland. We are deeply grateful to both for a time of significant challenge for the country this annual report and seeing the many uncertainty, that will almost certainly result in their contribution to the AHF. But we have and for the conservation and enjoyment of its projects supported I am once again a risk averse approach to public and private been fortunate enough to recruit three new heritage, was too great to resist. impressed at the scale of its reach and expenditure and that does not bode well for trustees – David Hunter, an experienced asset impact. I am looking forward to working with many of our cultural and historic institutions. and fund manager from the real estate world, In many ways, now is a good time to move the team to expand our work in supporting But I believe strongly that there is a value to Sue Brown, a communications expert who on. The AHF is re-established as one of communities rescue and find new uses be placed on the role that buildings from our is now director of planning and development the three primary UK organisations helping for the buildings they value. This is work past can play in helping us to manage the at London First and Suzanne Snowden who communities to repair and re-use their I passionately believe in, and which AHF future – however uncertain it may be. And specialises in brand communications, digital heritage, alongside the Heritage Lottery Fund has such an impressive history of. finding and supporting a sustainable use and content management. and the relevant historic environment agency for many of those heritage assets – using a in each country. As well as the expansion Over the coming year, I will be seeking to mixture of public and private resources – is Our biggest upheaval on the people front in our support officer and grants services, build on the excellent work of the team and exactly what the Architectural Heritage Fund came with the departure of Ian Morrison. negotiations are already well-advanced with Ian Morrison. This will include developing is all about. After two very hectic but fruitful years as our other funders to provide the AHF with more new partnerships to help expand our work CEO, he has moved on to be Head of Planning capital to lend. The re-structuring programme and to demonstrate how the reuse of historic We have over the past year made excellent at Historic England. Whilst we were very has been completed. And for the first time buildings can meet a range of 21st century progress in delivering on this broad objective. sad to lose his inspirational and energetic in over 15 years the AHF has posted a small challenges – as well as making places more As a result of the generosity – or indeed one leadership we look forward to having an surplus, which means the charity has more interesting, unique and valued. Important to might say forward thinking – of our funders, ongoing relationship with him as a key player money available to help communities than this will also be ensuring that the impact and we have been able to expand our small grants in one of our most important funders and ever before. Matthew McKeague brings a relevance of our projects is communicated programme and our network of regionally- supporters. On behalf of the trustees I would wealth of experience and knowledge, and I widely, including to new sectors and based support officers – now numbering like to extend a big thank you to Ian for all have no doubt he will bring a fresh approach organisations. I’m equally looking forward twelve in total – to offer support to embryonic he achieved at the AHF and wish him every and find creative new ways to expand the to working with the organisations, building heritage projects across the United Kingdom. success in his new role. AHF’s activities. preservation trusts and partners AHF has a I am most grateful to Cadw, the Department long standing relationship with. Although the

for Digital, Culture, Media and Sport; Historic I would also like to welcome Matthew To conclude I would like to offer my sincere economic climate is still a challenging one, From top: England, Historic Environment Scotland, McKeague, who will be joining us in October thanks to Liz, all of AHF’s trustees past and there are a number of new opportunities Ian Morrison Matthew McKeague the Northern Ireland Department for as our new CEO. We look forward to working I believe strongly that present, and to AHF’s outstanding staff, for the sector and I am confident that AHF’s Communities, the Pilgrim Trust, and the with him to continue and expand the work of there is a value to be support officers and volunteers, too many to support and investment can continue to help Garfield Weston Foundation for their support. the last two years. placed on the role that name here but all of whom have contributed find inspiring and creative uses for some to the success of the AHF over the last year. of the UK’s finest buildings. Matthew McKeague On the lending front, we have been able to Finally, I would like to extend a personal buildings from our past Incoming Chief Executive offer a flexible approach to benefit a wide thank you to all of my fellow trustees – retiring can play in helping us to array of projects. We will be continuing to and continuing – who have each played a vital manage the future After Ian’s departure, Andy Richardson – the Over the coming year, explore with a number of potential funders role over the last year in bringing the AHF – however uncertain it AHF’s Investment Manager – undertook the I will be seeking to build how we might be able to create new to such a well-regarded position. I would may be. And finding role of Interim CEO for three months, ahead on the excellent work of endowment funds that will enable us to also like to extend my sincerest thanks to the of Matthew’s arrival. the team... and I am lend to more projects on a range of terms. staff team who have responded magnificently and supporting a to the not inconsiderable challenges of a sustainable use for confident that AHF’s turbulent but, at the end of the day, at least many of those heritage support and investment for us, highly successful year. assets – using can continue a mixture of public and to help find inspiring private resources – is and creative uses for exactly what the some of the UK’s finest Architectural Heritage buildings. Fund is all about.

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TRUSTEES’ REPORT TRUSTEES’ REPORT Achievements: Progress against our strategy Achievements: Progress against our strategy Priority One Growing our loan book and attracting more investment

In July 2016 the AHF published its The AHF provides loans and other forms of • AHF’s increased profile in the community strategy 2016-19, which, as well as investment (i.e. community share purchases) development/business sectors, particularly setting out the AHF’s mission, objectives to not-for-profit organisations in the heritage as a result of our critical support for a and values, also identified six key sector primarily by way of endowment funding number of early demonstrator projects. which has been built up over a number of priorities that were developed to guide • Greater awareness of opportunities for years through government grants and private our work over the next three years. communities to take over the ownership/ donations. These facilities are available for The strategy is supported by annual management of heritage assets (37% of the purposes of working capital and/or the operational plans that include specific the 677 enquiries handled by the AHF in acquisition of a historic building, and in some measurable targets against which our 2016/17 were for projects that involved instances bridging facilities and business progress is mapped and reported the transfer of heritage assets). to the AHF Board – also known as development. The recipient should usually the Council of Management – on have, or acquire, title to the project building. • Stimulation and growth of the community a quarterly basis. In most cases the AHF requires security business/social enterprise market as a result for the loan, either in the form of a formal of initiatives introduced by Government and repayment guarantee or a first charge over organisations such as The Power To Change any property to which a free and marketable Trust and Heritage Lottery Fund (through its title can be offered. Heritage Enterprise scheme). • Difficulty obtaining affordable loan finance We have now helped communities repair and from other providers as a result of the find productive new uses for over 900 historic perceived high-risk nature of historic building buildings at risk with £127m of loans recycled restoration projects. from a lending fund that has grown from £500,000 in 1976 to over £13m in 2017. The The increase in demand has been projects we support make an outstanding compounded by the longer terms of recent contribution to place-making: improving the AHF loans, following the introduction of a appearance of the built environment, creating new mortgage-style loan product (reflecting jobs, skills and economic growth, providing the needs of the sector – see The Heritage recreation, education and culture, and Mortgage on page 18). encouraging people to participate in society – improving their confidence and well-being As a consequence, increasing our lending and securing greater community cohesion. funds and growing our loan book are important, not only for meeting the demand The extent to which the AHF is able to for affordable finance from communities who implement our policies is determined by wish to repair and adapt historic buildings, but the level of demand for our services and also for ensuring the AHF generates sufficient by the size of our endowment fund. The income from our lending activities to cover endowment fund is used for lending; however, our operational costs, subsidise our grant Clockwise from above: it may also incur capital losses on loans Old Toll House Stratford-upon-Avon, Warwickshire budgets, and sustain our charitable activities Trinity Centre, Bristol or other investments. Stretford Public Hall, Stretford, Manchester moving forward. We have set ourselves a The Assay Office, King Edward Mine Camborne, Cornwall target of growing our loan book by 50% and / Photography © Tamara Smith Photography Demand for AHF loans currently outstrips increasing the size of our endowment fund supply, and our ability to support heritage by £4,450,000 (42%) over the strategic plan projects that contribute to place-making and period 2016-19. civil engagement is curtailed as a result. We have seen a steady increase in demand for AHF loans over the last 18 months, which can be attributed to a number of factors, including: Over 900 historic buildings at risk have been helped by AHF funding

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TRUSTEES’ REPORT Achievements: Progress against our strategy Priority One

Funding has been secured on a tapering basis Summary of current loan book In accordance with our policy of promoting Performance of loan book over three years from Historic England to (drawn balances): the sustainable preservation of historic During 2015 a Portfolio Management support a new Business Development Officer England £4,759,320; buildings and acting as a lender of last System (PMS) was introduced to provide a post, and we have set a target of 10% growth Scotland £1,855,033; resort, the AHF is prepared to take considered more structured monitoring process of the of the total value of our restricted lending Wales £511,667; financial risks if the social impact of a AHF’s existing loans. All borrowers are now funds for 17/18, with a further 20% required Northern Ireland £536,634; particular scheme is considered sufficient to routinely contacted every quarter to provide by 2018/19 to meet our strategic plan goal. Total drawn £7,662,654 warrant this. We mitigate this risk by setting performance data required under the terms aside a proportion of our funds as bad debt of the loan agreements. The PMS also The Investment Team had a productive year 33 provision (currently estimated as 4.2% of total includes a traffic light system to categorise during 16/17, offering over £2.4m in new loan facilities have been disbursed, loans outstanding which have not been loans by risk of default. The status (as of 31 loans and extensions to existing facilities. We either partially or in full included in the specific provision). March 2017) of the loan book is as follows: are seeking to increase this figure in 2017/18. During 2016/17, 17 loan offers were made 85% to organisations across the UK – to borrowers of these attract a simple interest both new to the AHF, and existing – totalling rate of between 5% and 8% over £2.44m (£1.85m to new borrowers and £0.59m in extensions to existing borrowers). 45% are due to be redeemed within 18 months, The total amount of AHF managed capital and 55% between 18 months – 5 years funds for lending in the UK = £13,535,315, comprising: Table 1 / Current status of the loan book 82% • Unrestricted designated lending fund of of facilities are secured by a legal charge, 6% £1,893,219; and Category Description Risk of Percentage default of loan book by a guarantee, 9% are unsecured, and the • Endowment funding restricted by source remainder is secured by alternative means of £11,642,096 Undrawn Loans offered but not disbursed Low 26%

Of the endowment funding of £11,642,096, Green Loans disbursed Low 41% 19% Payments made on schedule of borrowers are making regular interest £500,000 is held as property and £435,000 and and capital payments during the terms of as community shares, and £907,004 is set the loan, 39% are making regular interest aside for bad debt provision. Balance sheet and cash flow payments, and 42% will make no scheduled forecasts show no concern payments until the loan is redeemed At the end of March 2017, the aggregated loan portfolio showed a drawn balance of Amber Loans disbursed Medium 16% £7,662,654 across 33 unique borrowers, Payments deferred 14 with a further £2,294,200 committed but and/or further loan offers, as yet undisbursed, have not yet disbursed. Given our current lending Balance sheet and cash flow been made; all attract a simple interest rate of commitments of £9,881,106 as of 31 March forecasts show signs of concern between 5% and 9%; all have a term between 2017 the AHF had £1,736,457 available for 12 months and 15 years lending to new projects. It is our intention to Red Loans disbursed High 3% commit fully these funds during the course Payments missed of the next 18 months as we introduce our and new loan programmes. Balance sheet and cash flow forecasts show signs of weakness

Non-performing Loans disbursed High 14% Loan unlikely to be repaid in full Over £2.4m Bad debt provision made for a was offered in new loans and proportion of the outstanding loans extensions during 2016/17 From top: Dunoon Burgh Hall, Argyll and Bute South London Theatre, South Norwood

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TRUSTEES’ REPORT Achievements: Progress against our strategy Priority Two Introducing new grant and loan programmes

Grants Project development grants Following the significant expansion of our Strathclyde Building Preservation It is essential that we run and deliver our The project development grant (PDG) is grants budget in England as a result of Trust SBPT Legacy Fund grant and loan programmes effectively and intended to assist applicants with the costs a three year funding settlement from Late in 2015 the Members of the Strathclyde in accordance with our strategic objectives. of developing and co-ordinating a building the DCMS from 2016-19, we successfully Building Preservation Trust decided to close restoration project after basic viability has negotiated continuing financial support after 30 years of operation and transfer its We have reviewed our current portfolio been established and up to the point the for our grant programmes in Scotland up remaining funds of £69,000 to the AHF to of grant programmes, policies, criteria and project goes on site. Grants may be applied until March 2020. We were also delighted to form a ‘SBPT Legacy Fund’, with the explicit application materials and have consulted with for in stages according to the needs of the receive confirmation of financial support from intention of supporting another charitable funders and clients. New grant programmes project as it progresses. The Garfield Weston Foundation, The Pilgrim organisation to complete the restoration of and associated materials were launched Trust, the Northern Ireland Department for Shawmuir Lodge in Pollok Park in Glasgow. in May 2016. We will continue to review The AHF received 158 grant applications Communities and Cadw, which has allowed us our policies and criteria and implement in 2016/17 (2015/16: 97), requesting to expand our grant programmes in Northern The AHF was pleased to assist SBPT in this further changes in response to feedback a total of £1.6m (2015/16: £974,167). Ireland (to March 2019) and in Wales (to way. During 2016-17 an application from the from our clients. Demand continued to rise throughout the March 2020). Full details of new investment Scottish Veteran’s Garden City Association year as news spread about our increased for our grant programmes is set out in the (trading as ‘Houses for Heroes’) for the fund The AHF offers two grant programmes, funds, with the result that we were able to table below. We will be introducing also a new was approved, and work should be starting on which are financed by grant-aid from the support three-quarters of the applications community development grants programme site shortly to restore the lodge as a home for Department for Culture, Media and Sport, we received. In a few instances we offered in Scotland during 2017. a veteran. Historic England, Historic Environment less grant than was applied for, but in every Scotland, the Northern Ireland Department case the applicant was able to make up the Grants budget 2015-16 = £375,000 We hope the SBPT Legacy Fund has set shortfall with funding from elsewhere. for Communities, Cadw, The Garfield Grants budget 2016-17 = £1,110,000 a useful precedent for other trusts and Weston Foundation and The Pilgrim Trust foundations that are no longer active and and from interest income derived from 120 Grants Budget 2017-18 = £1,450,000 who wish to find a more efficient mechanism AHF’s lending function and bank deposits: for achieving their charitable objectives. grant offers were made (2015/16: 64), One other Trust has come forward during amounting to £1,190,021 (2015/16: £375,033). Project viability grants From top: the year to donate some of its funds to the Of this total, £175,200 was offered to projects Kirkmichael, Dingwall, Highland / Photography © Jim McKay AHF for future use in Wales. The project viability grant (PVG) scheme is in Scotland (2015/16: £210,200), £1,007,771 Turner’s House, Twickenham / Photography © Anne Purkiss intended to provide an initial assessment to projects in England (2015/16: £155,433), Table 2 /Confirmed grants received by the AHF over the last year of the viability of bringing an eligible historic and £7,050 in Wales (2015/16: £6,400). Date Grant Provider Purpose Grant awarded building back into sustainable use and No grant awards were made in Northern the social and economic impact that will Ireland (2016: £3,000) 2016/17 – 2018/19 Department for Culture, Media and Sport 3-year funding agreement for four Support Officers and project £3,120,245 be achieved as a result. In particular, the viability and development grants in England assessment will be required to explore the 2016/17 – 2018/19 Historic England 3-year funding agreement for four Support Officers in England £196,085 evidence of the need for, and the sustainability 31% 2017/18 – 2019/20 Historic England 3-year funding agreement for project viability and development £422,275 of, the building’s suggested use, especially grant offers were for buildings listed grants in England and for a Business Development Officer with a view to the likely requirements of grant at the highest grades – Grade I & II* 2017/18 – 2019/20 Historic Environment Scotland 3-year funding agreement for a Support Officer and project £552,000 funders. Viability Appraisals are essential for in England and Wales; Category A in viability and development grants in Scotland. any community enterprise start-up seeking Scotland (2015/16: 36%) 2017/18 – 2019/20 Historic Environment Scotland 3-year funding agreement for a new Scottish Communities £600,000 to develop a business plan and attract Development Fund grant programme in Scotland investment. 2016/17 – 2018/19 The Pilgrim Trust 3-year funding agreement for two Support Officers and project £140,378 30% viability and development grants in Wales and Northern Ireland grant offers were for buildings on national 2016/17 – 2018/19 Garfield Weston Foundation 3-year funding agreement for a Support Officer and project £150,000 ‘at risk’ registers (2015/16: 40%) viability and development grants in Wales (in partnership with The Pilgrim Trust above) 50% 2016/17 – 2017/18 Department for Communities in N. Ireland 2-year funding agreement for Support Officer and project viability £75,000 out of the 120 grantees were organisations and development grants in Northern Ireland (in partnership with The Pilgrim Trust above) that had never previously applied for AHF 2017/18 Cadw Contribution towards AHF activities in Wales (in partnership with £28,000 funding (2015/16: 63%) Received 158 The Pilgrim Trust and Garfield Weston Foundation above) grant applications, up by 2017/18 Welsh Government One-off contribution towards a business review of Llanelly £9,960 nearly 60% during 2016/17 House, Llanelli, Wales Total £5,293,943

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TRUSTEES’ REPORT Achievements: Progress against our strategy Priority Two

Loans Community Heritage Support Fund Heritage Impact Fund (HIF) • it will result in a significant increase in A review of our loan book, together with As the primary Social Investor in the Heritage The HIF initiative represents a significant place-making ventures and social outcomes a survey of our borrowers, has indicated a Sector, the AHF launched the Community opportunity for the AHF to support a greater delivered, measured against the AHF’s social clear need to introduce greater flexibility in Heritage Support Fund in November 2016 number of enterprising projects, which due outcomes framework; the loan products on offer to ensure we offer to support the activities and sustainability to the ongoing pressures upon our lending • it establishes a replicable, portable model the appropriate form of affordable finance to of community and social businesses which funds we are currently unable to do to the or blueprint for allowing investors, be our clients. There is a demonstrable need for are working with or within buildings of extent we would like. they philanthropists, central Government, considerably longer terms of loans as many of heritage significance. It is intended to enable statutory bodies or other social investors, to Over the last 18 months, we have been our borrowers now intend to settle their debt community businesses to focus on both the contribute to any similar, viable and working with potential partners to create through trading profits rather than from the short-term funded activity needed to ramp sustainable loan fund value, such as those a new lending fund of around £7.5m. It will proceeds of sale or a re-financing package. up its income generation, reduce overheads, supported by Heritage Lottery Fund’s operate for at least seven years and be made Therefore, the AHF will revise its loan products or support its cashflow, while also providing Heritage Enterprise programme; during 2017 and introduce new longer-term longer-term capital by way of community available to community businesses and social loan facilities at the earliest available shares. Generally, the Support Fund will be ventures who wish to base their activity in • it enables the AHF to reach and assist a opportunity. made available to enterprises which already historic buildings they value. The benefits greater number of projects, building more trade, or those seeking funding to help secure of the HIF initiative to our sector partners enterprising activity into the heritage sector During the year we also undertook a the purchase or restoration of a building are numerous: and reducing dependency on sector grants; comprehensive review of our loan policies which is listed as an Asset of Community • the HIF will further strengthen links between to ensure we were providing the type of Value, to enable organisations to become sector partners such as Power To Change, investment product that our borrowers established, deliver, survive and then thrive. HES and HE, and will introduce significant required. The review, carried out with the The Community Heritage Support Fund can investment from external sources to full involvement of the AHF’s Audit & Risk provide either standalone unsecured loan the sector which otherwise would not Committee and Board, led to the introduction finance (of between £15,000 and £50,000 per be available. of two new loan programmes: The Heritage project), or a blend of both loan finance and Mortgage and the Community Heritage community shares (with a maximum share We hope to make progress with the HIF over 2 Support Fund . purchase of 20% of the total investment). the coming year. Loans are repayable over terms of between The Heritage Mortgage six months and three years, and security Responding to the needs of both our existing is not generally required although Personal and prospective borrowers, as of 2017 the Guarantees might be requested on occasions. AHF is now able to offer bespoke mortgage- style loan facilities. Longer-term social In addition to these two new loan products, investment is difficult to find, but The Heritage the AHF has also been exploring ways to Mortgage programme allows borrowers to counteract the supply versus demand plan ahead across a number of years and problem for AHF loans by developing a third at an earlier stage than is usual, potentially additional loan product – the Heritage Impact reducing the annual costs by stretching the Fund. This Fund is essential to the successful payments over a longer period. The Heritage delivery of our mission and will provide Mortgage is available either pre- or post- momentum and direction and enable completion of a capital project, and individual the achievement of our objectives and investments of between £150,000 and the outcomes of our three-year strategy. £500,000 can be applied for, repayable over a typical term of 10 – 20 years (30-year terms can be agreed by exception).

