Charity registration number 280272 (England and Wales)
Company registration number 01485287
THE HERITAGE OF LONDON TRUST LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
THE HERITAGE OF LONDON TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Patron
HRH The Duke of Gloucester KG GCVO
President
Martin Drury CBE FSA
Vice Presidents
Dudley Fishburn
Michael Hoare
Jamie Cayzer-Colvin
Trustees
Sir Laurie Magnus CBE
Sarah Booth
Kit Kemp
Jamie Ritblat
John Phillips
Richard Johnston
Pippa Catterall
Melanie Stoutzker
Chief Executive (known as Director)
Nicola Stacey
Honorary Secretary
Alex Prince (appointed May 2025)
David Sykes (resigned April 2025)
Honorary Treasurer
Richard Johnston
Charity number
280272
Company number
01485287
Registered office
Fivefields
10 Grosvenor Gardens
London
SW1 0DH
Independent examiner
Argents Accountants Limited
15 Palace Street
NORWICH
Norfolk
United Kingdom
NR3 1RT
Bankers
C. Hoare & Co.
37 Fleet Street
LONDON
United Kingdom
EC4P 4DQ
THE HERITAGE OF LONDON TRUST LIMITED
CONTENTS
Page
Trustees' report
1 - 4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 18
THE HERITAGE OF LONDON TRUST LIMITED
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, its Memorandum of Association and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity's objects are to aid the conservation and restoration of buildings of architectural and historic merit in Greater London which can best benefit the local community. The charity's objects include facilitating and encouraging public access to London's heritage where practicable. The charity achieves its objects by working with community organisations, local authorities and statutory bodies to restore, repair and refurbish buildings at risk, to preserve them, and where appropriate, to bring them back into beneficial use.

Public benefit

The Trust supports the restoration and careful conservation of historic buildings and monuments all over London, especially in areas with little investment. Most ‘at risk’ historic buildings are neglected due to lack of awareness, funding or understanding of the conservation process. There are often questions of ownership and responsibility. Sites will continue to decay and can be permanently lost if there is no timely intervention. Unlisted historic buildings have no statutory protection and even listed buildings may remain on the ‘Heritage at Risk Register’ for many decades. The history of individual buildings helps define an area, both locally and in the national context. Rescuing and restoring these places plays an important role in community pride and cohesion.

Increasing appreciation of London’s historic sites brings pleasure and interest to local residents and helps secure these places for the future. The Trust researches the history and significance of every project and engages the public through educational visits, events and community launches. Every completed project is given a permanent interpretation panel to sustain future public interest.

Since 2020 the Trust’s youth engagement programme, Proud Places, has worked with young people local to heritage projects, prioritising those outside formal education. The programme arranges visits to projects before, during and after work and introduces young people to conservation, as well as running creative workshops. This inspires curiosity and learning, encourages the valuing of historic places, reduces anti-social behaviour, and leads to a more diverse heritage sector.

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when

reviewing the Trust’s objectives and aims and in planning future activities.

Achievements and performance

Restoration projects

Once projects are identified, the Trust commissions condition surveys if necessary and works with key stakeholders to develop the scope of works, including appointing specialist conservators. The Trust project manages either in whole or in part until completion.

During the year under review, the Trust’s focus continued to be on buildings and monuments of particular historic or architectural interest with potential for public engagement. Thirteen projects were completed during the year and thirteen new projects taken on. A theme for the year was the restoration of post-War artworks, commissioned between 1956 and 1964 as part of the London County Council’s Patronage of the Arts Scheme. The scheme was intended to revive post-War London and create attractive new housing estates and schools for London’s displaced communities. Artworks were commissioned from both established and emerging artists – many were wartime refugees from the Continent – and placed in public spaces across the city. Artists often used experimental materials, including concrete and wood, and sixty years later many of these artworks are decaying. Two post-War sculptures were restored during the year, one of which, The Leaning Woman, received the Tom Ryland Award for conservation. Six more post-War public artworks were taken on.

THE HERITAGE OF LONDON TRUST LIMITED
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The Trust completed the restoration of three historic drinking fountains which were brought back into working order. This makes a total of fourteen fountains in recent years. As well as being civic landmarks, drinking fountains bring additional environmental benefits in reducing single-use plastic bottles.

