2018/19 Annual Report and Accounts of the National Trust
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National Trust Annual Report 2018/19 National Trust Annual Report 2018/19 1 The National Trust in brief Our purpose To look after special places throughout England, Wales and Northern Ireland for ever, for everyone. About us The charity was founded in 1895 by three people who understood the importance of our nation’s heritage and open spaces and wanted to protect them for everyone to enjoy. Almost 125 years later, their vision is still at the heart of everything we do. Through our strategy,Playing our part, we look after coastline, forests, woods, fens, beaches, farmland, moorland, islands, archaeological remains, nature reserves, villages, historic houses, gardens, mills and pubs. We restore them, protect them and make them accessible. We welcome everyone to explore: • 780 miles of coastline • 248,000 hectares of land • Over 500 historic houses, castles, ancient monuments, gardens and parks and nature reserves Most of our property is held inalienably, so it cannot be sold or developed without the consent of Parliament. Many of our properties are unable to fund their own permanent preservation. The cost of caring for them is high: our overall conservation expenditure on property projects, conservation repairs and conservation of contents was £148.4 million in 2018/19 (see page 50). We rely on the support of our members, donors, volunteers and grant-making bodies, as well as income from commercial activities such as retail and catering, to look after the places in our care. This Annual Report can also be viewed online at www.nationaltrustannualreport.org.uk A 2018/19 Impact Review is also available at www.nationaltrust.org.uk/features/annual-reports. This review summarises our achievements over the year and summarises our financial position. The National Trust for Places of Historic Interest or Natural Beauty is a registered charity (no. 205846). It is incorporated and has powers conferred on it by Parliament through the National Trust Acts 1907 to 1971 and under the Charities (National Trust) Order 2005. The Trust is governed by a Board of Trustees whose composition appears on page 34. A brief description of the Trust’s organisation is given on pages 27 to 35. Our bankers, investment advisers and independent auditors are identified on page 70 and the contact details for our principal offices are listed on page 91. This Annual Report has been prepared by the Board of Trustees and covers the period March 2018 to February 2019. 2 National Trust Annual Report 2018/19 Contents Message from the Chair and Director-General 2 Board of Trustees’ report for 2018/19 3 Playing our part – our strategy to 2025 5 Our performance 2018/19 6 Looking after the places in our care 9 Restoring a healthy, beautiful, natural environment 11 Creating experiences that delight 12 Helping look after urban places 13 Growing support for what we do 14 Resources and skills 15 Climate and environment 19 Financial review 20 Governance: structure, management and internal control 27 Annual report of the Council 2018/19 36 The financial statements 2018/19 37 Consolidated statement of financial activities 37 Balance sheet 38 Consolidated cash flow statement 39 Notes to the financial statements 40 Independent auditors’ report to the Trustees of the National Trust 69 The Trust’s advisers 70 Glossary of financial, property and fund terms 71 Operating margin 72 Year on record 73 Acquisitions of properties, works of art and other objects 73 Visiting figures 76 Grants and donations 77 Supporter groups 80 Legacies 82 Contact details 91 National Trust Annual Report 2018/19 Contents 1 Message from the Chair and Director-General We are delighted to present this report describing the National Trust’s achievements and challenges during 2018/19. Our financial performance during 2018/19 exceeded the previous year’s although it was not as good as we had hoped for. Our analyses indicate this was because of the unusual weather pattern over the year. That our staff and volunteers delivered such a great performance regardless is a wonderful tribute to their dedication, imagination and sheer hard work. We thank them for everything they achieved over the year. Our underlying finances remain strong and over the year we Images Trust © National Photography John Millar Trust/ ©National Photography continued to invest in our long-term strategy calledPlaying our part. Its starting point is our ongoing responsibility to look after the special places in our care. Adopting a ‘little and often’ philosophy, much of our investment is the result of day-to-day decisions by local managers. Alongside this, major investments in property projects Tim Parker Hilary McGrady Chair Director-General are also required, a number of which are described in this report. 