New £7.5m lending fund Clockwise from top left: for community businesses Riddle’s Court, Edinburgh Trinity Centre, Bristol / Photography © Jessica Bartolini Photography and social ventures Old Toll House Stratford-upon-Avon, Warwickshire 2. Details of all the AHF’s loan products, including terms and eligibility Wentworth Woodhouse, Rotherham, South Yorkshire criteria are published on our website: http://ahfund.org.uk/investment/ The Ivy House, Nunhead, South London

18 www.ahfund.org.uk www.ahfund.org.uk 19 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

TRUSTEES’ REPORT Achievements: Progress against our strategy Priority Three Strengthening the delivery of our community support services

As well as grants and investment, the AHF Advice Table 3 / Enquiries by type of building However, we also received a significant offers an early project advice support service Over the last year we responded to number of enquiries from organisations to communities that wish to take forward more than 670 enquiries from community Listed 494 that had already successfully delivered at projects that have the potential to deliver organisations seeking guidance on rescuing least one project and are looking to move

substantial cultural, social and economic historic buildings that were important to Conservation Area 247 on to another. This is a very encouraging benefits. We are often the first point of them. The vast majority of projects involved development that suggests Building contact for most community groups who buildings that are either listed or in a Preservation Trusts in particular are On At Risk Register 134 are seeking to rescue and re-utilise a historic conservation area (or both), and 50% of these responding to new opportunities created by building which they value. AHF support is are either formally designated as “at risk” or the transfer of publicly-owned heritage assets often crucial in helping communities develop considered to be under immediate threat. Other type of At Risk 203 and by new sources of finance (such as the their initial ideas and make successful bids for Heritage Lottery Fund’s Heritage Enterprise project funding, particularly from the Heritage Of the 677 enquiries responded to, 314 0 100 200 300 400 500 600 grant programme) and are becoming more Lottery Fund (HLF). were from community organisations which active after a relatively quiet period over had not had any contact with the AHF before. recent years. Approximately 37% of queries Table 4 / Enquiries by client status With generous support from our funders, we This follows the trend observed from last year relate to projects involving a potential asset have significantly expanded our community and is an encouraging sign and continued transfer, a slight increase from last year. First contact with new client 314 support service by providing more support vindication of our strategy to broaden our officers in England and Scotland and client base beyond the traditional Building Of particular interest is the significant increase introducing for the first time locally-based Preservation Trust (BPT) organisations and 35 Existing client, new project in the percentage of projects that are seeking officers in Wales and Northern Ireland as a to reach out to new audiences, particularly to bring community businesses into repaired result of additional funds from The Garfield historic buildings – 43% as opposed to 33% from the community development sector. 4 Existing project, new client Weston Foundation, The Pilgrim Trust, Cadw, in 2015/16. It is too early to draw any definitive the Department for Culture, Media and Sport The majority of enquiries were related to conclusions, but the indications are that Follow up – have dealt with client/project before 323 and the Northern Ireland Department for early project development, where advice communities are recognising the need to find Communities. The AHF currently has eleven was sought on governance, project viability income generating uses for historic buildings 0 50 100 150 200 250 300 350 Support Officers operating in the UK, up from and project planning, and fundraising. This as grant-subsidy becomes more scarce. This five a year ago, and they deliver a valuable is as expected and reflects the AHF’s focus again reflects the AHF’s ambition to promote service providing community organisations on providing guidance early on and setting Table 5 / Theory of Change project journey enterprise across the heritage sector as with early project advice and support. our clients off down the right path, saving a means of securing more beneficial social time and money. 200 outcomes and achieving greater resilience in the face of austerity.

150

100

0 Client adopts Develops / Secures funding Project moves Capital works Heritage Group begins formal legal improves to proceed from viability building in socially new projects structure project plan to design to building productive use

Over 670 enquiries from community

organisations were responded to Clockwise from left: Lower Lodge Gateway Project, Ashton Court, Bristol Stretford Public Hall, Stretford, Manchester The Assay Office, King Edward Mine Camborne, Cornwall

20 www.ahfund.org.uk www.ahfund.org.uk 21 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

TRUSTEES’ REPORT Achievements: Progress against our strategy Priority Three

Regional/country distribution We have worked particularly closely with It is still early days but our client data indicates Over the course of the year the AHF The distribution of enquiries from across the HLF to promote its Heritage Enterprise grant that interest in heritage by community also took a more interventionist role with UK illustrates the impact of the AHF’s Support programme, establishing close links between enterprises is growing, partly as a response some of our borrowers, providing critical Officers, of which we currently have eight our locally-based Support Officers and to AHF’s proactive approach to building business improvement advice and support. operating in England and one in Scotland. development staff in HLF’s regional offices relationships. The majority of enquiries and With financial assistance from the Welsh 81% of enquiries were from England (2015/16: and working together to produce a common applications received by the AHF continue Government, we facilitated a business 80%) and 16% from Scotland (2015/16: 17%), template for project viability reports. As of 31 to be from charitable companies limited review of Llanelly House, Llanelli, Wales whereas only 3% are from Wales and March 2017, nearly 40% of all projects that by guarantee but there has been a modest and helped negotiate and implement a Northern Ireland (2015/16: 3%). We expect had achieved a Heritage Enterprise grant but significant increase in interest from other business turnaround plan. The need for these latter numbers to increase with the new (amounting to £35m in total grant value) had types of organisations, including Community a business support service is becoming appointments of both a Wales and a Northern benefitted from an AHF early project grant or Benefit Societies (ComBens), Community increasingly apparent to the AHF, as we Ireland-based Support Officers. loan. Interest Companies (CICs) and Charitable are encountering a number of high profile Incorporated Organisations (CIOs). These legal heritage organisations which are struggling In 2015 we took the strategic decision to We expect this proportion to grow over the Clockwise from above: organisational forms are far more likely to be to survive in the current economic climate; Stretford Public Hall, Stretford, Manchester prioritise support for community businesses coming years, given that Heritage Enterprise Kirkmichael, Dingwall, Highland / Photography © Jim McKay operating principally as a commercial entity, something that could significantly impact is still a relatively new programme (launched Campbeltown Picture House, Campbeltown deriving most of their income from trading on the confidence of the sector and based in locally valued historic buildings, Lower Lodge Gateway Project, Ashton Court, Bristol as we believe such enterprises have greater in 2013) and there is a significant pipeline of / Photography © Josephine Brown Photography activities. the enthusiasm of trustees, staff and potential to deliver positive social and AHF-supported projects under development volunteers if they failed. Therefore, the economic impact. Our research has shown that are intending to apply to the grants AHF is currently in discussion with the that AHF-supported projects over the last 15 programme. Table 6 / AHF supported projects by region or nation Heritage Lottery Fund and others regarding 12 the potential to develop a business support years have contributed at least £106m GVA 10 Our Support Officers are pivotal in building 1 22.49% / England / South West 11 service, akin to the Lifeboat Service offered (Gross Value Added) to local businesses 9 2 15.83% / Scotland during the buildings works phase. We want enterprise in the heritage sector, often acting 8 1 by Locality but developed specifically 3 11.39% / England / South East to extend this significant contribution to as a bridge to bring together heritage groups for the heritage sector, that will help 4 11.09% / England / North West the local economy beyond the completion of with social enterprises; 88% of our clients 7 rescue failing community heritage 5 7.69% / England / West Midlands renovation work by encouraging our clients have developed new formal or informal businesses, safeguard significant public 6 7.54% / England / East partnerships thanks to AHF support. Our sector investment, and ensure the to establish trading businesses that will bring 7 7.25% / England / East Midlands 6 early project grants help community groups continuation of important beneficial project sustained commercial activity to areas that 8 6.95% / England / Yorkshire & Humber test out the viability of their project ideas, 2 are often in greatest need of investment. 9 3.7% / England / London outputs. It is estimated that such a service develop credible plans, and build the skills 10 2.81% / England / North East 5 could help safeguard in the region of

We have sought to meet this objective by they need to run commercial enterprises from 11 1.63% / Northern Ireland £120-140m of public sector investment.

their restored historic building. Our grants 12 1.63% / Wales 4 encouraging greater participation from 3 heritage groups with new voluntary sector have helped over 1,000 individuals achieve enterprise initiatives, such as HLF’s Heritage new skills in business planning, finance and Enterprise grant programme, the Power to strategic development. We are building on this Table 7 / AHF supported project by type of client Change Trust’s Community Business Fund success following the recruitment of additional and the Big Lottery Fund’s Big Local scheme. Support Officers with specific skills in business planning, social investment, public relations Charitable Company Limited by Guarantee 147 and marketing and community engagement. CIC 50

CIO 45

ComBer IPS 30

Unincorporated 42

9 Town/Parish/Comminity Council

Over 80% Other Not-For-Profit 28 of enquiries were for projects located in England 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150

22 www.ahfund.org.uk www.ahfund.org.uk 23 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

TRUSTEES’ REPORT Achievements: Progress against our strategy Priority Four Measuring and reporting on the impact of the projects we have supported

In a competitive funding environment, it is We have also continued to monitor the increasingly important for the AHF and our leverage of the AHF’s financial commitments. clients to demonstrate our social impact. We Since 2000, 308 projects have now been introduced a theory of change model and a completed as a result of AHF investment of social impact measurement framework and £4.1m of grants and £48.8m of loans, levering in 2016 we started to collect data routinely in over £436m from other sources, including and report on the difference we have £173m from the Lottery and £178m from achieved as a result of AHF’s activities, trusts, foundations and commercial culminating with our first impact report investment. published in the 2016 Annual Report. Looking ahead, we intend to make better We have continued to collect further data use of social media marketing and on the beneficial outcomes achieved by opportunities to showcase the positive the projects we have supported, and we changes brought about as a direct result are pleased to publish our second impact of heritage projects. A new Marketing report in this Annual Report. and Communications Committee will be established to consider the AHF’s media and marketing strategy and approach to building a strong organisational brand. 3,268 Twitter followers 12,000+ unique website visitors, with over 40,000 page views recorded

In addition, RIBA has commissioned the AHF to produce a manuscript for a book that provides a series of fully illustrated case studies, thematically grouped, that explain in detail how historic buildings across the UK have been brought back to life as a result of AHF support and through the technical skills, creativity and sensitivity of architects. Collectively, these exemplar projects will demonstrate the value to society of re-using historic buildings and will inspire a new generation of architects to get involved with community heritage projects at a time of great opportunity. RIBA will cover the cost of the publication of the book and the AHF will receive 10% royalties of all sales, split equally with the commissioned author.

Over 308 projects completed as a result of AHF support since 2000 Clockwise from left: Bawdsey Radar Station, Suffolk The Duke of Marlborough, Suffolk Dunoon Burgh Hall, Argyll and Bute Kirkmichael, Dingwall, Highland / Photography © Jim McKay

24 www.ahfund.org.uk www.ahfund.org.uk 25 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

TRUSTEES’ REPORT Achievements: Progress against our strategy Priority Five Strengthening our governance

The AHF is committed to the highest We have also introduced new protocols for standards of good governance to ensure the appointment of staff and trustees that the efficient and effective operation of the take account of the skills required to run organisation and which reflect the Charity our organisation effectively and efficiently Commission’s Good Governance Code. and deliver our strategic objectives. During We ensure our financial controls meet FCA 2016/17 we were delighted to welcome standards and fully comply with Responsible three new trustees to our Board who together Finance’s Code of Conduct. bring a wealth of skills and experience that are necessary to ensure we can deliver our We are a responsible employer, and a staff strategy effectively and efficiently. handbook has been introduced that sets out the terms of employment, the expected We have established a new Credit Panel standards of service, and a performance to ensure the decisions we make on loans appraisal process that links through to the and social investments are as well informed organisation’s strategy and business plan. as possible. We value our staff as our most important, key asset and work collaboratively with respect, recognition of diversity and contributions from all. We continue to invest in staff learning and development as a key feature of our commitment to teams and the value we place on professional development.

In 2017-18 we will continue to invest in professional and vocational training for staff. In addition, we will continue to provide Clockwise from below: tailored, specific learning opportunities for Thomas Whitty House, Axminster staff throughout the year and across multiple Kirkmichael, Dingwall, Highland / Photography © Jim McKay Faversham Assembly Rooms, Faversham locations to enhance their skills, competence Llanelly House, Llanelli and experience. In 2017-18 we expect to commit to spending £6,000 on learning and development, representing £750 per head.

£750 per head on staff learning and development in 2017/18

26 www.ahfund.org.uk www.ahfund.org.uk 27 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

TRUSTEES’ REPORT Achievements: Progress against our strategy Priority Six Working with key partners to build the capacity of community heritage organisations

We wish to enthuse a new generation of The AHF’s early project grant scheme is It is vitally important that the increasing young professionals (architects, engineers, an invaluable source of finance available diversity in the general architectural surveyors, project managers) to get to young architects for the development of profession is replicated in the practice of involved with community heritage projects project ideas and design briefs for community- specialised heritage conservation, particularly and use their creativity, skills and energy led projects. To be truly successful, these as a significant proportion of architectural to deliver truly enterprising solutions. architects will often require specialist services are focused on repairs to, and the knowledge of historic building conservation adaptation of the historic building stock. Taking inspiration from such projects as the and public engagement, skills that are seldom Lack of diversity is one of the greatest Assemble Collective’s regeneration of Granby taught in architecture schools (as noted by challenges facing the heritage sector, and Four Streets in Toxteth (winner of the the Farrell Review). There are many courses there is a need to find ways in which student 2016 Turner Prize), Studio Weave’s work available to young architects, but the cost and recently graduated architects, from BAME at Rainham Hall and Platform 5 Architects for a young professional/recent graduate groups in particular, can be encouraged recent work on the design options for a new can often be prohibitive and as a result to think about a career in heritage. Special Exhibitions Gallery in MOSI’s historic course attendees tend to come mainly from Grade I listed 1830 warehouse building, large, long-established architectural practices/ To encourage greater engagement by young the AHF has been talking to RIBA and others organisations rather than the smaller, more professionals, particularly those from a diverse about ways in which more young professional recently founded collectives referred to above. background, with community-led heritage architects can be encouraged to work closely projects, the AHF in collaboration with RIBA, with communities across the country and We have also been speaking to the Baroness the Society for the Protection of Ancient utilise their creative energy to find new Warsi Foundation and RIBA to look at ways Buildings and the Baroness Warsi Foundation enterprising solutions for historic buildings, in which we can encourage more people developed a proposal for a bursary scheme. particularly those that are transferred from from diverse and disadvantaged backgrounds The target was to offer 200 bursaries each pubic ownership. We particularly want to think about a career in architectural year of between £300 and £600. Despite initial to find a way to harness the creativity conservation. A recent report by the encouragement from the Department for and enthusiasm of young architects to Construction Industry Council (A Blueprint Culture, Media and Sport, our request for re-incentivise Building Preservation Trusts for Change, 2016) estimated that only 14% government funding to support the bursary that have been inactive in recent years of the construction workforce in the UK is scheme was unsuccessful. A resubmission is and get them to re-engage with community female and less than 12% are Black, Asian likely later this year. projects in their area. and Minority Ethnic (BAME). Yet, data from RIBA’s Education Statistics Report 2014/15 suggests that in architecture at least, greater diversity is being achieved. According to the 2014/15 data, new entrants (3,748 students) to RIBA Validated Part 1 courses comprised 46% women and 32% from non-white groups, and new entrants (2,058 students) to RIBA Validated Part 2 courses comprised 43% women and 21% non-white. This represents an astonishing shift towards greater diversity in the architectural profession in recent years, a very encouraging development that is essential if the UK’s diverse communities are to be properly represented by those that influence the design, appearance and function of the places where they live.

Clockwise from left: Riddle’s Court, Edinburgh Dunoon Burgh Hall, Argyll and Bute Stretford Public Hall, Stretford, Manchester Dunoon Burgh Hall, Argyll and Bute

28 www.ahfund.org.uk www.ahfund.org.uk 29 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

TRUSTEES’ REPORT CASE STUDIES Achievements: Progress against our strategy England | Wales | Scotland | Northern Ireland Priority Six

In addition to our work on the bursary Once again, this year’s Annual Report Funding key scheme, the AHF has continued to collaborate showcases a number of projects from the OAG | Options Appraisal Grant with the rejuvenated Heritage Trust Network four corners of the United Kingdom. From PDG | Project Development Grant PVG (formerly the UK Association of Preservation the grandeur of Wentworth Woodhouse, | Project Viability Grant CSG | Cold Spots Grant Trusts) to explore ways in which Building supported by central Government and CFG | Challenge Fund Grant Preservation Trusts (BPTs) can be encouraged national funders, to the locally-rooted, and supported to fulfil a vital need to help community-backed Stretford Public Hall communities take ownership, repair and and Duke of Marlborough pub, the AHF adapt the heritage assets they value. We continues to assist all manner and scale of sponsored the Heritage Trust Network’s heritage projects. The growth of community annual conference, and we continue to enterprises continues apace, particularly in contribute to regional and country events. locations still experiencing the effects of the We were also delighted to part-fund the economic downturn, and the stories behind development of an on-line toolkit which will projects such as 10 The Circle and Merkinch 17 provide a one-stop shop of resources for Welfare Hall, among others, reveal the 16 trusts and the communities they support. determination of local people to secure and provide services and resources for the benefit The AHF is concerned by the increasing of their communities. Completed projects of S number in recent years of inactive BPTs the significance of Turner’s House and and we wish to work with the sector to help Riddle’s Court, offer encouragement and a 14 re-energise these trusts, or help find ways potential roadmap to more nascent projects 18 15 of distributing their funds to active projects. suchas An Seán Eaglais. The AHF is proud We feel this is particularly important at a to support the resilience and enthusiasm time when communities keenly require of these community-led organisations. support to rescue and repair historic 19 buildings and the competition for funds Case studies 20 grows ever stronger. England NI 1 | p32 | Bawdsey Radar Station, Suffolk Access to funds for capital projects continues 2 | p33 | Faversham Assembly Rooms, Kent to be a concern, and we are particularly keen 3 | p34 | The Trinity Centre, Bristol to promote the availability of grant funding 4 | p36 | Turner’s House, Twickenham 7 and to stimulate greater social investment 5 | p38 | The Duke of Marlborough, Suffolk 11 in heritage projects. We are working with 6 | p39 | The Assay Office, King Edward Mine, Camborne the Heritage Alliance to launch a combined 7 | p41 | Stretford Public Hall, Manchester web-based funding resource of available We will continue to work closely with our Clockwise from top: E Trinity Centre, Bristol 8 | p42 | Old Toll House, Stratford-upon-Avon Old Toll House Stratford-upon-Avon, Warwickshire grants and social investment opportunities, partners in the heritage sector and with 9 | p44 | Lower Lodge Gateway, Bristol 10 Stretford Public Hall, Stretford, Manchester to replace Funds for Historic Buildings and community business networks to develop 10 | p46 | Weavers’ Cottages, Kidderminster 8 5 W 1 the Funding Directory. creative new ways for using heritage for 11 | p49 | Wentworth Woodhouse, Rotherham 12 | p50 | Westbrook House, Alton, Hampshire social and economic good, and we will seek 13 to identify and focus on places where the Wales 9 5 4 impact of our work will be greatest. We want 13 | p51 | 10 The Circle, Tredegar 2 12 to build on our past successes, which over Scotland the last 15 years has seen more than 350 14 | p53 | Dunoon Burgh Hall, community services and 500 businesses 15 | p54 | Riddle’s Court, Edinburgh 6 being established and run from buildings 16 | p57 | Merkinch Welfare Hall, Inverness restored as a result of AHF support. These 17 | p58 | Kirkmichael, Dingwall, Highland 18 | p60 | The Russell Institute, Paisley enterprises have created at least 1,000 new FTE jobs and 4,000 training opportunities Northern Ireland 19 | p61 | Bushmills Courthouse, Bushmills 20 | p62 | An Seán Eaglais (The Old Church), Derry

30 www.ahfund.org.uk www.ahfund.org.uk 31 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Bawdsey Radar Station Faversham Assembly Rooms

E Suffolk | England Faversham, Kent | England E Bawdsey Radar Trust | www.bawdseyradar.org.uk Faversham Building Preservation Trust | www.favershamassemblyrooms.org.uk

Status AHF Funding: Status AHF Funding: Grade II* 2008: OAG: £4,400 Grade II – Faversham Town Centre Conservation Area 2011: Loan: £210,000 At Risk Register? 2016: PDG: £5,000 At Risk Register? Yes: Historic England Heritage at Risk Register 2016: Loan: £100,000 No – Priority D

Built in 1937, the Radar Station at Bawdsey Architectural Heritage Fund grants enabled Faversham Assembly Rooms were built in PROFESSIONAL TEAM PROFESSIONAL TEAM Manor was the world’s first operational the Trust to assess the project’s viability and 1849 and replaced a suite of rooms on the Project Management: Architect: radar station. The Transmitter and Receiver employ an architect to produce design and present site which had been destroyed by fire The Cultural Engine Donald Insall Associates Blocks were the prototypes for the engineering specifications. An AHF loan was Exhibition Design: in 1848. Assembly rooms became popular in Interior Design: Chain Home Defence System which was provided to help with the project’s cash flow in PLB the 17th century. They were private ventures Nick Auston Design developed just before the Second World between payments from major grant funders. Architect / Lead Consultant: supported by subscribers, aimed at a society Construction: War and is credited with helping the Royal Over £1.8m in funding was secured, including Freeland Rees Roberts Architects that was becoming more sophisticated Parry / Page Projects Mechanical & Electrical Engineers: Quantity Surveyor: Air Force win the Battle of Britain. Bawdsey from Historic England and a major grant of and required a social meeting space. The Roger Parker Associates Rider Levett Bucknall remained in the control of the Ministry of over £1.4m from the Heritage Lottery Fund. Quantity Surveyor: Assembly Rooms had a short life-span. Structural Engineer: Defence until 1992, after which it was boarded This has enabled the Trust to transform the Appleyard & Trew In 1862 the new Faversham Institute was Edward Morton Partnership up. In 2003 the Bawdsey Radar Group Transmitter into a visitor attraction, providing Structural Engineer: built, replacing the Assembly Rooms as the opened the site to the public for one exhibition space and educational resources The Morton Partnership principal function space. In 1869 the Assembly OTHER PROJECT FUNDERS Solicitor: weekend. This sparked tremendous with RADAR at its centre. It is estimated that Rooms were hired to the Volunteers – the Sir John Swire 1989 Trust Ashton KCJ local interest and began the road to the around 13,000 annual visitors will engage counterpart of today’s Territorial Army – and The Overstone Fund Transmitter’s regeneration, as featured with the educational and heritage aspects OTHER PROJECT FUNDERS £ have remained in military use since. In 2010 Queenborough Fishery Trust in 2004 on BBC2’s television series of the project upon completion. Bawdsey Heritage Lottery Fund 1,424,000 the Faversham Buildings Preservation Faversham Town Council ‘Restoration’. The Bawdsey Radar Group has Radar Station is due to open to the public Historic England 196,320 Trust was formed and bought the Faversham Swale Borough Council been instrumental in raising awareness and in September 2017. Coastal Revival Fund 20,000 Assembly Rooms from the Ministry of Biffa Communities Fund securing funding for the development of this Defence. The purchase was made possible Bawdsey Parish Council 100 Brett Aggregates site. The project has been run entirely by with the help of a substantial loan from the Suffolk Coastal District Council 18,000 Kent County Council volunteers, demonstrating the significance Architectural Heritage Fund and the site was Lord Belstead Charitable Trust 500 of Bawdsey Radar to the local community. transferred to the Trust’s ownership at the Total 100,000 Public Donations 8,100 end of April 2011. The loan provided working In Kind Work 25,000 capital throughout the restoration project Volunteer time 88,950 and was the first instance in which a longer Bawdsey Reserves 5,000 repayment term was considered. This Cultural Engine 5,000 allowed the Trust to refurbish and sell a Garfield Weston Foundation 45,000 residential property to the rear of the site, facilitating partial repayment. In 2016 a major Total 1,835,970 fire in the neighbouring building spread to the rear of the Hall, and only prompt action by the Fire Service averted disaster. Thankfully reinstatement has been completed and the venue can now function as the performing arts venue and community facility originally envisaged by the Trust.