The Trust held celebration events at the completion of nine projects. Between 50 and 300 people attended each event, including representatives from the local authority, local residents and schools. HRH The Duke of Gloucester, the Trust’s Patron, attended the Leaning Woman launch event.

The Trust’s Grants Scheme is a vital part of its work. The Trust offers grants to all projects at an early stage. Grants are often a proportion of total costs in order to encourage local investment and the Trust may lead on additional fundraising. The Trustees determine grant offers and a grant offer is made on condition that the project will be completed within three years. Grants are paid out on satisfactory completion of the work, once a maintenance plan is agreed and any conditions are met.

During the year grants totalling £16 5,291 were paid on completion of the following projects:

Guilford Place Fountain, Camden £17,218

United Service Transport Mosaic, Wandsworth £23,941

Leaning Woman Project, Hammersmith & Fulham £29,168

George Green Tomb, Tower Hamlets £28,163

John Newland’s Grave, West Norward Cemetery, Lambeth £3,000

'Bull' by Robert Clatworthy, Wandsworth £2,400

Southgate Parade Clock, Enfield £7,000

Plumstead Fire Station, Greenwich £4,400

Christ Church Fountain, Southwark £15,000

London Bridge Alcove, Richmond £13,000

How Memorial Gateway, Tower Hamlets £10,000

The total cost of these projects was over £250,000.

During the year grants totalling £185,190 were offered to the following projects:

Commerce Welcoming All Nations frieze, Islington £15,000

King Edwards Recreation Gound Drinking Fountain, Kingston upon Thames £13,000

Victoria Recreation Ground Drinking Fountain, Kingston upon Thames £14,000

Foxborough Gardens Estate Murals, Lewisham £15,000

‘Generations’ by Geoffrey Harris, Camden £12,000

‘Striding Man’ by Oliffe Richmond, Southwark £15,000

Barking Workhouse plaque, Barking & Dagenham £15,000

Coronation Gardens fountain, Wandsworth £15,500

The Tate Institute, Newham £12,000

Fred Millett mural, Wandsworth £15,000

Richard Cobden Statue, Camden £15,000

Brooklands Park Estate Mural, Greenwich £13,690

Bethlem Museum clock turret, Bromley £15,000

Educational work

During the year under review, the Trust continued to expand its Proud Places youth engagement programme. All of the Trust’s projects during the year had Proud Places engagement, with 21 sites visited. Over 2,000 new young people were involved during the year, making a total of 8,060 individual young people involved since the programme’s launch in October 2020. Proud Places continued to prioritise pupils in alternative provision schools and young refugees, alongside mainstream primary and secondary schools. Surveys showed that 89% of participants in the programme wanted to continue their involvement. As well as visits to projects being restored, a chance to meet conservators and take part in creative workshops, the programme offered presentation skills training via its programme Proud Prospects. Twenty young people were given work experience opportunities during the year.

THE HERITAGE OF LONDON TRUST LIMITED
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The Trust ran a major public conference on ‘Public Art: Aesthetics in the Public Realm’ with over 300 delegates at the Royal Institute of British Architects. The event brought together speakers from the Mayor’s Office, property developers, artists, curators and academics. It included Thomas Heatherwick and contemporary artists Hew Locke and Anya Gallaccio in conversation with the Art Newspaper. The event was attended by HRH The Duke of Gloucester. The event included exhibitions of scale models of the Trust’s projects and photographs of the Trust’s projects by a student photographer. An alternative provision school supported the event as volunteers.

The Trust completed the 2024 Poet for Places programme and produced a final collection of works by young poet Kira Nelson.

The Director and Trustee John Phillips attended a Garden Party hosted by DCMS at Buckingham Palace in celebration of the Cultural and Creative Industries. The Director spoke at all project launch events and also at events held by City & Guilds of London Art School, Oxford Preservation Trust, London County Council 60 th anniversary, London Appreciation Society and the London Mayors at the Lord Mayor’s Walk. She visited Stoke-on-Trent Council and advised other heritage organisations on youth engagement.

Organisational

The Trustees reviewed and approved an updated set of charity policies, including its Safeguarding Policy, Data Protection & Privacy Policy, Disciplinary & Grievance Policy, Equal Opportunities & Harassment Policy, Equality, Diversity & Inclusion Policy, Health & Safety Policy, Internal Financial Controls Policy, Serious Incident Reporting Policy, Social Media Policy and Volunteer Agreement.