24 July 2019 24 July 2019 The National Trust is well known for its conservation achievements. Equally important is our role in encouraging and providing access to special places for everyone. As you will read in this report, during 2018/19 a review of our long-term strategy concluded we need to place even more emphasis on this aspect while continuing to invest in and look after our special places. The Trust exists for the benefit of the nation and that must mean everyone. Access for people is also about enjoyment. We are pleased to report that data reveal that our visitors enjoyed their property visits even more during 2018/19. We hope you continue to enjoy the Trust’s many special places during the years ahead. We warmly thank everyone connected with the Trust for the support for our work over 2018/19 and we commend this report to you. 2 National Trust Annual Report 2018/19 Message from the Chair and Director-General Board of Trustees’ report for 2018/19 It is with great pleasure that the Trustees present the 2018/19 Annual Report and Accounts of the National Trust. We are pleased to highlight the achievements and challenges of an ambitious charity that is pursuing its core purpose with a refreshed sense of purpose and direction. We hope you find it informative and are inspired to read about the Trust’s recent achievements and future plans. In March 2018, Hilary McGrady became the Trust’s new Director- Since our centenary year in 1995, we have used the strapline General. Having previously worked for the Trust in senior roles for For Ever, For Everyone, reflecting the Trust’s twin ambitions for 12 years, Hilary knows the organisation inside out and shares the conservation and access. Our predecessors made great progress Board’s ambition to pursue energetically the delivery of the Trust’s in both aspects, but there is still more we can and must do to strategy to 2025,Playing our part. This was first published in 2014/15 broaden our appeal and make the National Trust for everyone. and describes the charity’s response to the question: ‘What does That’s why this theme now runs through every component of our the nation need from the National Trust in the 21st century?’ strategy. On one level this involves broadening our appeal by the way we communicate but on another it is about public benefit. By The Playing our part strategy has four key ambitions: that we mean what the Trust acquires and how we look after and • Looking after the places in our care present our places in ways that will resonate with a wide spectrum • Restoring a healthier, more beautiful natural environment of people. • Creating experiences that delight While our strategic ambitions were being reviewed and re-energised, • Helping look after urban places work continued across the Trust to deliver Playing our part and, crucially, to welcome many millions of visitors. Weather affects A full description of Playing our part can be found on page 5. the number of people who visit our properties. In 2018/19 we experienced one of the strangest weather patterns in modern times. During 2018/19 we reviewed the progress of our strategy and As a result we received more visitors than in 2017/18 but less than we what we had learned during the first four years. As a result, we budgeted for. have modified the part of the strategy that addresses the care of local heritage and green spaces, which we previously described as We also invested £168.4 million in property conservation and in ‘Helping look after places where people live’. We have now given this improved visitor facilities. Feedback from visitors demonstrated a clearer urban focus, to reflect our ambition to increase the Trust’s that they enjoyed their experiences more, something the Trust has involvement in towns and cities. Following government cuts and focused on for many years. This is important. We must never forget austerity measures, local authorities and councils have less money that we conserve wonderful places for people to enjoy. A visit can to spend on their historic environments and, particularly, their be many different things – a walk or cycle ride in a beautiful natural urban green spaces. Here at the Trust we are well placed to offer landscape, or perhaps the opportunity to learn more about history support and share experience, skills and expertise in these areas. and admire exquisite objects. Sometimes it’s just about catching up with family and friends over a good cup of tea. Meanwhile, we will continue to pursue our other strategic ambitions in relation to the environment, and in offering Financially, the Trust performed well during 2018/19 though not experiences that ‘move, teach and inspire’. At the same time we as strongly as planned. While the operational margin grew to £112 will invest more energy and money than ever into the conservation million (up on the £111 million achieved in 2018) it was below our of the special places the Trust looks after for the nation.