Left: Adjacent cottage, now in residential use

32 www.ahfund.org.uk www.ahfund.org.uk 33 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Emma Harvey The Trinity Centre Centre Director

E Bristol | England Trinity Community Arts Ltd | www.3ca.org.uk The funding from AHF was incredibly important in helping us to lever wider support for the project Status AHF Funding: delivery phase. Works will protect the future of one Grade II* 2016: PDG: £5,000 of Bristol’s most iconic, independent music venues, At Risk Register? Historic England at Risk Register (removed) visited by 28k gig-goers each year. Alongside its musical heritage, Trinity has been a key community The Trinity Centre is a Grade II* listed The Architectural Heritage Fund’s Project PROFESSIONAL TEAM space since it stopped being a church in 1976; Georgian church which was deconsecrated Development Grant formed part of the Architect: providing people with a place to be who they in 1976. Built in 1829-1832 in the Gothic package of development works to cover Ferguson Mann Architects Revival style it is a Waterloo Church and is detailed investigation of the fabric of the want to be. considered to be one of the finest examples building, including consultations with a OTHER PROJECT FUNDERS £ of the work of Thomas Rickman and Henry structural engineer, quantity surveyor and Development phase 2015-2017 Hutchinson. The building was brought back a stained glass specialist. These steps were Heritage Lottery Fund 69,900 into use by Trinity Community Arts in 2004, a crucial component of the final stage of Quartet Community 3,000 but the building had already played host to this £3m refurbishment project which has Foundation a number of landmark music events during restored the architectural heritage of the Neighbourhood Partnership 3,000 the 80s and 90s and was a key facility building and is now the home of a vibrant Other 400 utilised by the African-Caribbean community enterprise promoting social Community between 1976-1984. harmony through engagement in education Total investment 81,300 and the arts. Delivery phase 2017-2018 (grants confirmed) While the building supported a wide-range Heritage Lottery Fund 362,800 of vibrant uses (in 2015 it was used by over Historic England 106, 099 50,000 people attending 250 events and Bristol City Council: 32,500 activities), the fabric itself was in need of (+£2,500 contributed as a CTP payment to CETB, below) repair and upgrading. Garfield Weston Foundation 30,000 Cory Environmental Trust 25,000 Britain (CETB) Pilgrim Trust 20,000 Nisbet Trust 20,000 Individual donations, crowd 7,049 funding & online auction Swire Charitable Trust 5,000 Sylvia Waddilove Foundation 3,750 Bristol Ageing Better 1,977 Bramble Trust 1,000 Gibbs Trust 1,000 Carlsberg donation pledge 1,000

Total funding secured to date 617,175

Remaining target to be raised to commence delivery of capital works = £141,027

34 www.ahfund.org.uk www.ahfund.org.uk 35 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Turner’s House

Twickenham | England E Turner’s House Trust | www.turnerintwickenham.org.uk

Status AHF Funding: Grade II* 2012: OAG: £7,400 At Risk Register? 2014: PDG: £15,000 Historic England- Heritage at Risk Register 2016-17: CFG: £141,000 – Priority Category F 2015: Loan: £150,000 offered

Sandycombe Lodge was designed by the artist The aim of Turner’s House Trust was to PROFESSIONAL TEAM JMW Turner and built in 1813 as a country restore Sandycombe Lodge’s appearance Architect: retreat. Following Turner’s death in 1826, as designed and lived in by Turner and Butler Hegarty Architects the house passed through the hands of to present the house and its collection Consulting Engineers: several different owners. It was used as as a heritage attraction and educational Hockley & Dawson a secret factory for the manufacture of resource. The Architectural Heritage Fund Quantity Surveyor: Sawyer & Fisher airmen’s goggles during the Second World has provided funding at various stages Project Management: War, before being purchased in a run of the project, including, a Challenge Fund Glevum Consulting Ltd down state by Professor Livermore in grant funded by the Andrew Lloyd Webber Contractors: 1947 in order to save it from demolition. Challenge Fund and Historic England. Fullers (Builders) Ltd The Professor lived in the property until An AHF loan was offered in 2015 to cover his death in 2010, when he bequeathed a potential funding shortfall, allowing OTHER PROJECT FUNDERS £ it to the Trust (then Sandycombe Lodge Permission to Start to be given whilst HLF 1,435,300 Trust) which he had established in the Trust sought further funding. Further Donations/Legacies 164,033 (inc. Gift aid) 2005, together with a library and a small responses from funders allowed the Trust Country Houses Foundation 75,000 collection of prints and drawings by to ask the AHF to withdraw its offer by the Foyle Foundation 50,000 Turner and other contemporary artists. time contractors started work on site. In Sackler Foundation 50,000 January 2016 the project was featured in Mercers’ Charitable 50,000 the New York Times, ‘An Effort to Save J.M.W. Foundation Friends of Turner’s House 33,020 Turner’s Country House’, demonstrating Pilgrim Trust 15,000 the international interest in this important Other 281,496 building. Total investment 2,153,849

Catherine Parry-Wingfield Chairman, Turner’s House Trust AHF funding allowed us to initiate the process of consultation with diverse groups, with the purpose of inspiring active engagement with Left / Photography © Daniel Rose Photography heritage projects. Images far left, top left, top right, and main / Photography © Anne Purkiss Photography

36 www.ahfund.org.uk www.ahfund.org.uk 37 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

The Duke of Marlborough The Assay Office, King Edward Mine

E Suffolk | England Camborne, Cornwall | England E Somersham Community Pub Ltd | www.savetheduke.net King Edward Mine Ltd | (Mine) www.kingedwardmine.co.uk / (Cafe) www.thecrousthut.co.uk

Status AHF Funding: Status AHF Funding: Grade II 2017: PDG: £5,000 Grade II* 2012: CFG: £200,000 At Risk Register? At Risk Register? No Historic England Heritage at Risk – Priority D

The Duke of Marlborough is a vernacular Dr Sarah Caston King Edward Mine is situated two miles from The project to restore the site has been OTHER PROJECT FUNDERS £ PROFESSIONAL TEAM Suffolk building dating from the 15th Founder of the Save the Duke campaign Camborne in Cornwall. It is the oldest, best delivered in two phases. The first phase was More than a Pub 95,000 Design Team: century. It is timber-framed with a pan-tiled preserved mine within the Cornish Mining completed in October 2015 and the second pdp Green Consulting We knew a lot of hard work Community Shares 256,000 roof and rough-cast walls and has a jettied World Heritage Site and demonstrates key phase was completed in April 2017. The Heritage Advisor: upper storey to one wing. Adaptations would be involved in the SITR Loans 120,000 authentic aspects of the Cornish mining second phase included the conversion of the Colin Buck, Cornwall Archaeological Trust were made during the 17th and 19th Save the Duke campaign, Local fundraising 8,000 industry, including the most complete Assay Office into a cafe. This was a derelict Quantity Surveyor: Trevor Humphreys Associates centuries. Having provided hospitality for collection of 20th century tin dressing building on the Heritage At Risk Register but but once we had bought it, Total investment 479,000 Project Manager: some 600 years, it closed on Christmas Eve it soon became obvious how plant in the world, much of which has been was ideally located as a cafe, being near to Trevor Humphrey Associates 2014, when the owners decided to retire. restored by volunteers to working order. the Great Flat Lode Mineral Tramway Trail. Building Contractor: The local doctor, Sarah Caston set up a much more of a challenge The site includes 16 Grade II* Listed buildings, Conversion of the building was supported by Cathedral Builders public meeting in response to its closure it would be. The AHF funding three of which are on the Heritage At Risk the Architectural Heritage Fund which was and a Community Benefit Society was to take on a project manager Register. The ambition is to reposition King instrumental in strengthening funding bids to OTHER PROJECT FUNDERS £ founded to save the pub. Over £300,000 was fantastic, and we’re Edward Mine as the ‘gateway’ to the Great other charitable bodies. The new café – The HLF development grant 55,100 was raised by the Somersham Community Flat Lode historic mining landscape, enticing Croust Hut – has created local employment HLF delivery grant 1,121,400 Pub Ltd through shares and loans and the truly grateful for their hugely more leisure visitors to this deprived area of in one of Cornwall’s most deprived areas and Cornwall Council 200,000 community’s offer to purchase the building valuable heritage advice too. Cornwall and increasing income generation the ambition is to grow visitor numbers from Headley Trust 45,000 was accepted. The Architectural Heritage at the mine to improve the site’s long-term 5,500 to 10,000 over the next few years. LEADER 18,998 Fund offered a grant of £5,000, enabling sustainability. Cornwall Heritage Trust 5,000 the committee to engage a project Carew Pole Charitable Trust 5,000 manager and gain professional heritage advice. Opening four days a week, the Total investment 1,450,498 Duke of Marlborough started off by being run with a team of 45 volunteers who were trained with the help of AHF’s grant. The Duke of Marlborough is the second cooperatively-owned pub in Suffolk, and the 51st in the country.

Clockwise from top left: Top left / © R Marshall Top right / © Tamara Smith Photography Above centre / © Josephine Brown Above / © Colin Buck Photography

38 www.ahfund.org.uk www.ahfund.org.uk 39 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Annoushka Deighton HASTINGS PIER Chair of Friends of Stretford Public Hall Stretford Public Hall

East Sussex | England Stretford, Manchester | England E Hastings Pier Charity | hastingspier.org.uk Without our AHF grant we would not Friends of Streford Public Hall | www.stretfordpublichall.org.uk have been able to get all the professional support we needed to be able to refurbish Status AHF Funding: our beautiful ballroom. It also enabled Grade II Listed 2016: PDG: £20,000 At Risk Register? 2017: PDG: £5,000 us to develop our business case so that No we could raise over £255,000 in Stretford Public Hall was commissioned by The Architectural Heritage Fund provided Community Shares. PROFESSIONAL TEAM John Rylands, a local philanthropist and a Project Development Grant which helped Architect entrepreneur, who made his fortune in the fund a Project Organiser and professional Stephen McCusker from Loop Systems cotton industry. It opened in 1879, and was fees, and a further grant in April 2017 Project Organiser: used for public meetings and community to purchase community shares. The Simon Borkin events. A library was opened in part of the refurbishment of the Public Hall will be Members of Locality and Coops UK Hall in 1883. It was home to the Stretford completed by the end of 2017, although OTHER PROJECT FUNDERS £ Children’s Theatre in the 1950s -70s. In 1978 the hall is now partially open to the public. Social Investment Business 10,000 it hosted one of the first ‘rock against racism’ Activities include a weekly wellbeing day, Social Investment Business 69,500 concerts with early career performances community film screenings, the reformed from The Fall and John Cooper Clarke. The Stretford children’s theatre as well as art Trafford Housing Trust 25,000 Community panel building was transferred to the Friends classes and the Community Choir practices. Other trusts and foundations 3,000 of Stretford Public Hall under a limited The Hall also provides affordable work (Adactus, Great Places title guarantee from Trafford Borough space for local artists in the form of shared Housing Group) Council in November 2015. The Charitable studios and co-working space for creatives. Community Economic 5,000 Community Benefit Society was formed Development grant with the aim of preserving the building for Heritage Lottery Funding 10,000 the community and establishing a range Community Shares Booster: 10,000 of uses that would continue its history as a Development Grant space for local creativity and congregation. Community Shares Booster: 100,000 Equity investment Trafford Housing Trust 10,000 Community panel Community Shares 140,000

Total investment 407,500

40 www.ahfund.org.uk www.ahfund.org.uk 41 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Old Toll House

E Stratford-upon-Avon, Warwickshire | England Stratford Historic Buildings Trust | www.stratfordhbt.co.uk/projects.html

Status AHF Funding: Grade I 2013: OAG: £4,750 At Risk Register? 2014-15: PDG: £13,000 Historic England Heritage at Risk – Priority D 2016: Loan: £70,000

The 10-sided Toll House, constructed in Stratford Historic Buildings Trust was PROFESSIONAL TEAM 1814, is located at the northern end of established in 2012 as an offshoot of Architect: the 15th century Clopton Bridge. It is an the Stratford Society, to find a solution for Mark Evans, Bromsgrove attractive Regency folly, constructed from the Toll House. Between 2013 and 2015 Quantity Surveyor: a mixture of Arden and Warwick sandstone the Architectural Heritage Fund provided Bridgewater & Coulton Ltd which is enlivened with attractive ‘Gothick’ early-stage development grant funding of Structural Engineer: windows and a crenellated parapet. Clopton £17,750 and in 2016 it provided the Trust Frank W Haywood & Associates M&E Engineer: Bridge is a Scheduled Monument and with a working capital loan of £70,000 allowing Greenways an important survival of a medieval bridge work to continue in between payments forming a significant landscape feature. from major funders. The Trust was keen to OTHER PROJECT FUNDERS £ interpret the building and make it more legible HLF 242,900 for visitors and local people. The project Historic England 197,500 therefore includes a free display area in the Stratford District Council 30,000 basement and the delivery of a range of Pilgrim Trust 15,000 activities to explore both the history of the Toll Other trusts and charities 26,500 House and also the wider industrial heritage

of Stratford. The project is now completed; Total investment 511,900 the official opening was held in September 2017, and the Old Toll House will re-open as commercial office space. Bringing the Toll House back into use as office space will provide the Trust with a modest income stream which will help it fund the rescue of other historic buildings at risk in the county.

Chris Rice Museums & Heritage Consultant The AHF support worked exactly as it was supposed to in enabling us to get the project going and maintaining momentum until we had secured our substantive funding from Historic England and the HLF.

42 www.ahfund.org.uk www.ahfund.org.uk 43 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Lower Lodge Gateway Project

Ashton Court, Bristol | England E Bristol Building Preservation Trust | www.bristolbuildingspreservationtrust.org.uk

Status AHF Funding: Grade II* 2010: OAG £5,995 2015: Loan £35,000 offered At Risk Register? 2012: PDG £7,500 Historic England Heritage at Risk – Priority D 2012: CFG £200,000

Lower Lodge was built in 1805 by Sir John The Architectural Heritage Fund has PROFESSIONAL TEAM Hugh Smyth as a gatekeeper’s lodge for supported the Trust with two separate grants, Architect: Ashton Court, Bristol. It formed part of and a loan was sought to cover the project’s Ashley Davies, Austin-Smith: Lord Sir John’s plans to update Ashton Court working capital requirements; however Architects as a Gothic Revival showpiece set within payments from major funders were received Quantity Surveyor: a picturesque landscape designed by the regularly and this was ultimately not required. Alec Painter, Mildred Howells Structural Engineer: landscape designer Humphrey Repton. The A grant from the Andrew Lloyd Webber Jon Advent, Mann Williams estate is now owned by Bristol City Council, Challenge Fund was awarded to provide Project Co-ordinator: is open to the public and includes a deer park, working capital and to bridge a project funding Alastair Brook, Bristol BPT (Vice Chair) golf course and woodland garden. The lodge gap of £131,384. This award was an important has not been used since 1954 and had fallen component in supporting the Trust’s OTHER PROJECT FUNDERS £ into an extremely poor state of repair. successful HLF bid. The building opened HLF Grant 553,000 Proposals for the lodge were formulated in January 2017. Bristol BPT 156,640 in partnership between Bristol City Council, Bristol City Council 90,000 Bristol Buildings Preservation Trust, and Bristol City Council 80,000 pupils from Ashton Park School who planned Historic England 73,177 to restore the lodge as the Bower Ashton Bristol Visual and 35,000 Heritage Gateway Centre, a community hub Environmental Trust and learning centre to be managed by South Maintenance (APS Contribution) 32,250 West Bristol Cooperative Learning Trust. Ashton Park School 24,500 Fundraising 10,000 Volunteer Time 24,000

Total investment 1,078,567

44 www.ahfund.org.uk www.ahfund.org.uk 45 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Sue Whitehouse Weavers’ Cottages WBPT Chair

E Kidderminster, Worcestershire | England Worcestershire Building Preservation Trust | www.weaverscottages.info Weavers’ Cottages are yet another example of a hidden heritage gem saved from the brink Status AHF Funding: 2015: CSG: £3,065 of being lost forever. Until the Worcestershire Grade II 2011-15: PDG: £5,200 2015: PDG: £10,000 Building Preservation Trust stepped in, with At Risk Register? 2012-15: CSG: £9,875 Wyre Forest District Council Register 2015: Loan: £308,500 the essential support of the AHF to give them confidence to develop a project, the historic The cottages, at 20-22 Horsefair, are Grade II Prior to the Worcestershire Building PROFESSIONAL TEAM interest of the cottages was fully appreciated listed and are important historical examples Preservation Trust’s (WBPT) intervention Building Contractors: by just a handful of historians in the of weaver’s cottages associated with the the buildings had been unused and derelict. Croft Building and Conservation weaving industry in Kidderminster. It is The cottages were purchased by the WBPT Architects: Kidderminster area but can now be understood very likely that 22 Horsefair, built some with the view to converting them for sale Rodney Melville and Partners and treasured by the wider community. time before 1753, was originally designed as residential properties. The Architectural Project Coordinator(s): as a dwelling with a handloom workshop Heritage Fund has been involved in the DTS Solutions Structural Engineer: above. The other two cottages were built project since its inception, providing funding Hancock Wheeldon + Ascough slightly later without the distinctive high loft in the form of Project Development Grants Quantity Surveyor: workshop, but they were certainly homes and a Cold Spots Grant in the initial stages, Austin Newport built for artisans, with trades ranging from as well as a substantial loan in 2015 to cover confectionery to shoemaking. the working capital of the conservation OTHER PROJECT FUNDERS £ work, to be repaid via sales proceeds. This HLF 730,000 project was unique as the HLF offered a Pilgrim Trust 20,000 grant to cover the conservation deficit for Garfield Weston Foundation 10,000 a revolving-fund project involving a sale as D’Oyly Carte Charitable 3,000 residential accommodation. In addition to Foundation saving these buildings from deterioration, the conservation project provided the Total investment 763,000 opportunity for a varied educational and events programme. The refurbished cottages were put up for sale in May 2017.

46 www.ahfund.org.uk www.ahfund.org.uk 47 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Wentworth Woodhouse

Rotherham, South Yorkshire | England E Wentworth Woodhouse Preservation Trust | www.wentworthwoodhouse.org.uk

Status AHF Funding: Grade I 2016: PDG £25,000 At Risk Register? Historic England at Risk Register – Priority Category C

Wentworth Woodhouse is located in South The Wentworth Woodhouse Preservation PROFESSIONAL TEAM Yorkshire and is one of the largest houses in Trust approached the Department of Culture Cost Consultants: England. Built in the Baroque and Palladian Media and Sport in 2014 with a request for Rex Proctor and Partners styles, its tremendous size adds to its funding to support the repair and restoration Architects: significance. With a 600 foot wide Palladian of the house as it was at risk of being lost to Purcell east frontage, it is claimed to be the longest the nation. The house requires emergency frontage in Europe. The quality of the craft repair as a result of subsidence caused by OTHER PROJECT FUNDERS £ work is demonstrated in the architect and historic open cast coal mining and a lack of Purchase funding craftsman roll call, which features names sufficient maintenance investment. In Autumn DCMS 7,600,000 National Heritage 3,575,000 such as Henry Flitcroft, John Carr, James 2016, the Chancellor of the Exchequer Memorial Fund Stuart, James Gibbs, Joseph Nollekens and announced in the Budget that a first phase The Monument Trust 2,200,000 John Fisher. emergency grant of £7.6 million would The Art Fund 200,000 be awarded to the Trust. The Trust has The JP Getty Jnr 500,000 developed a business plan which provides Charitable Trust Sir Siegmund Warburg’s 500,000 for the restoration of the fabric of the building Voluntary Settlement so that it can be open to the public and also Other contributions 155,000 provide a venue for events. Later stages of Operational funding the development will create business units Heritage Lottery Fund 222,700 within the stable block and short-term lease Other contributions 161,750 accommodation units within the main house. Total investment 15,114,450 The full scheme is expected to take 15 years to complete.