The Trust’s impact measurement framework for Proud Places continued to be developed over the year, including tracking metrics around local pride, confidence and skills learned. The team continued to be strengthened with new recruits, and a Head of Philanthropy was appointed.

Donors towards the work of the Trust

The Trust does not receive any funding from the government; it depends entirely on its own fundraising for all its work, including project management and educational work as well as its grants. A donation towards the Trust’s work can be earmarked for a project and major donations will be acknowledged on permanent site interpretation panels. The Trust works with corporate partners to encourage delivery of their social responsibility targets, applies to charitable trusts and foundations and welcomes legacies. The Trust is enormously grateful to all its donors and its work could not continue without their support. The Trust particularly thanks the Jones Day Foundation for its support for the Proud Places programme.

During the year under review, the following made significant donations:

The Jones Day Foundation, The Westminster Foundation, The Syncona Foundation, The Semma Fund, The Swire Charitable Trust, GML Ltd, The Moorview Charitable Trust, The Englefield Charitable Trust, The Golden Bottle Trust, Knight Frank, Delancey, Richard Upton, The Wates Family Enterprise Trust, The Jacaranda Trust, The London Appreciation Society, Graham Buckland, Dudley Fishburn, Sir Bruce Bossom, Sir Laurie & Jocelyn Magnus, Rosemary Lomax Simpson, Annie Mackeson Sandbach, Melanie Stoutzker, Justin Hill, Lady Patricia Hopkins, Marcia Brocklebank, Mr and Mrs Robert Brudenell, Andrew Fane, Christopher Claxton Stevens, Patrick Reeve, Richard Johnston, Roger Cline, Kathryn Dixon and Richard Hillebron.

Financial review

Reserves policy

This year the charity changed its reserves policy from the previous financial years, during which one year of reserves was to be maintained. It is now the policy of the charity that the unrestricted funds that have not been designated should be maintained at the equivalent of not less than nine months’ operating expenditure (that is, the expected total expenditure less the grants paid out for conservation projects). The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in income, the charity will be able to continue its current activities while alternative sources of income are sought. The level of nine months’ reserves has been retained throughout the year.

THE HERITAGE OF LONDON TRUST LIMITED
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

Investment powers

The Trust can invest monies not immediately required for its purposes in or upon such investments, securities or property as may be thought fit, subject to conditions or consents as may for the time being be imposed or required by law.

Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and have established systems to mitigate its exposure to the major risks.

Future Developments

The Trustees believe that the Trust fulfils a vital role in rescuing and preserving London’s built heritage, especially in focusing on areas of urban deprivation. The Trust’s dedicated work encourages the appreciation and reuse of sites with little or no statutory support, including buildings and monuments that are unlisted but of historic merit and interest. The Trust assists local authorities in identifying ways of improving the public realm around heritage assets. The Trustees believe that the Proud Places programme continues to be groundbreaking in demonstrating the interest and benefit of involvement in heritage projects and creates a new generation of heritage champions across the city. The Trustees believe the programme has an opportunity to inspire other organisations beyond London. In the medium term, the Trust’s work continues to expand and there is a need to improve its communications externally to reflect the scope and impact of its work.

Structure, governance and management

Governing document

The Trust is a company limited by guarantee and not having a share capital, as now defined by the Companies Act 2006. It was established under a Memorandum of Association dated 26 February 1980 and is governed by the Articles of Association adopted on the same date. The date of incorporation was 13 March 1980.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Sir Laurie Magnus CBE
Sarah Booth
Kit Kemp
Jamie Ritblat
John Phillips
Richard Johnston
Dora Dixon-Fyle
(Resigned 30 June 2025)
Pippa Catterall
Melanie Stoutzker

The Trustees' r eport was approved by the Board of Trustees.

Sir Laurie Magnus CBE
Chairman
Dated: 22 October 2025
THE HERITAGE OF LONDON TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE HERITAGE OF LONDON TRUST LIMITED
- 5 -

I report to the Trustees on my examination of the financial statements of The Heritage of London Trust Limited (the charity) for the year ended 31 March 2025.