Gavin Richards AHF Operations Manager The Trustees of Wentworth Woodhouse Preservation Trust were very pleased to receive the financial assistance provided by the Architectural Heritage Fund in the form of a grant. It enabled the Trust to finalise the business plan and financial planning which was necessary to complete the acquisition of Wentworth Woodhouse. The grant was also instrumental in allowing the Trust to recruit an interim CEO which was vital to the successful commencement of the project.

48 www.ahfund.org.uk www.ahfund.org.uk 49 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Westbrook House 10 THE CIRCLE

E Alton, Hampshire | England Tredegar, Blaenau Gwent | Wales W Alton Building Preservation Trust Time Banking Wales | www.timebankingwales.org.uk

Status AHF Funding: Status AHF Funding: Grade II* 2014: OAG: £3,000 Unlisted, in conservation area 2016: PDG: £5,000 At Risk Register? At Risk Register? No No

Westbrook House is a significant and Funding provided by the Architectural PROFESSIONAL TEAM substantial local building on Alton’s High Heritage Fund in the form of an Options Architects: No.10 The Circle is a modest building in Time Banking Wales acquired the building in Street. Originally a house, it was for many Appraisal Grant enabled Alton Building PROFESSIONAL TEAM Radley House Partnership the centre of Tredegar, built in the later 2013 following financial support from South Architects years the Town Council offices. The central Preservation Trust to investigate the feasibility (Options Appraisal) 19th century, it is of typical random-rubble East Wales European Community Economic Allan Stuckey Architects portion of the building was constructed in of a domestic conversion of the building. Hurrell Architecture, Alton construction. It is located in the historic Fund and the Tudor Trust. The organisation Office Manager (Executive Architects) the early 18th century, on three storeys and The Options Appraisal was carried out by core of the Tredegar Conservation Area. The proposes to adapt No.10 The Circle to provide Amanda Lewis five bays wide, built in brick with a slate roof. the Radley House Partnership, Winchester. In Valuation Surveyor: Richard Bendall, Keats, building’s primary significance is that it was studio and office accommodation available A 20th-century wing was added on the north the event, Alton BPT were unable to raise the utilised by the Tredegar Medical Aid Society, for rent by social enterprise organisations OTHER PROJECT FUNDERS £ side, and once housed Alton Fire Station. A funds to purchase the building but having OTHER PROJECT FUNDERS where for weekly subscriptions the local that will generate growth in the local creative Blaenau Gwent County 245,000 southern wing was converted to residential revised the design and obtained a fresh Borough Council Self-funding miners and ironworkers, as well as their industries economy. It is also planned to use at an earlier date and sold off separately. Planning and Listed Building Consent they dependents, would be entitled to medical provide open access to a multi-functional Total investment 245,000 The property is mentioned in Pevsner as were able to interest a local builder/developer provisions free at the point of care. Aneurin space on the ground floor that can be hired being ‘the finest Georgian House in the town’, to carry out the conversion in accordance with Bevan served as a committee member, and by the public for a variety of uses including having a ‘particularly distinguished’ interior. their scheme, thereby preserving the integrity when he became Minister for Health in 1947, meetings, seminars and training sessions. of the panelled interiors. when creating the National Health Service, The AHF grant is assisting Time Banking Wales he announced ‘All I am doing is extending by providing resources for staff members to the entire population the benefits we to work additional hours and commission had in Tredegar for a generation or more. an architect to refine the proposals. This in We are going to Tredegar-ise Britain.’ turn will enable the organisation to raise the necessary funding towards the capital costs estimated to be £350,000.

The AHF grant has helped with project development costs especially the staff element.

50 www.ahfund.org.uk www.ahfund.org.uk 51 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

HASTINGS PIER Dunoon Burgh Hall

East Sussex | England Argyll and Bute | Scotland S HastingsThe support Pier Charity of | the hastingspier.org.uk Architectural Heritage Fund, Dunoon Burgh Hall Trust | www.dunoonburghhall.org.uk both through the Project Development Grant and significant loan provision, has been central Status AHF Funding: to enabling the Dunoon Burgh Hall Trust to Listed Category B 2011-2013: PDG: £23,000 At Risk Register? 2014: Loan: £175,000 successfully complete this major refurbishment Buildings at Risk Register for Scotland (removed) project. We are delighted to have been able to The Burgh Hall in Dunoon was designed by The Architectural Heritage Fund’s Project rescue and restore this important civic building PROFESSIONAL TEAM Robert Alexander Bryden and was opened Development Grant allowed the Trust to and to give it a new lease of life as a creative Architect: in 1874 to celebrate the conferring of Burgh appoint a Project Manager and was critical to Page and Park hub for our community and its many visitors. status on the town. Architecturally it is a fine enabling major funding bids to be developed. Quantity Surveyor: Our revitalised building will provide a space example of those buildings constructed by In addition to marking Dunoon on the cultural Doig and Smith local authorities in the second half of the map and providing a creative hub for the Structural Engineer: where new initiatives can develop which help David Narro Associates 19th century. For a period, Dunoon Burgh community, the Burgh Hall’s renovation to bring our community together, support M&E Contractor: Hall was the only theatre in Argyll and as has provided employment and volunteering Harley Haddow social enterprise and tackle a range of social such was a centre of social activity. The opportunities in the area. The first event Building Contractor: issues, including loneliness and isolation. main hall was closed in the 1960s and fell following the Hall’s completion in June 2017 W H Kirkwood Ltd into disrepair, which consequently saw it was an exhibition of Andy Warhol’s work as placed on the Buildings at Risk Register part of the Tate and National Galleries of OTHER PROJECT FUNDERS £ for Scotland. From 2008, the Hall was in Scotland’s ARTIST ROOMS project supported John McAslan Family Trust 250,000 the ownership of the John McAslan Family by The Art Fund. Big Lottery Scotland 656,825 Heritage Lottery Fund 575,000 Trust, which in 2013 transferred ownership Creative Scotland 465,000 to the Dunoon Burgh Hall Trust. The Highlands and Islands 300,000 restored Burgh Hall has now opened as Enterprise a community-run arts and cultural venue. Historic Environment Scotland 180,761 Argyll & the Islands Leader 58,000 Theatres Trust 5,000 The Monument Trust 100,000 Sylvia Waddilove Foundation 4,000 The Robertson Trust 50,000 John Young Trust 5,000

Total investment 2,649,586

52 www.ahfund.org.uk www.ahfund.org.uk 53 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Riddle’s Court, Edinburgh

S Edinburgh | Scotland Scottish Historic Buildings Trust | www.shbt.org.uk

Status AHF Funding: Listed Category A 2010: OAG: £12,500 At Risk Register? 2011-12: PDG: £25,000 Buildings at Risk Register for Scotland 2013: Loan: £500,000

Riddle’s Court is situated in a prominent The Architectural Heritage Fund provided PROFESSIONAL TEAM position at the head of the Royal Mile, close the Scottish Historic Buildings Trust with Architect: to Edinburgh Castle. The buildings are the an Options Appraisal Grant of £12,500 and LDN Architects remains of two L-plan houses built c.1590 a Project Development Grant of £25,000. Quantity Surveyor: by Baillie John McMorran and are considered An AHF loan of £500,000 was offered in Morham and Brotchie to be of outstanding architectural value. It 2013 to cover the working capital costs of Structural Engineer: has a varied history, associated with many the projects in between payments from its Elliot and Co. Valuation Surveyor: aristocratic, influential and creative people. major funders. The complex nature of the DVS Edinburgh, Norman Clark The buildings have been used as a venue for site and its legal complexities have made a banquet for King James VI, a merchant’s this a challenging project and credit must OTHER PROJECT FUNDERS £ house, aristocratic apartments, overcrowded be given to the Scottish Historic Buildings HLF 3,730,000 tenements, a mechanics subscription library, Trust for their continued perseverance Historic Scotland Grant 726,328 a university hall of residence developed by in working to overcome these obstacles, Monument Trust 500,000 Patrick Geddes, emergency post-war housing, culminating in a Royal opening in Other trusts 322,472 a community learning centre, and an September 2017. City of Edinburgh Council 249,000 Edinburgh Fringe Festival venue. The aim Historic Scotland Loan 70,480 of the Scottish Historic Buildings Trust is National Library of Scotland 52,000 to create The Patrick Geddes Centre for Learning and Conservation which will include Other sources 133,760 an extensive learning and conservation Total investment 5,784,040 programme based on the educational ethos evolved from Geddes: Vivendo Discimus – ‘By Living We Learn’. The building had been in a deteriorating condition for many years. It was vacated by the council in 2005 and the external fabric was in poor condition with total repair and build costs of £5.8m.

Una Richards Director of the Scottish Historic Buildings Trust It has been quite a struggle to get to this point from all angles, but as i walk round the building now, it feels like all the pain has been very much worth it. Now, on to the next challenge! With many thanks for all of your support to help us keep going - we couldn’t have done it without you.

54 www.ahfund.org.uk www.ahfund.org.uk 55 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

HASTINGS PIER Merkinch Welfare Hall

East Sussex | England Inverness | Scotland S Hastings Pier Charity | hastingspier.org.uk Merkinch Enterprise Ltd | www.merkinchwelfarehall.org.uk

Status AHF Funding: Listed Category C 2011-13: PDG: £28,500 At Risk Register? 2015: Loan: £160,000 Buildings at Risk Register for Scotland (removed)

The Merkinch Welfare Hall is located in Funding from the Architectural Heritage PROFESSIONAL TEAM Inverness on one of the main approaches Fund in the form of two Project Development Architect to the city. Dating from 1914, it was built Grants enabled the Trust to employ a Project LDN Architects by the ‘Catch my Pal Union’, a temperance Manager as well as covering additional Project Manager organisation, as their local meeting hall. professional fees. A subsequent loan provided Mia Scott Associates It has subsequently played an important working capital for the project to progress Quantity Surveyor role in local community life, being used for in between payments from major funders. Torrance Partnership Structural Engineer dances, weddings and other social occasions. Arch Henderson Merkinch Enterprise Ltd, a charitable Valuation Surveyor organisation, took over responsibility in 2009 Torrance Partnership and planned to restore the Hall, convert Construction: the ground floor to a gym for the Inverness McGregor Construction City Boxing Club and to create a community OTHER PROJECT FUNDERS £ hub upstairs. A community outreach HLF (Heritage Enterprise) 656,400 programme was organised alongside the MWH Trust 50,000 repair and restoration of the Merkinch Welfare Hall. The interlinked projects and Inverness City Heritage Trust 216,037 activities included open days, street art, Regeneration Capital 200,127 Grants Fund historic archive research, public lectures, Highlands & Islands Enterprise 38,000 photographic workshops and training courses as well as educational opportunities and Highland Council Capital 28,763 Discretionary Fund initiatives. Pupils from Merkinch Primary Robertson Trust 20,000 School engaged with the Hall’s restoration by burying a time capsule in the Hall. Maple Trust 2,000

Total investment 1,211,327

Main and bottom left / Photography © Mia Scott

It’s hard to believe the rollercoaster that we’ve been on with this project, from the optimism of that first community consultation on a warm summer evening in July 2009, to the nadir of rejection by the Big Lottery and the fears that the roof might at any time collapse. Thanks to the intervention of the AHF, which enabled us to re-group and go down the HLF funding route, here we are eight years later, with the Merkinch Welfare Hall restored, tenants in occupation and the doors open to the community once again. Wonderful!

56 www.ahfund.org.uk www.ahfund.org.uk 57 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Kirkmichael

S Dingwall, Highland | Scotland The Kirkmichael Trust | www.kirkmichael.info

Status AHF Funding: Listed Category B and a Scheduled Monumentt 2014: PDG: £14,829 At Risk Register? 2015: Loan: £70,000 offered No

The project was initiated by community Funding from the AHF included a Project PROFESSIONAL TEAM concern over the steady deterioration Development Grant to enable the Trust to Architect: in the church at Kirkmichael in the Black compile a project plan and develop successful McGregor Bowes Isle. The earliest records of the parish at major funding bids. An AHF loan was Quantity Surveyor: Kirkmichael date to the early 1400s and administered in 2015 to cover the project’s Torrance Partnership the chancel of the church was converted working capital requirements allowing work Structural Engineer: to a mausoleum in 1560. The nave continued to continue in between payments from major David Narro Associates Archaeology: in religious use until a new church was built funders. In January 2017, members of the Highland Archaeology Services at Resolis in 1769, thereafter the nave was Trust were interviewed by BBC Alba in relation allowed to fall into disrepair. Part of the to the site and its connections to the wider OTHER PROJECT FUNDERS £ nave was re-roofed around 1800 for use as a historic landscape. The restoration of the Heritage Lottery Fund 280,154 mausoleum but this was the last repair work church was completed in the Spring of 2017 Historic Scotland 144,996 carried out before 2002 when the Kirkmichael and the church was visited in April by HRH Highland Council – capital grant 70,000 Trust formed to restore and maintain the the Duke of Gloucester, who praised the The Monument Trust 40,000 building and associated mausolea. The Trust efforts of the community in restoring this Robertson Trust 32,000 also aimed to produce a permanent exhibit to piece of Scottish heritage. Highlands & Islands Enterpris 25,000 display the ornate medieval gravestones. The Wolfson Foundation 25,000 Trust has been running a successful volunteer programme whose archaeological activities Pilgrim Trust 10,000 have resulted in the discovery of further Hugh Fraser Foundation 10,000 gravestones. The Trust has also run a popular Garfield Weston Foundation 10,000 community engagement programme involving Robert Barr Charitable Trust 10,000 training in traditional building skills. Barrack Trust 5,000 Foyle Foundation £5,000 The Cromarty Trust 5,000 Radcliffe Trust 2,500 PF Charitable Trust 2,000 Ann Gloag Foundation 1,000 Gordon Fraser Charitable Trust 1,000 Trust’s own resources, 16,480 including smaller grants and private donations

Total investment 695,130

We are very grateful to the Architectural Heritage Fund. AHF funding made the whole Kirkmichael Project possible as, with the assurance of cashflow provided through their loan facility, funding from the major investors was made possible. This facilitated the transformation of Kirkmichael from a derelict eyesore causing community

All images / Photography © Jim McKay concern into a community and economic asset.

58 www.ahfund.org.uk www.ahfund.org.uk 59 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

THE RUSSELL INSTITUTE Bushmills Courthouse: Phase 1

S Paisley, Renfrewshire | Scotland Bushmills | Northern Ireland NI The Paisley Development Trust Causeway Enterprise Agency | www.causeway-enterprise.co.uk

Status AHF Funding: Status AHF Funding: Category A 2013: OAG: £7,500 Category B1 2017: PVG: £5,000 At Risk Register? At Risk Register? No Yes

Paisley’s historic townscape is second only to The refurbishment of the Russell Institute was Bushmills courthouse was built by the Bushmills is among the most deprived PROFESSIONAL TEAM OTHER PROJECT FUNDERS £ Edinburgh in the number of listed buildings, then taken forward by Renfrewshire Council, Macnaghten family of Dundarave Estate in communities in the North Coast area and Architect: Resilient Heritage Grand 10,000 and the Russell Institute is an important part as a key part of a larger works underway in Elder & Cannon Architects 1834 to serve as a Petty Sessions Court and this redevelopment will use arts, creativity Acquisition Cost (own funds) 140,000 of this significant environment. Designed in Paisley: the Paisley Town Centre Townscape Business Consultant: as a symbol of authority in the area. The and heritage to drive economic growth, and 1927 by J Steel Maitland, its patron placed Heritage Initiative and Conservation Area Jura Consultants building contained a court room and cells, inspire a strong sense of place and local pride. Total investment (to date) 150,000 no financial restrictions on its construction. Regeneration Scheme. These projects Structural Engineers: with living accommodation above for the ARUP This is evident from the use of bronze and combined to form a built heritage led scheme police, which was converted into a residence The project will potentially establish a ‘Creative Cost Consultant: stone sculpture on the exterior and the high which encouraged the repair of historic Gardiner and Theobald in the early 20th century. Enterprise Hub’ to include workspace for quality of the interior fixtures. The building buildings in the town accompanied by an Main contractors: creative businesses; a gallery and retail was established as a child welfare clinic and educational programme focussed around CBC Ltd This prominent building, at the heart of and community space. remained in use as a health centre until 2011. Paisley’s heritage. Revitalising Paisley’s history Bushmills Conservation Area, has been and heritage is central to its bid to become OTHER PROJECT FUNDERS empty since the late 1960s and was acquired Paisley Development Trust comissioned an the 2021 UK City of Culture. The former health Glasgow Airport flightpath fund and private by the Causeway Enterprise Agency in 2016. options appraisal for the building, thanks to centre reopened its doors in Summer 2017 donations made up the balance required to undertake the project AHF funding, which determined that it would and is now home to Skills Development be viable as a business centre. Scotland and the local Council’s Invest in Renfrewshire employability team.

It will house around 120 employees including careers and employability staff helping unemployed people across Renfrewshire and which also works closely with local businesses to grow the local economy.

Below top / Photography © Paisley Online

60 www.ahfund.org.uk www.ahfund.org.uk 61 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

An Seán Eaglais (The Old Church): PHASE 1

NI Derry | Northern Ireland An Gaeláras | www.culturlann-doire.ie

Status AHF Funding: Category B1 2017: PVG: £5,000 At Risk Register? Yes

Great James’ Street Presbyterian Church was An Gaeláras considers the building to be a PROFESSIONAL TEAM built in 1837 to a design by architect Stewart crucial element of the organisation’s proposed Architects: Gordon, County Surveyor for Londonderry, ‘cultural quarter’, comprising a cluster of ASI Architects Ltd and Surveyor for The Honourable The Irish heritage and ‘at risk’ buildings, and aspires Society. Constructed during the Victorian to create “one of the most iconic arts and OTHER PROJECT FUNDERS £ expansion of the city, it is one of the finest performance spaces in the city” – a vibrant DoE NIEA acquisition grant 250,000 examples of Georgian style architecture in the space for artists, performers, musicians, HLF Round One Development 38,900 area, sitting alongside elegant townhouses gallery exhibitions and education. The project Phase grant and imposing factories. Built using local will also include the interpretation of the sandstone, the neoclassical church is on history, heritage and architecture of the Total investment 288,900 an elevated site, has an imposing portico building and surrounding conservation area with ionic columns and makes a valuable which will be used as a means of community contribution to the character of the Clarendon engagement and outreach. The development Conservation Area. In the late 1800’s of the former Presbyterian church will the church catered for skilled industrial provide a shared space for all sections of immigrants from the Glasgow shipyards, the community within both the city and and such was their impact that local streets wider North West region to engage with were given Scottish names, and the church the arts, and to explore and celebrate their became known locally as the ‘Scots Church’. culture and identity. The AHF grant will The Church grounds were used by the British allow An Gaeláras to commission a viability army in 1972 at the height of ‘the Troubles’, report for the project and to examine the and the opening shots of Bloody Sunday building’s condition which is a requirement originated from the rear of the building. The for their Round 2 application to the congregation left the church in 1983 and it Heritage Lottery Fund. was subsequently used as a local library and then a commercial glassworks before falling into disrepair. The ‘at risk’ church and its neighbouring manse were purchased by An Gaeláras and saved from demolition in 2014.

Gearóid Ó hEára CEO, An Gaeláras We are delighted to have the support of the AHF and their knowledge and advice has been invaluable. The provision of a Project Viability Grant will help focus the direction of the project throughout our Development Phase and will also open up potential avenues for further funding. The help given by the AHF will aid us in delivering a sustainable and innovative arts and community space which will contribute to the regeneration of the area and have a real and valuable impact on all sections of our community.

62 www.ahfund.org.uk www.ahfund.org.uk 63 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

FINANCIAL REVIEW FINANCIAL REVIEW 2016/17 Overview 2016/17 Overview Cash flow Reserves policy Investment policy (financial)

A notable milestone was achieved over Total resources expended during the year Cash flow the last year on the AHF’s journey towards amounted to £1,819,433 (2016: £1,206,184). Financial review 2016/17 There was a net inflow of cash of £707,214 greater financial resilience: after successive Of this expenditure, bad debt provision key figures at a glance (2016: £2,063,992) primarily due to the receipt operational deficits (where expenditure was adjustments and other loan-related activities, of grant funding paid in advance for the AHF’s greater than unrestricted income), the AHF grants, programme support and the grant and advice services, contributions to the finally achieved a small surplus of £53,210 £14,104,315 overheads attaching to these, and the AHF’s endowment fund, and to receipts of interest in 2016/17. Although modest, the surplus Total funds at 31 March 2017 contribution to the Heritage Trust Network, and rents from investments. Net outflows are is vindication of the AHF’s strategy to cut (2016: £14,022,970) ) amounted to £1,779,598 (2016: £1,170,979). forecast for the next three years as we seek to costs whilst securing new income. The The remaining expenditure comprised increase our lending activity. elimination of the structural deficit helps £39,835 (2016: £35,205) for the costs of build confidence with the AHF’s existing £13,535,315 generating funds. Reserves policy and prospective financial backers. It has The AHF’s lending resources The General Fund constitutes the free been a key priority for the AHF Board (2016: £13,283,970) The AHF’s total funds increased by £81,345 reserves of the charity from which running and Executive over the last two years. (2016: £930,725), comprising: a net increase costs and the payment of non-refundable Any unrestricted fund surplus is allocated in the endowment fund of £28,135 (2016: grants (core initiatives) have to be paid. to the AHF’s Designated Lending Fund, £1,004,160); a restricted fund increase of To meet these needs, the trustees aim allowing the AHF to support a greater £81,345 £0 (2016: £69,000); and an unrestricted Amount the AHF’s total funds to hold reserves of not less than one year’s number of worthy projects in the future. increased by fund increase of £53,210 (2016: deficit of expenditure. This has been assessed as (2016: £930,725) £142,435). Total funds at 31 March 2017 £450,000 based on the average annual The surplus has been achieved in addition were £14,104,315 (2016: £14,022,970) of expenditure over the 3 year period 1 April to the significant growth of the AHF’s advice which £13,535,315 (2016: £13,283,970) 2016 to 31 March 2019. Compliance with and grants activities. Three year funding £1,448,375 constituted the AHF’s lending resources. the reserves policy was met by a year-end agreements with several of the AHF’s financial in restricted income transfer of £223,210 from the general fund The endowment fund increased from backers will help the organisation to plan its (2016: £478,935) to the designated lending fund (2016: £11,613,961 at 31 March 2016 to £11,642,096 finances effectively over the next few years. £142,435 transferred the other way from the at 31 March 2017. The net increase of designated lending fund to the general fund). Total incoming resources in the year ended £28,135 (2016: £1,004,160) consisted of 31 March 2017 amounted to £1,900,778 £442,603 contributions from Historic Environment in unrestricted income The total value of the Endowment Fund can be (2016: £2,136,909). This comprised £1,448,375 (2016: £424,489) Scotland (£46,221), and Historic England affected by the failure of some AHF borrowers (2016: £478,935) in restricted income, (£11,800) offset by a net increase in bad to repay their loan in part or in full. Bad debts £9,800 in endowment contributions (2016: debt provision of £29,886 (2016: increase are to be expected given the high risk nature £1,233,485) and £442,603 (2016: £424,489) of £229,325). of AHF’s loan investments, although the AHF in unrestricted income. £28,135 The endowment fund net seeks to minimise its potential exposure Following a review of all outstanding loans increase to £11,642,096 to loan losses as far as possible through its at the end of 2013/14, the AHF’s trustees (2016: £1,004,160) assessment and loan monitoring processes. approved the introduction in that year’s Provision for bad debt is made in AHF’s accounts of a general bad debt provision. forward financial planning, and the value of the This was in recognition of the increasingly Endowment Fund is maintained and increased £0 difficult lending environment in which the Restricted fund increase through fundraising. (2016: £69,000) AHF operates and the consequent increase in risk that funds may not be recoverable Investment policy (financial) in full despite the AHF’s best efforts. The Money not on loan is kept on deposit, on the general bad debt provision amounts to 4.2% best terms consistent with financial prudence £53,210 of the total loans outstanding which have not Unrestricted fund increase and ready accessibility. This process is been included in the specific provision. A full (2016: deficit of £142,435). managed internally. Net income from bank breakdown of the provision is shown in Note deposits for the year amounted to £11,996 6 of the Statement of Financial Activities. (2016: £13,312).

Clockwise from above: Wentworth Woodhouse, Rotherham Turner’s House, Twickenham / Photography © Anne Purkiss Photography (remaining three images)

64 www.ahfund.org.uk www.ahfund.org.uk 65 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

FINANCIAL REVIEW FINANCIAL REVIEW Staff renumeration Grants awarded Going concern

Staff remuneration settlements for those in manufacturing, Grants awarded during 2016/17 Our approach to pay production and services and lower rates Name of applicant | Project Country Grant type Sum offered The AHF believes in recruiting high-calibre for those in the public and voluntary sectors. people to represent its interests. We also The AHF’s contracted Support Officers Age UK Mid Mersey Bridport Area Development Trust believe in rewarding staff fairly for the jobs automatically received a 2.5% increase in Mansion House, Victoria Park, St Helens West Bay Methodist Chapel, Bridport that they do and fostering a positive working the value of their contracts from 1 April 2017 E PVG £ 2,100 E PDG £ 2,480 environment, and we believe our salaries and and 1 April 2018. This annual increase was our terms and conditions reflect this. People agreed in advance with the AHF’s funders are employed at the AHF on the basis of the and was included in AHF’s grant applications. Agecroft Cemetery Chapel Byrne Avenue Trust specific skills that they bring to their particular • Rewarding good performance: Whilst Restoration Group Byrne Avenue Baths, Rock Ferry role. For the AHF to run successfully, a large the AHF does not currently directly link Agecroft Cemetery Chapel, Salford E PDG £ 20,000 range of skills and disciplines and experience pay progression to performance, the E PVG £ 4,900 are required. We need to pay appropriately progress achieved by the organisation to ensure that we can recruit people with over the preceding year is still a factor in Chichester Community Development Trust the right skills. We also need to retain them determining pay. Alexander Centre CIC Graylingwell Chapel, Chichester in a competitive market where, not least as a Alexander Centre, Faversham E PDG £ 14,800 result of the financial nature of the AHF’s role, Bearing these factors in mind, trustees E PVG £ 5,000 their skills are readily transferable to other awarded all staff a pay rise of 2.5%. Such an organisations, in the voluntary and in other increase rewards staff for their hard work Creative Quarter Nottingham Limited sectors. The AHF believes in trying to retain whilst also making clear the AHF’s intention Alston Moor Partnership People’s Hall, Nottingham staff for the long term, developing them and to maintain pay constraint at a time of public High Mill, Alston E PDG £ 25,000 benefiting from their growing knowledge. sector cutbacks. E PVG £ 5,000 This is in preference to the disruption and expense of recruitment, especially as many Severance payments CVS South Gloucestershire Ancoats Dispensary Trust Whitfield Tabernacle Site, Kingswood staff have detailed knowledge that is There were no severance payments made unique to them in the organisation and Ancoats Dispensary, Manchester during the course of the year. E PVG £ 5,000 could not be quickly replaced. The small E PDG £ 25,000 number of salaried staff means that any loss Pensions Dean Road Chapel Limited of experienced staff members does have a The Charity offers employees the opportunity Artspace Lifespace Dean Road Cemetery Chapel, Scarborough significant impact on the organisation. Our to join its discretionary retirement savings Jacobs Wells Baths, Bristol staff pay scales are set with this in mind. scheme, a Group Personal Pension Plan E PDG £ 2,340 provided and administered by The Prudential E PVG £ 5,000 Pay awards Assurance Company Ltd on behalf of the Dingle 2000 Ltd Salaries, including pay awards, are set and Architectural Heritage Fund. Employer Axminster Heritage Ltd. Toxteth Reservoir, Liverpool reviewed annually by the AHF’s Board of contributions made to the scheme in the Thomas Whitty House, Axminster Trustees. The review takes account of the year totalled £19,510. E PVG £ 2,000

following factors when determining the E PDG £ 5,000 recommended pay award for staff: Going concern Dingle 2000 Ltd • CPI inflation forecasts: Current cost of living The Board has reviewed the Charity’s financial Barnstaple Buildings Preservation Trust Toxteth Reservoir, Liverpool (CPI) forecasts for 2017 predict the rate to position, taking account of the satisfactory Church of the Immaculate Conception , rise 1.6% to 2.1% by the 3rd quarter of 2017 levels of reserves and cash, amounts Barnstaple E PDG £ 15,000 where it will remain for the rest of the year. receivable, principally from the AHF’s lending function, the annual plan and the five-year E PVG £ 5,000 East Looe Town Trust • Comparative pay increases: The Chancellor financial forecasts, and its systems of financial Watchtower and Old Lifeboat Station, Looe announced in his Summer 2015 Budget and risk management. As a result of its review, Bognor Pier Trust CIC that public sector pay increases will be the Board believes that the AHF is well placed Bognor Regis Pier , Bognor Regis E PVG £ 1,770 capped at 1% from 2015 until 2019. CIPD’s to manage operational and financial risks Labour Market Outlook report for the UK successfully. Accordingly, the Board has a E PVG £ 5,000 (published Autumn 2016) predicts pay reasonable expectation that the AHF has increases of between 1% and 3% for adequate resources to continue in operational the majority of workers, with higher pay existence for the foreseeable future.

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FINANCIAL REVIEW Grants awarded

Grants awarded during 2016/17 Grants awarded during 2016/17 Name of applicant | Project Country Grant type Sum offered Name of applicant | Project Country Grant type Sum offered

Elmhurst Foundation Giroscope Limited Hinton Martell Village Hall Kirkstall Valley Development Trust Crown Inn, Chippenham Saint Matthew’s Church, Boulevard, Hull Hinton Martell Village Hall, Wimborne Abbey Mill, Leeds

E PVG £ 5,000 E PDG £ 24,000 E PVG £ 2,286 E PVG £ 5,000

Forest of Dean Buildings Preservation Trust Godolphin Cross Community Association Historic Coventry Trust Landmark Trust Gunns Mill, Mitcheldean Godolphin Cross Methodist Chapel, Helston Whitefriars’ Gate, Coventry Winsford Cottage Hospital, Beaworthy

E PDG £ 5,000 E PDG £ 3,000 E PVG £ 5,000 E PDG £ 15,000

Forest of Dean Buildings Preservation Trust Gower Heritage & Enterprise Foundation Holbeach Cemetery Chapels Limited Landmark Trust Gunns Mill, Mitcheldean Gower Street School, Telford Holbeach Cemetery Chapels, Spalding Calverley Old Hall, Leeds

E PDG £ 15,000 E PDG £ 25,000 E PDG £ 5,000 E PDG £ 10,000

Foxlowe Arts Centre Granby 4 Streets Community Land Trust Horfield Common CIC Langport Town Trust Foxlowe Arts Centre, Leek 121-144 Granby Street, Liverpool Ardagh Sports Pavillion, Horfield Common, Langport Town Hall, Langport Bristol E PVG £ 4,500 E PVG £ 5,000 Clockwise from top: E PVG £ 3,000 Church of the Immaculate Conception Coker Rope and Sail Trust Ropewalk E PVG £ 4,800 Dingle 2000 Toxteth Reservoir Friends of Ingestre Orangery Greater Morpeth Development Trust Bognor Pier Trust Leigh Building Preservation Trust Ingestre Hall Orangery, Ingestre Morpeth Station Building, Morpeth Horton Chapel Arts and Heritage Society Leigh Spinners’ Mill, Leigh Horton Chapel, Epsom E PDG £ 3,200 E PDG £ 25,000 E PVG £ 4,900 E PDG £ 25,000 Friends of Stretford Public Hall Hastings Creative Limited Lostwithiel Town Council Stretford Public Hall, Manchester Holy Child Language School, St Leonard’s House of Objects Edgcumbe House, Lostwithiel Buddle Arts Centre, Wallsend E PDG £ 5,000 E PDG £ 20,000 E PVG £ 3,000 E PDG £ 7,100 Friends of the Leas Pavilion Hereford Diocesan Board of Finance Loughborough Bellfoundry Trust Leas Pavilion, Folkestone St.Michael’s Church, Dulas Hyndburn Arts Limited Bell Foundry, Loughborough Oswaldtwistle Library, Lancashire E PVG £ 5,000 E PDG £ 4,900 E PVG £ 4,900 E PVG £ 5,000 Generator Loughborough CIC Heritage Lincolnshire Manchester Victoria Baths Trust 12 Frederick Street, Loughborough Greyfriars, Broadgate, Lincoln Islington Mill Arts Club CIC Victoria Baths, Manchester New Islington Mill, Salford E PDG £ 25,000 E PVG £ 5,000 E PDG £ 25,000 E PVG £ 5,000 George Community Pub (Wickham Market) Ltd Hestercombe Gardens Trust Milton Rooms George Inn, Wickham Market Hestercombe House, Taunton Islington Mill Arts Club CIC Milton Rooms, Malton Islington Mill, Salford E PVG £ 4,400 E PDG £ 15,000 E PDG £ 12,000 E PDG £ 25,000

68 www.ahfund.org.uk www.ahfund.org.uk 69 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

FINANCIAL REVIEW Grants awarded

Grants awarded during 2016/17 Grants awarded during 2016/17 Name of applicant | Project Country Grant type Sum offered Name of applicant | Project Country Loan or Extension Sum offered

Neighbourhood Services Company Limited Ragged School Museum Trust Society of Antiquaries of London Sussex Yacht Club Home Farm, Croxteth Hall & Park, Liverpool Bow, London Kelmscott Manor, Kelmscott Southwick Clubhouse, Hove

E PDG £ 24,300 E PDG £ 19,000 E PDG £ 10,000 E PVG £ 3,000

North East Theatre Trust Ltd. Rare Trust Soho Theatre Theatres Trust Charitable Fund Newcastle upon Tyne Music Hall, 52 Bold Street, Liverpool Theatre Royal & 19 Hawley Square, Margate Empire Theatre, Burnley

E PDG £ 19,600 E PVG £ 3,000 E PDG £ 25,000 E PVG £ 4,000

North of England Civic Trust Red Brick Building Centre Ltd Somersham Community Pub Ltd Tithe Barn Trust Keelmen’s Hospital, Newcastle upon Tyne Red Brick Building, Glastonbury Duke of Marlborough, Somersham Tithe Barn, Landbeach

E PDG £ 25,000 E PDG £ 15,000 E PDG £ 5,000 E PVG £ 2,100

North of England Civic Trust Regenerus (South Sefton Development Trust) Somewhere MCR Tolpuddle Old Chapel Trust Camp Farm, Maryport Carnegie Library, Crosby Mechanics’ Institute, Manchester Old Methodist Chapel, Tolpuddle

E PVG £ 5,000 E PVG £ 3,000 E PVG £ 1,200 E PDG £ 9,000

Norwich Preservation Trust Ltd Resort CIC Society for the Protection of Ancient Buildings Trinity Community Arts Limited 16 Elm Hill, Norwich Pettman’s Depository, Margate Ditchingham Gatehouse, Norfolk Trinity Centre, Bristol

E PVG £ 4,900 E PVG £ 3,000 E PVG £ 900 E PDG £ 5,000

Petersfield Museum Ltd. Richmondshire Building Preservation Trust Ltd Stanley Peoples’ Initiative Tyne and Wear Building Preservation Trust Ltd Petersfield Police Station, Petersfield Yore Mill, Aysgarth Stanley Halls, Croydon Saint Hilda’s Colliery Head Stock, South Shields

E PDG £ 10,000 E PVG £ 5,000 E PDG £ 24,000 E PDG £ 5,000

Pitzhanger Manor Trust Richmondshire Community Stoke-sub-Hamdon Parish Council Tyne and Wear Building Preservation Trust Ltd Pitzhanger Manor, Ealing, London and Voluntary Action Methodist Church, Stoke-sub-Hamdon Saint Hilda’s Colliery Head Stock, South Shields Old Grammar School, Richmond E PDG £ E PDG £ 3,000 20,000 E PDG £ 8,000 E PDG £ 25,000 Plymouth Dance Stroud Town Council Tyne and Wear Building Preservation Trust Ltd Tinside Lido, Plymouth Saint Austell Market House CIC Chapel of Rest, Stroud Cemetery, Stroud 170-175 High Street West, Sunderland Market House, Saint Austell E PVG £ E PVG £ 5,000 5,000 E PDG £ 15,000 E PDG £ 15,000 Portland Works Little Sheffield Limited Sudbury Gasworks Restoration Trust Tyne and Wear Building Preservation Trust Ltd Portland Works, Sheffield Sheerness Dockyard Preservation Trust Old Gasworks, Sudbury Saint Hilda’s Colliery Head Stock, South Shields Dockyard Church, Sheerness E PDG £ 9,200 E PDG £ 4,000 E PDG £ 1,300 E PDG £ 25,000

Clockwise from above: Edgcumbe House, Lostwithiel Sion Mills Stables Ingestre Hall Orangery Glasgow Green Boathouse

70 www.ahfund.org.uk www.ahfund.org.uk 71 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

FINANCIAL REVIEW Grants awarded

Grants awarded during 2016/17 Grants awarded during 2016/17 Name of applicant | Project Country Grant type Sum offered Name of applicant | Project Country Loan or Extension Sum offered

Tyne and Wear Building Preservation Trust Wolfeton Riding House Trust Friends of Bellfield WASPS Trust Saint John’s Cemetery Lodge, Wolfeton Riding House, Charminster Portobello Old Parish Church and Halls, Inverness Royal Academy, Inverness Newcastle upon Tyne Edinburgh E PDG £ 10,000 S PDG £ 15,000 E PVG £ 3,000 S PVG £ 5,000 Wymering Manor Trust Llanelli Railway Goods Shed Trust United Kingdom Building Preservation Trust Wymering Manor, Portsmouth Glasgow Building Preservation Trust Goods Shed, Railway Yard, Llanelli 93-113 Harper Street, Middleport, West Boathouse, Glasgow Green, Glasgow E PDG £ 13,500 W PDG £ 2,000 Stoke-on-Trent S PDG £ 13,000 E PDG £ 15,090 YMCA Somerset Coast Time Banking Wales Barley Wood (Garden Pavilion), Wrington Govan Workspace Limited 10 The Circle, Tredegar Valley Heritage Govan Old Parish Church, Glasgow E PVG £ 5,000 W PDG £ 5,000 Waterside Mill, Bacup S PDG £ 10,000 E PDG £ 10,000 Above Adventure Ltd Grange Church, Kilmarnock Ridge Foundation CIC Wentworth Castle & Stainborough Park Black Bull Close, Dunbar S PDG £ 20,000 Heritage Trust Menagerie House, Stainborough Park, Barnsley S PVG £ 5,000 ARC – Kingussie E PVG £ 2,975 Pitmain Lodge and MacRobert House, Scottish Historic Buildings Trust Kingussie Custom House, Edinburgh Wentworth Woodhouse Preservation Trust Wentworth Woodhouse, Rotherham S PDG £ 17,000 S PVG £ 4,000

E PDG £ 25,000 Comrie Development Trust Scottish Veterans’ Garden City Association Cultybraggan Camp, Comrie Shawmuir Lodge, Pollok Park, Glasgow West Midlands Historic Buildings Trust S PDG £ Himley Hall Kitchen Garden, Dudley 25,000 S PDG £ 17,000

E PVG £ 5,000 David Livingstone Trust Scottish Veterans’ Garden City Association Shuttle Row, Blantyre Shawmuir Lodge, Pollok Park, Glasgow Winterbourne Medieval Barn Trust S S Winterbourne Medieval Barn, Somerset PDG £ 25,000 SLF* £ 69,000

E PDG £ 19,900 Dumfries Historic Building Trust Shambellie House Trust Cabbies’ Kiosk, Dumfries Shambellie House, Dumfries, Galloway Wiveliscombe Town Hall Trust Clockwise from above: Wiveliscombe Town Hall, Somerset S PVG £ 1,200 Bell Foundry, Loughborough S PDG £ 10,000 Goods Shed, Railway Yard, Llanelli Hestercombe House, Taunton E PVG £ 2,930 Forward Coupar Angus 16 Elm Hill, Norwich South Kintyre Development Trust White House, Coupar Angus Old Post Office, Campbeltown Wiveliscombe Town Hall Trust Wiveliscombe Town Hall, Somerset S PVG £ 3,000 S PVG £ 5,000

E PDG £ 12,500

* Strathclyde BPT Legacy Fund

72 www.ahfund.org.uk www.ahfund.org.uk 73 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

FINANCIAL REVIEW FINANCIAL REVIEW New loans and extensions Plans for the future

New loan offers and extensions during 2016/17 The AHF Board’s annual Policy and Strategy • Trustees endorsed proposals to develop Name of applicant | Project Country Loan or extension Sum offered meeting took place in February 2017. This AHF as the main social investment was an opportunity for the charity’s trustees organisation in the heritage sector and New loans offered Gairloch & District Heritage Company to discuss progress against the agreed two new loan programmes were introduced strategic priorities set out in the AHF’s and a third developed as a result: Bennington Community Heritage Trust Anti-Aircraft Operations Room, adopted 3-year Strategy 2016-19. The key All Saints Church, Benington, Lincolnshire Achtercairn, Gairloch 1. The Heritage Mortgage outcomes from the meeting were as follows:

S LOAN £ 125,000 2. The Community Heritage Support Fund E LOAN £ 152,000 • Trustees approved the annual Operational Plan for 2017-18, including targets to achieve 3. Heritage Impact Fund Coker Rope and Sail Trust Govanhill Baths Community Trust identified priorities in order to fulfil the The Ropewalk, West Coker, Yeovil Govanhill Baths, Glasgow charitable objectives of the AHF. • Trustees approved the expenditure of up to £15,000 for the production of a manuscript S LOAN £ 50,000 • Trustees approved a three-year financial E LOAN £ 50,000 and accompanying photographs for a book budget forecast with resources provided that showcases heritage-led regeneration, for the recruitment of new posts, identified Fulham Palace Trust Cambrian HRT to be published by RIBA in 2018. as needed to achieve the AHF’s strategic West Wing Offices, Fulham Palace, Fulham Llanelly House, Llanelli goals. The new posts are:

W LOAN £ 20,000 E LOAN £ 400,000 1. Part-time Finance Manager

2. Full-time Business Development Officer Greater Manchester BPT Total £1,857,000 (part-funded by Historic England) Long Street Methodist Church, Middleton 3. Research & Evaluation Officer E LOAN £ 50,000 Loan extensions Clophill Heritage Trust SLT BPT St. Mary’s Old Church, Clophill, Bedfordshire The Old Fire Station, Norwood High St, London E LOAN £ 131,000 + £10,000 top-up E LOAN £ 100,000 John Clare Trust Swanage Pier Trust The John Clare House, Helpston Swanage Pier, Swanage EXT E £ 210,000 E LOAN £ 100,000 North East Civic Trust The Packhorse Community Pub Ltd. Warwick Bridge Corn Mill, Carlisle The Packhorse Inn, Old School Hill, E EXT £ South Stoke, Bath 89,503

E LOAN £ 250,000 Welsh Georgian Trust Plas Kynaston, Wrexham Tyne and Wear BPT St. Hilda’s Colliery Headstock, South Shields W EXT £ 100,000

E LOAN £ 60,000 Hearth Revolving Fund Trust Sion Mills Stables, Sion Mills, Strabane David Livingstone Trust NI EXT £ 50,000 Scottish National Museum to David Livingstone Trust, Blantyre Total £590,503 From left to right S LOAN £ Kirkmichael, Dingwall, Highland / Photography © Jim McKay 500,000 Stretford Public Hall, Stretford, Manchester The Assay Office, King Edward Mine Camborne, Cornwall / Photography © Tamara Smith Photography Stretford Public Hall, Stretford, Manchester

74 www.ahfund.org.uk www.ahfund.org.uk 75 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

FINANCIAL REVIEW Principal risks and uncertainties Risk profile

Principal risks and uncertainties • The maintenance of a risk register, Risk area Risk Description Risk Management which is reviewed quarterly by the Senior External • The environment for investment in heritage • Monitoring of external environment, active The Board is responsible for ensuring Management Team and twice a year environment becomes less favourable, thereby reducing engagement in dialogue with key funders and that there are effective and adequate risk by the Audit & Risk Committee. Risks the impact of the AHF’s work (e.g. due to building strong relationships and alliances with reduced funding by Government/investors funders and partner organisations. management and internal control systems are considered in four key areas: external Clockwise from below: and/or reduced demand for the AHF’s services in place to manage the major risks to environment, talent, financial, infrastructure. Riddle’s Court, Edinburgh • Seek regular feedback from clients on Stretford Public Hall, Stretford, Manchester from its clients). which the AHF is exposed. It discharges All identified risks are assessed for both the Kirkmichael, Dingwall, Highland / Photography © Jim McKay opportunities and requirements and adjusting this responsibility through its review of the likelihood of occurrence and potential Lower Lodge Gateway Project, Ashton Court, Bristol • Greater scrutiny of charities and their policies and products accordingly. governance presents an increase in potential effectiveness of the AHF’s risk management financial and reputational impact, to give • Set of core values introduced against which reputational risk. framework. This framework is designed a gross risk. Mitigating controls are then service standards are bench-marked to maintain to support informed decision-making considered, giving a net remaining risk. The a good reputation at all times. regarding the risks that affect the AHF’s risk-management strategy forms part of performance and its ability to achieve its the planning process, against which the Talent • Talented staff are not attracted, developed • Performance management and appraisal Board reviews progress formally every year. objectives. It also provides for a consistent and retained in an increasingly competitive processes carried out routinely. approach to identifying, assessing and labour market. • Individual job and personal development plans dealing with the risks facing the AHF so Risk profile • Staff do not possess the skills to perform created that link through to the AHF strategy as to ensure that they do not exceed the Recent developments in the charity sector as their duties. and operational plan. level of risk the AHF is willing to assume. a whole have seen increased media, public • Salary and employee benefits benchmarked, and regulator interest in the operation of reviewed and adjusted as necessary. The AHF operates in a risk environment that charities. The Board and executive remain • Training budget set at over £750 per employee is complex and which involves offering loan focused on those risks which could adversely for 17/18. finance to organisations that cannot raise affect the reputation of the AHF. We have funds from elsewhere. Therefore, the defined a set of core values of the AHF that framework is designed to manage, rather than we will adhere to at all times to ensure the • Loan Portfolio Performance Management Financial • Falling income as a result of one or more to eliminate, the risks to the AHF’s objectives reputation of the AHF is maintained. These System and overdue loans policy introduced. of the following: bad debts; reduced grant and to provide reasonable, but not absolute, values are: income; low interest on bank deposits; reduced • Rigorous assessment process used for new assurance against material misstatement or loan applications. • Equality and diversity borrowing; fraud; financial mismanagement. loss. We aim to manage risk by anticipation • Customer focus • Impact of activities measured and reported. and avoidance rather than by handling the • Excellence consequence after the risk has crystallised. • Competitive interest rates maintained for lending. • Collaboration • Regular reviews of internal controls on financial

• Integrity, respect and professionalism management and anti-fraud and money laundering It should be noted that processes in place • Evidence-led decision-making procedures. regarding risk management and internal • Pioneering and risk-taking control include the following: • Regular financial planning including income, • Maximising leverage reserves and cash flow projections and the • A comprehensive risk management • Legacy budgeting and monitoring of actual expenditure. framework which meets the Charity Commission’s requirements. This consists Infrastructure • IT/communications equipment is erratic, • Regular reviews of, and investment in, IT of five stages, from understanding the risk seriously disrupted or ceases to work altogether. infrastructure. environment through risk identification, • Loss of data and files, including computer and • Well established back-up procedures in place analysis and evaluation to risk treatment. paper records, photo library and report archive. with daily back-ups stored off-site.

• Temporary loss of office and/or equipment. • Digital copies taken of all business critical documents, including loan agreements, grant offers, client information, financial records etc.

• Disaster recovery plan with insurance provision for temporary office and equipment if required.

76 www.ahfund.org.uk www.ahfund.org.uk 77 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

FINANCIAL REVIEW Structure, governance and management Risk profile The Board

In accordance with the AHF’s risk Loan churn The Architectural Heritage Fund (AHF) run the charity. Individual trustees must have management policy, three identified areas • Trustees approved the introduction of is incorporated as a company limited by sufficient knowledge, both of trusteeship in of risk were the subject of an in-depth new loan products to reflect the needs guarantee (company number 1150304), general and of the charity’s activities, to enable review during the course of the year – IT of the AHF’s borrowers. is registered as a charity in England and them to carry out their role and to represent infrastructure, loan churn and insurance. In Wales (number 266780) and in Scotland the charity. Therefore, the AHF maintains a each instance the nature, cause and impact • A new Business Development Officer (number SC043840), and is governed by its Board skills register and seeks to recruit new of risk was identified, analysed and a series will be recruited in 2017 to help build the memorandum and articles of association trustees with the skills it needs to deliver its of actions were implemented to mitigate risk AHF’s available capital for lending, including (most recently updated 30 January 2013). objectives. Recruitment is undertaken through to an acceptable level. the development of a possible Heritage an open advertised and competitive process, Impact Fund. As of 13 July 2015, the AHF is regulated by the utilising existing recruitment platforms IT infrastructure Financial Conduct Authority and is recorded and relevant networks. Appointments • A new broadband line was installed • The AHF will develop a business support on the Financial Services Register (number can be made at any time, and the process to improve reliability and speed of proposal to assist its borrowers to undertake 707421). is managed by the Nominations Committee connection for remote workers. business reviews and implement changes in accordance with Charity Commission necessary to achieve improved trading Registered office is 3 Spital Yard, Spital Square, guidance (CC30). Final decisions on • A new back up strategy and process performance. London E1 6AQ. appointment rest with the Board, acting on was introduced to protect against the advice of the Nominations Committee. crypto-ransomware. Insurance The Board • Email was moved to the cloud to mitigate • All insurance cover reviewed and re-tendered. The governing body of the AHF is the Board Before the official date of appointment, against system failures. (otherwise known as “the Council of each new member is provided with a full • Indemnity insurance cover obtained with Management”), whose members have legal information pack covering the work and • Firewall and main server replaced to all AHF contractors required to provide responsibility as directors of the AHF as a governance of the AHF, is formally inducted increase reliability and performance. own indemnity cover. company and as trustees of the AHF as a by the Chairman and the Chief Executive, • New grants and loans management • Commercial insurance cover expanded to charity. The Board is responsible for every and where possible attends at least one database commissioned to improve include provision for implementing a revised aspect of the AHF’s business and governance, Board meeting as an observer. Trustees are data recording and reporting accuracy. disaster recovery plan. with day-to-day management being delegated encouraged to visit current projects, and are to the AHF’s executive. Board members kept informed of relevant changes to the law • Personal accident insurance cover usually serve for renewable terms of three by means of Board papers. obtained for all AHF staff and contractors. years. Every member of the Board is also a member of the AHF as a company. The AHF The AHF maintains indemnity insurance for has no other members. its trustees and its officers against liability in respect of actions brought by third parties, The Board comprises up to 12 appointed subject to the conditions set out in the trustees, including the Chairman, who Companies Act 2006. contribute diverse areas of heritage and business expertise and who represent the Some members of the Board are also whole of the UK. The Board meets quarterly directors or trustees of, or consultants to, throughout the year (with an additional organisations which apply for and receive strategic planning meeting in February) financial assistance from the AHF, or with and provides strategic leadership to the which the AHF has an arm’s-length business organisation. Trustees also make decisions on relationship. In this event the member or loans and on UK-wide targeted programmes members are required to disclose the interest and initiatives. at the meeting at which the application is considered or the business is discussed, The AHF recognises that an effective board thereby taking no part in the Board’s decision of trustees is essential if the charity is to be (in accordance with the AHF’s Conflict of effective in achieving its objects. The Board Interests Policy). A register of trustees’ must seek to represent the people with whom interests is maintained and updated regularly. Clockwise from top: the charity works and must have available to Campbeltown Picture House, Campbeltown The Board meets at least five times a year. The Duke of Marlborough, Suffolk it all of the knowledge and skills required to Thomas Whitty House, Axminster The Assay Office, King Edward Mine Camborne, Cornwall / Photography © Tamara Smith Photography

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Structure, governance and management TRUSTEES, EXECUTIVE and the ahf team Committees Trustees

Committees Grants Panel Trustees Myra Barnes There are currently four sub-committees, Decisions on grant applications for amounts Liz Peace CBE Myra Barnes is a Chartered Town Planner the Finance & General Purposes Committee, over £5,000 are taken by the Board. The Chairman currently working as a Partner in a small number of applications for decision has risen the Audit & Risk Committee, the Grants Panel During her time as Chief Executive at the town planning consultancy. Myra is also a significantly in recent times and is likely to and the Nominations Committee. Further British Property Federation, Liz managed Beanstalk Volunteer working with primary increase further. This was having a deleterious sub-committees will be established, including to change the Government’s perception of school children needing help with effect on the amount of time available at a Credit Panel. the commercial property industry, to progressing their reading. Myra has worked Board meetings for matters of strategic establish it as a key voice in policy debate, for more than thirty years in planning and Finance & General Purposes Committee direction. Therefore, a panel was established to dissuade the Government from legislating regeneration. She was Head of Planning for in December 2015 to consider The Finance & General Purposes Committee on commercial leases, to win innumerable National Grid Property where she worked recommendations from staff on grant comprises the Chairman and any two other changes to planning and tax legislation and, on major regeneration schemes bringing requests over £5,000 on a quarterly basis members of the Board. Responsibility is working as part of a pan-industry alliance, former gasworks sites back into beneficial in order to present a schedule of decisions delegated to this Committee to make some to persuade the Government to introduce use. Prior to this Myra worked for Olympia to the Board for ratification. loan and grant offers, and to deal with other real estate investment trusts (REITs). & York producing the masterplan, matters between Council meetings, either Previously, Liz was a civil servant in the design guidelines and planning for the The Grants Panel comprises four trustees by meeting or online. MOD, eventually becoming a key player development of Canary Wharf, Heron representing England, Northern Ireland, in the team that created QinetiQ plc. Liz Quays and Port East. She also worked Scotland and Wales, and the Chief Executive. All members of the Board are eligible currently holds a range of non-executive, in Local Government at the London The Operations Manager is its Secretary. as members of the Finance and General advisory and charity roles, including at Docklands Development Corporation on It meets quarterly on the same day, but Purposes Committee. Turner and the Churches Conservation many of the key Docklands developments. preceding, the Board meeting. Terms Trust. She is the chairman of LandAid, the Her earlier career was as a planning officer. Audit and Risk Committee of appointment are for 3 years but are property industry’s principal charity and synchronised with the serving terms of trustee Susan Brown Composed of up to four Board members, the is also chairing the Shadow Government appointments. The Chairman revolves duty of the Audit and Risk Committee is to Property Agency that is being set up under Sue Brown had an early career in local between the four trustees on an annual basis. consider and report to the Board on matters the Government’s New Property Model government, after which she joined the of financial control and performance, and initiative to asset-manage departmental London Docklands Development Corporation, Trustees serving during the year and since to help trustees and staff identify and assess property portfolios. Most recently she has where she was Executive Assistant to its the year end were: risks to the organisation. The Committee been appointed by the Mayor of London first Chief Executive, Reg Ward. has a particular duty of scrutinising the to chair the Old Oak and Park Royal annual accounts in draft form, and it is also Development Corporation. Following a thirty-year career in real estate responsible for managing the relationship communications, she joined London with the Auditors. It also advises on how the Roy Hodson First as Executive Director of Planning and organisation should manage and monitor Chair of Audit & Risk Committee Development in August 2016. At London Board Board Committees risk and on the completeness of the AHF’s First, Sue leads on policy events and initiatives, Roy Hodson joined the Board in April 2016. risk register. The Audit and Risk Committee Trustees Year of Audit Fin. & Gen. Grants Nominations managing the business interests of property appoint. & Risk Purposes Panel Committee He brings considerable financial expertise meets three times a year in January, June and development stakeholders, as well as Myra Barnes 2013   to the Board having been a partner at PwC and September. working with the Mayor’s office and local Susan Brown (from 24/1/17) 2017  for 26 years, including serving clients in the government on matters affecting the industry. property, construction and financial services Nominations Committee Elizabeth Davidson 2007    At London First, Sue Brown is directing sectors. Roy was a member of the Supervisory The Nominations Committee is responsible Kate Dickson 2013    the recently established London Urban Board at PwC, chaired the Audit & Risk for establishing protocols for the appointment John Duggan 2010   Transformation Commission. Committee and was a non-executive director of trustees and the Chairman, for organising Rita Harkin (resigned 14/4/17) 2011   on the UK Deals Executive. He is a Chartered the selection criteria and running the Sue co-founded REWIRE in 2015, a cross- David Hunter (from 13/2/17) 2017  Accountant (ICAEW). Roy is also a mentor recruitment process and for making industry network that works to strengthen Roy Hodson (from 7/4/16, also 2016   to social entrepreneurs involved in start-ups recommendations for appointment to the the role of women in the property industry. Chair of Audit & Risk Committee) and scale-ups at The School for Social Board. The Committee meets when required. Richard Keen 2014   Entrepreneurs in London. The duties of the Committee also include a Philip Kirby (retired 14 /4/17) running audit of current trustees to establish 2011   gaps and to identify an appropriate strategy Elizabeth Peace (Chairman) 2014   for addressing these shortages (having in Suzanne Snowden 2017  mind the strategic objectives of the AHF). (from 24/1/17)

80 www.ahfund.org.uk www.ahfund.org.uk 81 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

TRUSTEES, EXECUTIVE and the ahf team Trustees

Elizabeth Davidson OBE John Duggan DL (Trustee for Scotland) John Duggan is an experienced businessman Liz Davidson is the Senior Project Manager with over 35 years in real estate and retail in for the restoration of the Mackintosh Building the UK, the US, Asia and continental Europe. at Glasgow School of Art. Liz was previously He is currently Chairman of Baytree Logistics Director of the Merchant City Townscape Properties, in partnership with AXA IM Heritage Initiative. Prior to this, she was Real Assets and Chair of Milton Keynes director of the Glasgow Building Preservation Development Partnership. He was Chairman Trust, developing projects such as the and previously Chief Executive of Gazeley for St. Andrews in the Square Centre for twenty years, a leading international developer Traditional Music, the Tobacco Laird’s House of distribution space, a wholly owned and St. Francis Centre in the city’s Gorbals. subsidiary of ASDA/Wal*Mart, and Property Whilst working at the Scottish Civic Trust Liz Director and member of the management also developed and launched the Doors Open board of ASDA. Prior to joining Gazeley he was Day initiative to encourage free public access in the house-building sector with Barratts and and understanding to the city’s best historic Hunting Gate. He has held a number of other buildings and sites – an initiative that is now Non-executive appointments on the boards of flourishing across the UK. She is a serving AIM listed companies. Previous not for profit committee member of the HLF Panel for appointments include Chair of Milton Keynes Scotland; a trustee of the Kilmahew St. Peter’s Parks Trust for twenty years, board member Trust, and an Honorary Fellow of the Royal of the China US Centre for sustainability, Incorporation of Architects in Scotland. member of the Investment Committee of the Bridges Ventures Sustainability Fund Kate Dickson and, until recently adviser to Actis (previously Kate heads Creative Heritage Consultants the Commonwealth Development Fund) Ltd, a multi-disciplinary practice that offers on logistics development in Africa. a range of advisory services to those with David Hunter responsibilities for listed and historic buildings, (Trustee for Scotland) especially redundant structures and those ‘at risk’. She gained particular experience in David Hunter is a professional Non-executive creative reuse as the Director of Heritage Director and Strategic Adviser focused Works BPT, a post she held for over ten principally on UK and International real estate. years, during which time the Trust delivered He is currently either Chairman or Non- a number of major regeneration projects, executive Director of various companies, listed including the nationally significant shell repair and unlisted, overseeing investments in the UK, of Murrays’ Mills in Ancoats, Manchester. She India, and South Africa. His role as Chairman continues her activities in the heritage building of a leading UK based real estate debt fund trust sector as Chair of the Heritage Trust manager allows him to bring experience Network in the Midlands and National Council directly relevant to the activities of the AHF. member for the Association for Industrial David qualified as a Chartered Surveyor Archaeology. Kate is a registered architect and in 1978 and his background is as a fund a membership assessor for the Institute of manager, most significantly from 2001 till Historic Building Conservation. She is a mentor, 2004 as Managing Director of Aberdeen Asset monitor and expert adviser to the Heritage Management’s £6.5bn UK and International Lottery Fund, and previously served on the property fund business. He was President of Heritage Lottery Fund NW regional committee. the British Property Federation in 2004. He is Honorary Swedish Consul to Glasgow, is an Honorary Professor of Real Estate at Heriot- From front to back: Watt University and is on the Board of Dundee David Hunter, Elizabeth Davidson, Sue Brown, Liz Peace, Design Ltd which is creating the iconic V&A John Duggan, Roy Hudson, Kate Dickson, Myra Barns, Museum in Dundee. Suzanne Snowden, Richard Keen

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TRUSTEES, EXECUTIVE and the ahf team TRUSTEES, EXECUTIVE AND the ahf team Trustees Executive Executive