Responsibilities and basis of report

As the Trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Mark Johnstone FCA

Argents Accountants Limited
15 Palace Street
NORWICH
Norfolk
NR3 1RT
United Kingdom
10 December 2025
THE HERITAGE OF LONDON TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
2
335,252
426,279
761,531
302,782
332,963
635,745
Charitable activities
3
5,918
-
5,918
-
-
-
Investments
4
41,024
-
41,024
38,385
-
38,385
Total income
382,194
426,279
808,473
341,167
332,963
674,130
Expenditure on:
Raising funds
5
112,338
15,574
127,912
47,480
4,649
52,129
Charitable activities
Conservation
6
242,821
152,194
395,015
170,582
70,182
240,764
Education
6
65,228
247,930
313,158
94,692
153,729
248,421
Total charitable expenditure
308,049
400,124
708,173
265,274
223,911
489,185
Total expenditure
420,387
415,698
836,085
312,754
228,560
541,314
Net gains/(losses) on investments
13
(9,699)
-
(9,699)
17,512
-
17,512
Net income/(expenditure)
(47,892)
10,581
(37,311)
45,925
104,403
150,328
Transfers between funds
(88)
88
-
-
-
-
Net movement in funds
9
(47,980)
10,669
(37,311)
45,925
104,403
150,328
Reconciliation of funds:
Fund balances at 1 April 2024
869,123
185,310
1,054,433
823,198
80,907
904,105
Fund balances at 31 March 2025
821,143
195,979
1,017,122
869,123
185,310
1,054,433

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE HERITAGE OF LONDON TRUST LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
15
6,914
8,642
Investments
16
198,463
208,162
205,377
216,804
Current assets
Debtors
17
23,377
17,592
Cash at bank and in hand
791,102
833,369
814,479
850,961
Creditors: amounts falling due within one year
18
(2,734)
(13,332)
Net current assets
811,745
837,629
Total assets less current liabilities
1,017,122
1,054,433
The funds of the charity
Restricted income funds
19
195,979
185,310
Unrestricted funds
20
821,143
869,123
1,017,122
1,054,433

The Incorporated Charity is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 22 October 2025
Sir Laurie Magnus CBE
Chairman
Company registration number 01485287 (England and Wales)
THE HERITAGE OF LONDON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
1
Accounting policies
Charity information

The Heritage of London Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Fivefields, 10 Grosvenor Gardens, London, SW1 0DH.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds represent unrestricted funds set aside by the trustees for a specific purpose. It often represents grant aid allocated by the Trustees to a specific project and therefore transferred to designated funds. Such funds can be undesignated or re-designated at a later date at the discretion of the trustees.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
THE HERITAGE OF LONDON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 9 -
1.5
Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Allocation and apportionment of costs

Staff costs are allocated to activities on an estimate of time spent. Other support costs are allocated in the same proportions.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
20% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE HERITAGE OF LONDON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 10 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
Taxation

The charity is exempt from corporation tax on its charitable activities.

1.12
Employee benefits

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Donations and gifts
327,252
426,279
753,531
298,282
332,963
631,245
Membership fees
8,000
-
8,000
4,500
-
4,500
335,252
426,279
761,531
302,782
332,963
635,745
THE HERITAGE OF LONDON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
3
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Conservation
Event income
5,918
-
4

Investment s

Unrestricted
Unrestricted
funds
funds
2025
2024
£
£

Investment income

5,661
5,550
Interest receivable
35,363
32,835
41,024
38,385
5
Expenditure on raising funds
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Fundraising and publicity
Database
4,535
-
4,535
4,493
-
4,493
Support costs
107,803
15,574
123,377
42,987
4,649
47,636
112,338
15,574
127,912
47,480
4,649
52,129
THE HERITAGE OF LONDON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
6
Charitable activities

Conservation

Education

Total

Conservation

Education

Total
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Project management staff costs
130,314
-
130,314
36,528
-
36,528

Lecture, conference and event expenses

-
44,520
44,520
-
10,098
10,098

Educational costs

-
3,416
3,416
-
3,958
3,958
130,314
47,936
178,250
36,528
14,056
50,584
Grant funding of activities (see note 7)
169,291
-
169,291
95,735
5,832
101,567
Share of support costs (see note 8)
93,092
262,904
355,996
107,544
227,576
335,120
Share of governance costs (see note 8)
2,318
2,318
4,636
957
957
1,914
395,015
313,158
708,173
240,764
248,421
489,185
Analysis by fund
Unrestricted funds
242,821
65,228
308,049
170,582
94,692
265,274
Restricted funds
152,194
247,930
400,124
70,182
153,729
223,911
395,015
313,158
708,173
240,764
248,421
489,185
7
Grants payable

Conservation

Education

Total

Conservation

Education

Total
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Conservation project grants - various
169,291
-
169,291
95,735
-
95,735
Other
-
-
-
-
5,832
5,832
THE HERITAGE OF LONDON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
8
Support costs
Support costs
Governance costs
2025
Support costs
Governance costs
2024
£
£
£
£
£
£
Staff costs
322,278
-
322,278
270,655
-
270,655
Depreciation
1,728
-
1,728
2,160
-
2,160

Rent, rates and insurance

111,246
-
111,246
58,309
-
58,309

Administration, office and subscription costs

42,061
-
42,061
50,194
-
50,194

Bank charges

902
-
902
1,017
-
1,017
Accountancy
-
5,794
5,794
-
2,335
2,335
478,215
5,794
484,009
382,335
2,335
384,670
Analysed between
Fundraising
122,219
1,158
123,377
47,215
421
47,636
Charitable activities
355,996
4,636
360,632
335,120
1,914
337,034
478,215
5,794
484,009
382,335
2,335
384,670
9
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
2,160
2,160
Depreciation of owned tangible fixed assets
1,728
2,160
10
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
11
7
THE HERITAGE OF LONDON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
11
Employees
(Continued)
- 14 -
Employment costs
2025
2024
£
£
Wages and salaries
452,592
307,183
The number of employees whose annual remuneration was more than £60,000 is as follows:
2025
2024
Number
Number
£90,000 +
1
1
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025
2024
£
£
Aggregate compensation
101,321
101,321
12
Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

13
Net gains/(losses) on investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Revaluation of investments
(9,699)
17,512
14
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

THE HERITAGE OF LONDON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
15
Tangible fixed assets
Office equipment
£
Cost
At 1 April 2024
16,451
At 31 March 2025
16,451
Depreciation and impairment
At 1 April 2024
7,809
Depreciation charged in the year
1,728
At 31 March 2025
9,537
Carrying amount
At 31 March 2025
6,914
At 31 March 2024
8,642
16
Fixed asset investments

COIF Charities Investment Fund

£
Cost or valuation
At 1 April 2024
208,162
Valuation changes
(9,699)
At 31 March 2025
198,463
Carrying amount
At 31 March 2025
198,463
At 31 March 2024
208,162
17
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
14,168
8,691
Prepayments and accrued income
5,073
4,765
19,241
13,456
THE HERITAGE OF LONDON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Debtors
(Continued)
- 16 -
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
4,136
4,136
Total debtors
23,377
17,592
18
Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
220
206
Accruals and deferred income
2,514
13,126
2,734
13,332
THE HERITAGE OF LONDON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
19
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

Movement in funds
Movement in funds
Balance at
1 April 2023
Incoming resources
Resources expended
Balance at
1 April 2024
Incoming resources
Resources expended
Transfers
Balance at
31 March 2025
£
£
£
£
£
£
£
£
Conservation projects
74,239
76,324
(65,428)
85,135
142,983
(118,060)
88
110,146
Westminster Foundation for rent
-
51,639
(25,820)
25,819
55,296
(53,467)
-
27,648
Proud Places
6,668
205,000
(137,312)
74,356
205,000
(221,171)
-
58,185
Conference fund
-
-
-
-
23,000
(23,000)
-
-
80,907
332,963
(228,560)
185,310
426,279
(415,698)
88
195,979
20
Designated funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Movement in funds
Balance at
1 April 2023
Resources expended
Transfers
Balance at
1 April 2024
Incoming resources
Resources expended
Balance at
31 March 2025
£
£
£
£
£
£
£
Conservation projects
305,410
(36,140)
83,234
352,504
86,894
(51,398)
388,000
305,410
(36,140)
83,234
352,504
86,894
(51,398)
388,000
THE HERITAGE OF LONDON TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
21
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Fund balances at 31 March 2025 are represented by:
Tangible assets
6,914
-
6,914
8,642
-
8,642
Investments
198,463
-
198,463
208,162
-
208,162
Current assets/(liabilities)
615,766
195,979
811,745
652,319
185,310
837,629
821,143
195,979
1,017,122
869,123
185,310
1,054,433
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