Richard Keen Executive Matthew McKeague Gavin Richards Chair of Grants Panel The executive comprises two teams: Chief Executive from 9 October 2017 Operations Manager (Trustee for Wales) Operations and Investment. The AHF Matthew McKeague joined AHF in October Gavin was appointed AHF Operations Richard is a consultant specialising Operations Team run our advice service and 2017. Matthew was previously Director of Manager in 2015, with additional responsibility in working with local communities in grants programmes. The AHF Investment Regeneration for the Churches Conservation for projects in Yorkshire, the North East developing heritage as an aid to economic Team manages our lending function, looks Trust (CCT). Matthew joined CCT in 2008 of England, and Northern Ireland. Based and cultural regeneration. He has over after our cash investments and assists the and delivered a number of award winning in Sheffield, Gavin joined the AHF in 2007, forty years’ experience working in Welsh Chief Executive with attracting new funding. church reuse projects, including the health supporting building preservation trusts heritage including employment with The Investment Team is based in our central and well-being centre, Quay Place, in and other voluntary sector groups to find the National Museum of Wales and the London office, whereas Operations Team Ipswich. Matthew also led the development sustainable new uses for historic buildings National Trust with direct responsibility members are dispersed across the UK, of the CCT’s consultancy and capacity at risk. Since 2012 he has managed the AHF’s for the care and conservation of historic where they are better placed to meet the building services, helping to make the skills team of freelance Support Officers, and is also buildings and landscapes and the needs of locally-based groups. and experience of the Trust’s Regeneration responsible for the AHF’s grants programmes. implementation and management of Team available to projects and organisations medium and large scale projects. He has The Senior Management Team comprises across the country. Prior to joining the CCT Gavin has a long-standing interest in both served on the Ancient Monuments Board the Chief Executive, the Finance Manager, Matthew spent a number of years working the heritage and voluntary sector and is for Wales, the Historic Buildings Advisory the Operations Manager and the Investment for regeneration consultancy Shared passionate about the contribution historic Council (Chairman from May 2004 to Manager. Intelligence and the regeneration divisions of buildings can make to urban regeneration. July 2010), and Heritage Lottery Fund Lewisham and Lambeth borough councils. After a period spent working abroad following Committee for Wales. He is currently Ian Morrison Matthew was also Chair of Trustees of an graduation, he worked at the Directory a Trustee of the Welsh Georgian Trust; Chief Executive to 11 July 2017 environmental social enterprise in East of Social Change, where he researched Director of the Commodum Trust and Ian Morrison was appointed Chief Executive London for a number of years. and co-wrote the best-selling Guide to the Trustee of the Land Phil Global Trust. of the AHF in March 2015 and has sought to Major Trusts. His experience in the heritage expand the charity’s advice, grants and loan Fiona Hollands sector began at the Heritage Lottery Fund Suzanne Snowden services to help meet the growing demand of Finance Manager in 2001, starting in London before relocating Suzanne Snowden is a consultant enterprising communities that wish to repair Fiona Hollands joined the AHF in May 2017 to Yorkshire to join the new regional team. specialising in brand, communications and and re-use historic buildings they value for as part-time Finance Manager. He went on to manage a Townscape Heritage digital marketing. She brings experience public benefit. Ian was previously the Head of Initiative scheme in the North West in delivering complex marketing, research Historic Environment at the Heritage Lottery Fiona is a Chartered Accountant (ICAEW) and of England before joining the AHF. and content development programmes. Fund (HLF), where he held the lead UK policy trained as an auditor with KPMG where she She is passionate about using technology role for the historic environment since 2008 worked on a diverse range of clients and Andy Richardson to raise awareness around preserving and designed and introduced HLF’s Heritage engagements including statutory audits, due Investment Manager historic buildings. Prior to her current role Enterprise and Grants for Places of Worship diligence work and forensic assignments. She Andy joined the AHF in 2012, and is she worked as a strategy consultant as grant programmes. Prior to joining HLF, then moved to a role in the energy sector, responsible for the AHF’s lending function well as holding leadership roles in business Ian worked for Historic England for 15 years where she specialised in external reporting and community shares portfolio, with a development, marketing and client service as a Team Leader and Inspector of Ancient and risk management. three-month period over Summer 2017 teams. Most recently, as Global Director Monuments, specialising in the regeneration as Interim CEO. Having worked within the of Thought Leadership at PwC, Suzanne of historic former industrial sites in the far Fiona spent eight years as a lecturer, teaching social investment sector for over six years, led the firm’s Global content-marketing South West. He is a serving member of the subjects including financial reporting, tax and and with a further nine years in retail, activities including directing the research Cathedrals Fabric Commission for England auditing to AAT (Association of Accounting commercial and corporate banking, Andy and campaign programme behind PwC’s and Historic England’s Expert Advisory Technicians) students. During this time, she brings a wealth of appropriate experience Annual Global CEO Survey launched each Group. Ian lectures widely on heritage-led qualified as an assessor and internal verifier to the AHF and its borrowers. Further, year during the World Economic Forum regeneration and is currently a visiting and has been involved in the assessment of he has been employed in a campaigning annual meeting in Davos, Switzerland. lecturer at the Paris-Sorbonne University. both AAT and ICAEW exams. role for a major national charity and as a Regional Grants Manager for a Ian left the AHF in July 2017 to take up a new She has developed her own accountancy Non-Departmental Public Body, delivering role as Historic England’s Director of Planning. practice in Suffolk offering tax, accountancy and monitoring over £9m of funding and business consultancy services. to grass-roots charities in Yorkshire and the Humber.

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TRUSTEES, EXECUTIVE AND the ahf team Employees Support Officers Professional Advisers

AHF employees Josephine Brown Gordon Barr Support Officer (South West) Support Officer (Scotland) Rita Harkin Adam Hitchings Support Officer (Northern Ireland) Support Officer (Wales) Andie Harris appointed 15 May 2017 Support Officer (North East) Fiona Hollands from 1 May 2017 Finance Manager Tessa Hilder appointed 8 May 2017 Support Officer Company Secretary (East England and the South East) from 11 July 2017 Karen Houghton-Slater Ruth Johnson Support Officer (Yorkshire and Humber) Business Administrator Lucie Oakley appointed 1 January 2017 Support Officer Ian Morrison (East Midlands and East England) Chief Executive and Company Secretary Elizabeth Perkins until 11 July 2017 Support Officer (West Midlands) Andy Richardson Harriet Roberts Investment Manager Support Officer (North East) Gavin Richards until 31 December 2016 Operations Manager Daniel Rose Ian Rice Support Officer (London and the South West) Investment Officer Jess Steele OBE From 1 November 2015 the AHF’s financial Support Officer (North West) and payroll services were performed under Professional Advisers: contract for a fixed fee by Kingston Smith (until 30 September 2016) and by the Society Solicitors: for the Protection of Ancient Buildings (from Bates, Wells & Braithwaite 1 October 2016 until 7 May 2017). 10 Queen Street Place, London EC4R 1BE Brechin Tindal Oatts Support Officers 48 St Vincent Street, Glasgow G2 5HS In 2012, the AHF launched a new initiative, DWF, Bridgewater Place, part-funded by Historic England and Historic Water Lane, Leeds LS11 5DY Environment Scotland, to provide locally- Morton Fraser, Quartermile Two, based support to community organisations 2 Lister Square, Edinburgh EH3 9GL seeking to take on heritage buildings at risk, engaging Support Officers on a contracted Russell-Cooke Solicitors basis across England and Scotland. This 2 Putney Hill, London SW15 6AB scheme has now been extended to the Auditors: whole of the UK. The Support Officers are: Kingston Smith LLP, Devonshire House, 60 Goswell Road, London EC1M 7AD

Bankers: Barclays Bank plc, 167 High Street, Bromley BR1 1NL

Accounts are also held with National Westminster Bank plc.

Left: Ceiling beams, Riddle’s Court, Edinburgh

86 www.ahfund.org.uk www.ahfund.org.uk 87 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Statement of Trustees’ responsibilities Independent auditor’s report to the trustees and members of The Architectural Heritage Fund

The members of the Board (who are the The Board is responsible for keeping proper We have audited the financial statements of We been appointed auditors under section 44 trustees, and also directors of The accounting records that disclose with The Architectural Heritage Fund for the year (1)(c) of the Charities and Trustee Investment Architectural Heritage Fund for the purposes reasonable accuracy at any time the financial ended 31 March 2017 which comprise the (Scotland) Act 2005 and under the Companies of company law), which was formerly known position of the AHF, and enable them to Statement of Financial Activities, the Summary Act 2006 and report to you in accordance with as the Council of Management, are ensure that the financial statements comply Income and Expenditure Account, the Balance those Acts. responsible for preparing the Trustees’ Report with the Companies Act 2006, the Charities Sheet, the Statement of Cash Flows, and the and the financial statements in accordance and Trustee Investment (Scotland) Act 2005 related notes. The financial reporting Our responsibility is to audit and express an with applicable law and United Kingdom and the Charities Accounts (Scotland) framework that has been applied in their opinion on the financial statements in Accounting Standards (United Kingdom Regulations 2006 (as amended). They are also preparation is applicable law and United accordance with applicable law and Generally Accepted Accounting Practice), responsible for safeguarding the assets of the Kingdom Accounting Standards (United International Standards on Auditing (UK and including FRS 102 ‘The Financial Reporting AHF and hence for taking reasonable steps for Kingdom Generally Accepted Accounting Ireland). Those standards require us to comply Standard Applicable in the UK and Ireland’. the prevention and detection of fraud and Practice) including FRS 102 ‘The Financial with the Auditing Practices Board’s Ethical other irregularities. Reporting Standard Applicable in the UK and Standards for Auditors. Company law requires the trustees to prepare Ireland’. financial statements for each financial year In so far as the trustees are aware: Scope of the audit of the financial which give a true and fair view of the state of This report is made solely to the charitable statements affairs of The Architectural Heritage Fund (“the • there is no relevant audit information of company’s members, as a body, in accordance An audit involves obtaining evidence about the AHF”) and of the incoming resources and which the AHF’s auditor is unaware; and with Chapter 3 of Part 16 of the Companies amounts and disclosures in the financial application of resources, including the income Act 2006 and to the charitable company’s statements sufficient to give reasonable and expenditure, of the AHF for that year. In • the trustees have taken all steps that they trustees, as a body, in accordance with section assurance that the financial statements are preparing these financial statements, the ought to have taken to make themselves 44 (1)(c) of the Charities and Trustee free from material misstatement, whether Board is required to: aware of any relevant audit information and Investment (Scotland) Act 2005. Our audit caused by fraud or error. This includes an to establish that the auditor is aware of that work has been undertaken for no purpose assessment of: whether the accounting • select suitable accounting policies and then information. other than to draw to the attention of the policies are appropriate to the charitable apply them consistently; charitable company’s trustees and members company’s circumstances and have been The trustees are responsible for the those matters which we are required to consistently applied and adequately disclosed; • observe the methods and principles in the maintenance and integrity of the corporate include in an auditor’s report addressed to the reasonableness of significant accounting Charities SORP (FRS 102); and financial information included on the them. To the fullest extent permitted by law, estimates made by the trustees; and the AHF’s website. Legislation in the United we do not accept or assume responsibility to overall presentation of the financial • make judgements and estimates that are Kingdom governing the preparation and any party other than the charitable company statements. In addition we read all the reasonable and prudent; dissemination of financial statements may and the charitable company’s trustees and financial and non-financial information in the differ from legislation in other jurisdictions. members as a body, for our audit work, for Trustees’ Annual Report to identify material • state whether applicable UK Accounting this report, or for the opinions we have inconsistencies with the audited financial Standards have been followed, subject to This Report has been prepared in accordance formed. statements and to identify any information any material departures disclosed and with the special provisions relating to small that is apparently materially incorrect based explained in the financial statements; and companies within Part 15 of the Companies Respective responsibilities of trustees on, or materially inconsistent with, the Act 2006. and auditor knowledge acquired by us in the course of • prepare the financial statements on the As explained more fully in the Statement of performing the audit. If we become aware of Signed on behalf of the Board: going concern basis unless it is Trustees’ Responsibilities, the trustees (who any apparent material misstatements or inappropriate to presume that the AHF will are also the directors of the charitable inconsistencies we consider the implications continue in business. company for the purposes of company law) for our report. are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Liz Peace Chairman 27 September 2017

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Independent auditor’s report to the trustees and Benefactors and Friends members of The Architectural Heritage Fund In the year 1 April 2016 to 31 March 2017

Opinion on the financial statements Matters on which we are required to Benefactors (£20,000 or more) Friends In our opinion the financial statements: report by exception Government Charities • give a true and fair view of the state of the In light of the knowledge and understanding of S H Back Department for Digital, Culture, Media The Garfield Weston Foundation charitable company’s affairs as at 31 March the company and its environment obtained in the and Sport Professor A H Gomme 2017 and of its incoming resources and course of the audit, we have not identified application of resources, including its material misstatements in the trustees’ annual D K Robinson income and expenditure, for the year then report. S P Salt ended; and We have nothing to report in respect of the P N Tomlinson • have been properly prepared in accordance following matters where the Companies Act 2006 with United Kingdom Generally Accepted and the Charities Accounts (Scotland) Regulations Nigel M Waring 2006 (as amended) requires us to report to you if, Accounting Practice; and In memory of John R Leadbetter in our opinion: • have been prepared in accordance with the The Pilgrim Trust • the charitable company has not kept proper Companies Act 2006, the Charities and Historic England and adequate accounting records, or returns Trustee Investment (Scotland) Act 2005) as adequate for our audit have not been received amended) and regulation 8 of the Charities from branches not visited by us; or Accounts (Scotland) Regulations 2006 (as amended). • the financial statements are not in agreement with the accounting records and returns; or

Opinion on other matters prescribed • certain disclosures of trustees’ remunerations by the Companies Act 2006 specified by law are not made; or Strathclyde Building Preservation Trust In our opinion, based on the work undertaken • we have not received all the information and Historic Environment Scotland in the course of the audit: explanations we require for our audit; or • the information given in the trustees’ annual report for the financial year for which the • the trustees were not entitled to take financial statements are prepared is advantage of the small companies exemption consistent with the financial statements; in preparing the Trustees’ Annual Report and and from preparing a strategic report.

• the trustees’ annual report has been prepared in accordance with applicable legal requirements. Cadw Welsh Historic Monuments

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

Devonshire House, 60 Goswell Road, London, EC1M 7AD Kingston Smith LLP is eligible to act as an auditor Department for Communities, N.Ireland in terms of section 1212 of the Companies Act 2006

90 www.ahfund.org.uk www.ahfund.org.uk 91 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Statement of Financial Activities Summary Income and Expenditure account for the year ended 31 March 2017

Endowment Restricted Unrestricted 2017 2016 2017 2016 Fund £ Fund £ Fund £ Total £ Total £ £ £ Income and endowments from: Income Donations and legacies Donations and legacies 10,698 890 Donations and legacies from – – 10,698 10,698 890 Government grants 1,448,375 409,935 individuals and corporations Other grants – 69,000 Government grants Note 4 9,800 1,448,375 – 1,458,175 1,643,420 Interest receivable 356,892 366,690 Other grants Note 5 – – – – 69,000 Rent receivable 38,180 38,149 9,800 1,448,375 10,698 1,468,873 1,713,310 Other income 36,833 18,760

Charitable activities – – 36,833 36,833 18,760 Total income 1,890,978 903,424 – – 36,833 36,833 18,760 Investments Interest receivable – on bank deposits – – 11,996 11,996 13,312 Expenditure Interest receivable – on loans disbursed – – 344,896 344,896 353,378 Costs of generating funds 39,835 35,205 Rent receivable – – 38,180 38,180 38,149 Charitable activities 1,749,712 941,654 – – 395,072 395,072 404,839 Total expenditure 1,789,547 976,859 Total income 9,800 1,448,375 442,603 1,900,778 2,136,909

Expenditure on: Net income/(expenditure) before Raising funds tax for the year 101,431 (73,435) Generating voluntary income – – 13,395 13,395 15,108 Investment management – financial – – 10,664 10,664 6,758 Tax payable – – Investment management – property – – 15,776 15,776 13,339 – – 39,835 39,835 35,205 Net income/(expenditure) for the 101,431 (73,435) year Charitable activities Loan and grant Repayment of loans previously – – (61,465) (61,465) – provided for Note 6 Losses on loans not previously – – – – 156,347 provided for Note 6 This income and expenditure account is included in the accounts in compliance Increase in the loan bad debt 29,886 – 14,486 44,372 87,820 with the Companies Act 2006. It excludes receipts on endowment funds, in provision Note 6 accordance with the Accounting and Reporting by Charities: Statement of Other loan-related activities – – 134,381 134,381 155,367 Recommended Practice (FRS 102). Grantmaking – 1,327,641 31,572 1,359,213 464,981 29,886 1,327,641 118,974 1,476,501 864,515 All amounts relate to continuing activities.

Development and advocacy The notes on pages 96 to 111 form part of these financial statements. Capacity building – 120,734 121,585 242,319 244,428 Annual Report and other publications – – 55,778 55,778 57,036 Contribution to the Heritage – – 5,000 5,000 5,000 Trust Network – 120,734 182,363 303,097 306,464

Total expend. on charitable activities 29,886 1,448,375 301,337 1,779,598 1,170,979

Total expenditure Note7 29,886 1,448,375 341,172 1,819,433 1,206,184 Net income/(expenditure) (20,086) – 101,431 81,345 930,725 Transfers between funds Note 18 48,221 – (48,221) – – Left Net movement in funds Note 9 28,135 – 53,210 81,345 930,725 All amounts relate to continuing activities. Reconciliation of funds All recognised gains and losses are included in the Statement of Financial Activities.

Balances at 1 April 2016 11,613,961 119,000 2,290,009 14,022,970 13,092,245 The notes on pages 96 to 111 form part of these financial statements.

Balances at 31 March 2017 Note 17 11,642,096 119,000 2,343,219 14,104,315 14,022,970

92 www.ahfund.org.uk www.ahfund.org.uk 93 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Balance Sheet as at 31 March 2017 Statement of cash flows

2017 2016 2017 2016 £ £ £ £ Fixed assets Investment property Note 13 500,000 500,000 Net cash (used in)/provided by Other tangible assets Note 14 – – operating activities Note 19 (747,512) 1,307,942 Programme related investments: Loans disbursed for preservation 6,767,905 6,532,155 Cash flows from investing activities: projects Interest and rents from investments 452,241 756,050

Total fixed assets 7,267,905 7,032,155 Net cash provided by investing activities 452,241 756,050 Current assets Investments on short-term deposit 1,225,866 507,791 Cash flows from financing activities: Debtors: Receipt of endowment 1,002,485 – Loan interest receivable 357,095 414,264 Government grants receivable 104,353 128,038 Net cash provided by financing Endowment funding receivable 240,800 1,233,485 activities 1,002,485 – Other accrued income and 5,530 1,968 prepayments Increase in cash and cash 1,933,644 2,285,546 equivalents in the year 707,214 2,063,992

Cash and cash equivalents at the Cash and cash equivalents 8,105,319 7,398,105 beginning of the year 7,398,105 5,334,113 10,038,963 9,683,651 Creditors: amounts falling Total cash and cash equivalents at due within one year Note 16 (3,202,553) (2,692,836) the end of the year Note 20 8,105,319 7,398,105

Net current assets 6,836,410 6,990,815

Net assets 14,104,315 14,022,970 Funds Note 18 Endowment fund 11,642,096 11,613,961 Restricted fund 119,000 119,000 Unrestricted funds Designated lending fund 1,893,219 1,670,009 General fund 450,000 620,000

2,343,219 2,290,009

Total funds 14,104,315 14,022,970

At the year end, the AHF had commitments in respect of loans offered or contracted but not yet disbursed of £2,294,200 (2016 – £2,776,990); see note 12. Programme related investments include £4,780,614 in loans outstanding which are due for repayment after more than one year (2016 – £6,027,193). The financial statements were approved by the Board, and authorised for issue, on 27 September 2017 and signed on their behalf by:

Liz Peace Roy Hodson The Architectural Heritage Fund Chairman Chairman of the Audit & Risk Committee Company limited by guarantee 27 September 2017 27 September 2017 registration number 01150304

94 www.ahfund.org.uk www.ahfund.org.uk 95 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Notes forming part of the financial statements for the year ended 31 March 2017

1 Company status The following accounting policies have been Gifts in kind and donated facilities are included commitment (see note 12). Both refundable and non-refundable grants are disbursed when The AHF is a company limited by guarantee, applied consistently during the current and at the value to the AHF where this can be the recipient has fulfilled certain conditions that domiciled and incorporated in England and previous year except as defined below: quantified and a third party is bearing the cost. are individual to the particular case. The timing Wales. The registered office is 3 Spital Yard, No amounts are included for services donated of the disbursement of grants cannot, therefore, Spital Square, London, E1 6AQ. The members Going concern by volunteers. be estimated with any reasonable accuracy by of the company are the trustees named in The trustees have assessed whether the use Income from charitable activities includes loan the AHF. For this reason, all non-refundable Section 13 ‘Reference and administrative of the going concern basis is appropriate and arrangement fees. grants offered but not yet disbursed at the information’. In the event of the AHF being have considered possible events or conditions balance sheet date are included in the Balance wound up, the liability in respect of the that might cast significant doubt on the ability Loans Sheet as Creditors: amounts falling due within one guarantee is limited to £1 per member of the of the AHF to continue as a going concern. year. company. The trustees have made this assessment for a The AHF makes loans in furtherance of its period of at least one year from the date of objects. The terms of repayment and the rate of approval of the financial statements. After interest are laid down by the Board and Resources expended 2 Accounting policies making enquiries the trustees have concluded embodied in a legal agreement for each loan. All expenditure is accounted for on an accruals basis and has been classified in the Statement Basis of preparation that there is a reasonable expectation that the AHF has adequate resources to continue in Loans are disbursed and recorded in the of Financial Activities under headings that The financial statements have been prepared operational existence for the foreseeable financial statements when the borrower fulfils aggregate all relevant costs. Irrecoverable VAT is in accordance with the accounting policies set future. The AHF therefore continues to adopt certain conditions. Some loans are disbursed by included with the expense to which it relates. out in notes to the accounts and comply with the going concern basis in preparing its instalments. The undisbursed balance of the AHF’s governing document, the Charities financial statements as they do not consider contracted loans is recorded with offers of loans Charitable activities include all costs relating to Act 2011 and Accounting and Reporting by there to be any material uncertainties about for which a contract has not been made as a the provision of loans and grants in furtherance Charities: Statement of Recommended the AHF’s ability to continue. future commitment (see note 12). The timing of of the objects of the AHF. It also includes costs Practice applicable to charities preparing their the payment of such amounts depends on the relating to the support, development and accounts in accordance with the Financial Prior year comparatives fulfilment of certain conditions by the borrower distribution of information relating to the AHF. Reporting Standard applicable in the UK and The short term investment balance was and cannot be estimated with any reasonable Republic of Ireland (FRS 102) published on 16 Costs of raising funds are those incurred in reclassified from cash and cash equivalents to accuracy by the AHF. July 2014. The AHF is a public benefit entity for seeking voluntary contributions and managing the purposes of FRS 102 and therefore the short term investments in the prior year, as The financial statements include interest the investment property. These do not include AHF also prepared its financial statements in this more appropriately represents the nature accrued on the outstanding loans at the the costs of disseminating information in accordance with Accounting and Reporting by of the balance held at the year end. Balance Sheet date. support of charitable activities. Charities: Statement of Recommended Income Practice applicable in the UK and Republic of Bad debt expense Support costs are indirect costs incurred to All income is included in the Statement of Ireland effective 1 January 2015 (Charities facilitate the charity’s activities. Where such Financial Activities when the AHF is legally The general bad debt provision is estimated at SORP (FRS 102), the Companies Act 2006, the costs cannot be directly attributed to particular entitled to the income and the amount can be 4.2% this year as detailed in note 6. Charities Act 2011 and Charities Accounts headings, they have been allocated to activities quantified with reasonable accuracy. For (Scotland) Regulations 2006 as amended by on a basis consistent with the use of resources. legacies, entitlement is the earlier of the AHF 4.2% of total loan interest receivable for the The Charities Accounts (Scotland) Amendment Support costs including premises, staff and being notified of an impending distribution or year is taken to be the impact on unrestricted (No.2) Regulations 2014. overhead costs are allocated to activities by the legacy being received. revenue reserves from bad debts. Any further bad debt expense required is taken against the reference to the time spent by staff. In accordance with the provisions of the Government grant income is recognised when endowment fund. Companies Act the AHF has adapted the Governance costs, included within support format of the accounts to reflect the special the AHF is entitled to the grant income, it is Grants costs, are those incurred in connection with the nature of the AHF’s activities. Additional probable that the economic benefit The AHF makes refundable and non-refundable governance of the AHF and in complying with information has been provided where this associated with the grant will be received and grants in furtherance of its objects. The terms of constitutional and statutory requirements. increases understanding of the figures. the monetary value can be measured reliably. repayment of refundable grants are laid down Investment properties Where grant income relates to a period by the Board and embodied in a legal The financial statements are prepared in Investment property, which is property held to specified by the donor, any of the income not agreement for each grant approved. sterling, which is the functional currency of the earn rentals and/or for capital appreciation, is received in the appropriate financial year is AHF. Monetary amounts in these financial measured using the fair value model and stated accrued; where any of the income is received Non-refundable grants offered are accounted statements are rounded to the nearest at its fair value as at the balance sheet date. The in advance of the appropriate financial year, it for on the accruals basis. Refundable grants pound. surplus or deficit on revaluation is recognised in is deferred. that have been offered but not disbursed at the balance sheet date are recorded as a future the Statement of Financial Activities.

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Notes forming part of the financial statements for the year ended 31 March 2017

Tangible fixed assets Financial assets and liabilities are offset, with the Leases period in which the estimate is revised where Expenditure of more than £2,000 on a tangible net amounts presented in the financial Operating lease costs are charged to the the revision affects only that period, or in the fixed asset (including any incidental expenses of statements, when there is a legally enforceable Statement of Financial Activities as incurred, period of the revision and future periods where acquisition) is initially capitalised at cost and right to set off the recognised amounts and on a straight line basis over the term of the the revision affects both current and future subsequently measured at cost, net of there is an intention to settle on a net basis or lease term. periods. depreciation. to realise the asset and settle the liability simultaneously. Fund accounting Critical judgements Depreciation is calculated to write off the cost, Endowment fund: Contributions received The following judgements (apart from those less estimated residual value, of all fixed assets AHF only has financial assets and financial for lending to preservation projects involving estimates) have had the most on a straight line basis over their estimated liabilities of a kind that qualify as basic financial constituting a capital fund which cannot be significant effect on amounts recognised in the useful lives as follows: instruments. Basic financial instruments are expended, other than by loans. financial statements. initially recognised at transaction value and Designated lending fund: Resources Computer equipment – 3 years subsequently measured at amortised cost allocated by the Board from the AHF’s Investment property using the effective interest method unless the unrestricted funds to be available for lending The trustees utilise regular valuations Programme related investments arrangement constitutes a financing and to constitute a reserve for bad debts on performed by independent valuers to assess Concessionary loans and refundable grants transaction, where the transaction is measured loans and for any loan-related expenditure the fair value of the AHF’s investment disbursed for charitable preservation projects of at the present value of the future receipts which cannot be met from annual income. properties. The valuation is based upon the key discounted at a market rate of interest. assumptions of estimated rental values and the AHF’s beneficiaries are initially recognised General fund: The general fund constitutes market based yields. With regard to and measured at the amount paid. The carrying the free reserves of the AHF from which Taxation redevelopments and refurbishments, future amount is adjusted in subsequent years to running costs and non-refundable grants have The AHF is exempt from tax on income and development costs and an appropriate reflect repayments and any accrued interest, to be paid. and a provision is made for any estimated gains falling within section 505 of the Taxes Act discount rate are also used. In determining fair Programme grant funds: Programme grant irrecoverable amounts. Provisions are estimated 188 to the extent that these are applied to its value the valuers make reference to market funds, which are restricted funds, represent on the basis of the fair value of any amounts charitable objects. evidence and recent transaction prices for grants received towards the cost of specific pledged to the AHF and are reassessed at each similar properties. charitable programmes. reporting date. Any resulting gains and losses Employee benefits are recognised in the Statement of Financial The costs of short term employee benefits are Details of the valuation methodology and key Activities in the year in which they arise. An recognised as a liability and an expense. 3 Judgements and key sources of assumptions are given in note 13. Management additional general provision is made where the estimation uncertainty consider the significant assumptions supporting trustees consider it appropriate, based on The cost of any unused holiday entitlement is In the application of the AHF’s accounting the valuation of investment properties to be historic bad debt performance. recognised in the period in which the policies, the trustees are required to make estimated rental values and market based employee’s services are received. judgements, estimates and assumptions yields. Cash and cash equivalents about the carrying amount of assets and Cash and cash equivalents include cash in hand, Termination benefits are recognised liabilities that are not readily apparent from Bad debt provision deposits held at call with banks and other immediately as an expense when the AHF is other sources. The estimates and associated The AHF makes an estimate of the recoverable short-term liquid investments with original demonstrably committed. assumptions are based on historical value of loan debtor balances. When assessing maturities of 90 days or less. experience and other factors that are impairment of these, management considers Retirement benefits considered to be relevant. Actual results may factors including the current credit rating of the Payments to defined contribution retirement differ from these estimates. debtor, their financial performance, the Financial instruments payment profile and historical experience. See Financial instruments are recognised in the benefit schemes are charged as an expense to The estimates and underlying assumptions note 6 for details of the impairment provision AHF’s Balance Sheet when the AHF becomes the Statement of Financial Activities as they fall are reviewed on an ongoing basis. Revisions to made. party to the contractual provisions of the due (see note 10). accounting estimates are recognised in the instrument.

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Notes forming part of the financial statements for the year ended 31 March 2017

Endowment Restricted 2017 total 2016 total fund £ funds £ £ £ 4 Analysis of government grants receivable The Department for Digital, – – – 435,000 Culture, Media & Sport (DCMS) Historic England – 1,257,375 1,257,375 264,920 Historic Environment Scotland 9,800 173,200 183,000 680,000 Cadw: Welsh Historic Monuments – 17,800 17,800 251,000 Dept of Environment: Northern Ireland – – – 12,500

9,800 1,448,375 1,458,175 1,643,420

The income from government grants was £1,458,175 (2016: £1,643,420) of which £9,800 (2016: £1,233,485) was attributable to endowment funds and £1,448,375 (2016: £409,935) was restricted.

Restricted funds Restricted funds 2017 total £ 2016 total £ 5 Other grants receivable Strathclyde Building Preservation Trust SBPT Legacy Fund – 69,000

– 69,000

Endowment Unrestricted 2017 total 2016 total fund £ funds £ £ £

6 Losses on loans and adjustments to the bad debt provision Repayment of loans previously – (61,465) (61,465) – provided for Losses on loans not previously provided for: Capital – – – 130,832 Interest – – – 25,515

– (61,465) (61,465) 156,347

Increase / (decrease) in the loan bad debt provision: Loan capital – endowment – specific 12,014 – 12,014 119,796 Loan capital – endowment– general 17,872 – 17,872 (46,818) Loan interest – 14,486 14,486 14,842

29,886 14,486 44,372 87,820

In recognition of the increasingly difficult lending environment in which the AHF needs to operate, and the consequent increase in risk that such funds may not be recoverable in full despite the AHF’s best efforts, the AHF’s trustees decided to create in 2013/14 an additional general bad debt provision of 4% on the balance of loan capital not specifically provided for. The rate of 4% was based on a review of the AHF’s bad debt performance over the previous decade. On the basis of updated information, the Trustees consider that a rate of 4.2% is appropriate for 2016/17, as for 2015/16. Loans disbursed and loan interest receivable are stated after provisions for impairment amounting to £950,440 (2016: £906,068).

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Notes forming part of the financial statements for the year ended 31 March 2017

Support Costs

7 Analysis of total resources Staff costs Note 10 Grants Note 8 Direct costs Publication Heritage Trust Premises Depreciation Other costs 2017 total 2016 total expended £ £ £ costs £ Network £ costs £ £ £ £ £

Resources expended Costs of generating funds 15,579 – – – – 2,478 – 21,778 39,835 35,205 (unrestricted) Loan-related activities 72,702 – 13,652 – – 5,536 – 25,398 117,288 399,534 Grantmaking 119,394 1,115,064 – – – 12,252 – 112,503 1,359,213 464,981 Capacity building 86,435 – – – – 10,653 – 145,231 242,319 244,428 Annual Review and other 17,029 – – 29,548 – 1,060 – 8,141 55,778 57,036 publications Net contribution to the Heritage – – – – 5,000 – – – 5,000 5,000 Trust Network

2017 total 311,139 1,115,064 13,652 29,548 5,000 31,979 – 313,051 1,819,433 1,206,184

2016 total 351,026 247,936 65,285 18,986 5,000 42,077 14,938 460,936 1,206,184

Loan-related activities include gains on loans of £61,475 (2016: £156,347 losses) and a net increase of £44,372 (2016: £174,029) in the provision for bad debts, as detailed in Note 6.

Other support costs of £313,051 (2016: £460,936) include: General office and administration Accommodation, travel & subsistence £62,987 (2016: £44,816) Repayment of loans previously provided for £20,109 (2016: £18,502) Losses on loans not previously provided for (£61,465) (2016: £nil) Increase in the provision for bad debts – (2016: £156,347) Investment property management (external) £44,372 (2016: £87,820) Regional support initiative £12,685 (2016: £9,934) Other costs £162,568 (2016: £76,252) Governance costs £22,358 (2016: £12,517) £49,437 (2016: £54,748)

£313,051 (2016: £460,936)

Expenditure on charitable activities was £1,779,598 (2016: £1,170,979) of which £29,886 (2016: £229,325) was attributable to endowment funds, £1,448,375 (2016: £409,935) was restricted and £301,337 (2016: £531,719) was unrestricted.

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Notes forming part of the financial statements Notes forming part of the financial statements for the year ended 31 March 2017 for the year ended 31 March 2017

Offered Withdrawn 2017 Net charge 2016 Net charge 2017 2016 £ £ £ £ number number 8 Non-refundable grants 10 Employees Core initiatives: Average monthly number of Project viability 199,761 (17,588) 182,173 66,985 employees during the year 5 5 Project development 990,260 (63,677) 926,583 185,951 The number of employees whose Special initiatives: remuneration exceeded £60,000 Cold spots (scheme no longer active) – (2,040) (2,040) (5,000) was: Challenge fund – (3,452) (3,452) – £80,001–£90,000 1 1

1,190,021 (86,757) 1,103,264 247,936 Key management comprises the trustees and the chief executive. Total key management personnel remuneration was £87,248 (2016: £87,414)

2017 2016 £ £ Number Number Staff costs comprise: Salaries 255,203 267,073 Support Officer (Scotland) - freelance – 25,044 Project viability 50 8 part funded by Historic Scotland Project development 70 13 Social security costs 25,579 25,044 Cold spots – 1 Pension contributions 19,510 15,500 Challenge fund – 1 Other staff costs 10,847 18,365

120 23 311,139 351,026

2016 The AHF operates a defined contribution pension scheme. The assets of the scheme are held separately from 2017 2016 those of the AHF in an independently administered fund. At 31 March 2017 no pension contributions were 9 Net movement in funds £ £ outstanding (2016: £nil) . The net movement in funds is arrived at after charging: Depreciation – 14,938 Included in salaries costs are redundancy payments made during the year of £nil (2016: £29,509), of which £nil Loss on disposal of fixed assets – 37,847 (2016: £8,629) is ex-gratia in recognition of good service. Auditors’ remuneration – current year audit 15,000 14,100 Auditors’ remuneration – previous year 82 1,112 Auditors’ remuneration – non-audit services 22,891 22,751 11 M embers of the Board Operating lease charges – land and buildings 20,000 25,659 Some of the Members of the Board are also directors or trustees of, or consultants to, organisations that Operating lease charges – office equipment 2,762 1,777 receive financial assistance from the AHF or with which the AHF has an arm’s length business relationship. In those circumstances, the Member is required to disclose his or her interest at the meeting at which the application is considered and takes no part in the Board’s decision on the application. Any financial assistance is given in the ordinary course of the AHF’s activities.The following Members of the Board are involved with organisations which have received financial assistance from the AHF during the year: Ms Elizabeth Davidson and Mr Richard Keen.

During the year, 7 Members (2016 – 7) of the Board incurred expenses for travel and subsistence amounting to £1,145 (2016: £6,087); none received any remuneration from the AHF.

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Notes forming part of the financial statements Notes forming part of the financial statements for the year ended 31 March 2017 for the year ended 31 March 2017

2017 2016 £ £ 12 Commitments Computer Total Loan commitments equipment £ £ 14 Other tangible assets The AHF had the following loan Cost commitments at the year end: At 1 April 2016 17,237 17,237 Contracted but not yet fully Disposals – – disbursed 265,000 714,490 At 31 March 2017 17,237 17,237 Offered but not yet contracted 2,029,200 2,062,500 Depreciation Total Commitments 2,294,200 2,776,990 At 1 April 2016 17,237 17,237 On disposals – – Charge for the year – – 2017 2016 At 31 March 2017 17,237 17,237 Operating leases £ £ Net book value At 31 March 2017 the total of the At 1 April 2016 – – AHF’s future minimum lease At 31 March 2017 – – payments under non-cancellable The fixed assets are mainly used operating leases was: for direct charitable activities. Amounts due within one year 22,762 22,762 2017 2016 Amounts due between one £ £ and five years 60,439 83,201 15 Financial instruments Amounts due after five years – – Carrying amount of financial assets Debt instruments measured at 83,201 105,963 amortised cost 702,248 1,775,787

702,248 1,775,787 2017 2016 13 Investment property £ £ Friars Walk, Market Place, Burton Carrying amount of financial upon Trent, Staffordshire: net book liabilities value at year end 500,000 500,000 Measured at amortised cost 3,062,075 2,489,860

3,062,075 2,489,860

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Notes forming part of the financial statements Notes forming part of the financial statements for the year ended 31 March 2017 for the year ended 31 March 2017

Unrestricted funds

2017 2016 Designated General fund Restricted fund Endowment Total £ £ lending fund £ £ £ fund £ £ 16 Creditors 18 Funds lending lending lending Outstanding non-refundable grant offers 2,089,282 1,455,308 Balance at 1 April 2016 1,670,009 620,000 119,000 11,613,961 14,022,970 Heritage England – Challenge fund advance 800,000 1,000,000 Net movement of funds for the year: Garfield Weston – Support officer and grants 150,000 – Endowment fund – contributions – – – 9,800 9,800 programme advance Endowment fund – loan bad debt – – – (29,886) (29,886) Trade creditors 6,393 7,197 write-offs and provisions Tax and social security 8,138 6,891 Unrestricted fund – surplus for the year – 101,431 – – 101,431 Accruals and deferred income 148,740 223,440 Unrestricted fund – transfer 223,210 (271,431) – 48,221 –

3,202,553 2,692,836 Deferred income Balance at 31 March 2017 1,893,219 450,000 119,000 11,642,096 14,104,315 Deferred income as at 1 April 2016 196,085 – Resources deferred in the year – 196,085 Resources released in the year (63,745) – The transfer of £48,221 from the general fund to the endowment fund is in agreement with Historic England (£11,800) and Historic Scotland (£36,421), being the reallocation of certain withdrawn grant offers. Deferred income as at 31 March 2017 132,340 196,085 The transfer of £223,210 from the general fund to the designated lending fund is in compliance with the AHF’s reserves policy: to maintain general reserves of not less than one year’s expenditure on core costs and initiatives, based on the average annual expenditure Income deferred in the year relates to grant income. from unrestricted funds over the three year period 1 April 2016 to 31 March 2019.

Endowment fund Geographical 2017 2016 The balance at 31 March 2017 of £11,642,096 area £ £ Unrestricted Endowment Restricted Total Funds comprises the following: lending lending Funds £ Funds £ Funds £ 2017 £ 2015 £ 17 Analysis of net assets between Source l funds Restricted for lending in geographical areas Fund balances at 31 March 2017 Historic England 6,243,463 6,283,163 represented by: The Department for Digital, Culture, Media 435,000 435,000 Fixed assets – investment property – 500,000 – 500,000 & Sport (DCMS) Fixed assets – investments 536,634 6,231,271 – 6,767,905 England 6,678,463 6,718,163 Current assets 2,536,186 4,910,825 2,591,952 10,038,963 Historic Scotland Scotland 4,155,675 4,084,454 Current liabilities (729,601) – (2,472,952) (3,202,553) Cadw: Welsh Historic Monuments Wales 447,000 447,000 Not geographically restricted Total net assets 2,343,219 11,642,096 119,000 14,104,315 UK Government UK-wide 360,958 364,344

£ 11,642,096 11,613,961

Endowment funds restricted by source: analysis of movement during the year

England Scotland Wales UK-wide Total £ £ £ £ £ Funds Balance at 1 April 2016 6,718,163 4,084,454 447,000 364,344 11,613,961

Funding contributions/transfers 11,800 46,221 – – 58,021 Loan capital bad debt provisions (51,500) 25,000 – – (26,500) Loan interest losses and provisions – – – (3,386) (3,386)

Balance at 31 March 2017 6,678,463 4,155,675 447,000 360,958 11,642,096

108 www.ahfund.org.uk www.ahfund.org.uk 109 The Architectural Heritage Fund Building a better future from our past Annual Report 2016/17

Notes forming part of the financial statements Notes forming part of the financial statements for the year ended 31 March 2017 for the year ended 31 March 2017

Movement in resources Restated

Balance at Income Expenditure Balance at 31st 2017 2016 1st April 2016 £ £ £ March 2017 £ £ £ 18 Funds (continued) lending lending lending 19 Reconciliation of Net Income to Ge Net Cash Inflow from Operating Restricted fund Activities Net income for the year 81,345 930,725 Grants in support of core initiatives: Historic England ne– 1,071,630 1,071,630 – Adjustments for: Historic Environment Scotland – 173,200 173,200 – Depreciation charges – 14,938 Cadw: Welsh Historic Monuments – 17,800 17,800 – Interest and rents from investments (395,072) (404,839) Dept of Environment: Northern Ireland – – – – Endowment fund income (9,800) (1,233,485) Loss on the disposal of fixed assets – 37,847 – 1,262,630 1,262,630 – (Increase)/decrease in debtors (933,702) 1,967,792 Increase/(decrease) in creditors 509,717 (5,036)

Grant in support of the Net cash provided by/ (used in) (747,512) 1,307,942 Support Officers initiative: operating activities Historic England Industrial heritage at risk Support officers – 185,745 185,745 – 2017 2016 £ £ Grant in support of the 20 Analysis of cash and cash £ SBPT Legacy Fund equivalents Strathclyde Building Preservation Trust 69,000 – – 69,000 Cash in hand 8,105,319 7,398,105

Grant in support of the Heritage Total cash and cash equivalents 8,105,319 7,398,105 Enterprise development initiative: Historic England 50,000 – – 50,000 Cash in hand includes an amount of £800,000 (2016: £1,000,000) which is available for lending Restricted fund totals 119,000 1,448,375 1,448,375 119,000 as and when match funding is obtained.

Grants in support of core initiatives fall into two categories: match-funding for the AHF’s Project Viability Grants and Project Development Grants, and general funding in support of these schemes and related aspects of the AHF’s core aims and objectives.

The Support Officer initiative, which was introduced in 2012, is to assist local communities who are seeking to rescue and re-utilise a historic building which they value. The AHF places particular emphasis on targeting help towards supporting community enterprises that wish to set up and/or grow their businesses in historic buildings, particularly those that are at risk and/or transferred from public ownership. This initiative was expanded during the year ended 31 March 2017 and is now UK wide with 11 Support Officers in post. Funding is in place until 2019.

The SBPT legacy fund was created in November 2015 with a transfer of £69,000 from Strathclyde Building Preservation Trust. It is restricted to grants for physical works in respect of Shawmuir Lodge, Pollok Park, Glasgow, such grants to be awarded to an appropriate OSCR registered organisation. In February 2017, a capital grant offer of £69,000 was made to the Scottish Veterans Garden History Association (trading as ‘Houses for Heroes’), who are now restoring Shawmuir Lodge as a home for a veteran. Capital works on site are expected to be completed in Autumn 2017.

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