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Architectural Heritage Fund Annual Review 2019-20
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The AHF received unprecedented levels of restricted funding this year, including £3.45million from Department of Digital, Culture, Media and Sport (DCMS) for year one of the ‘Transforming Places through Heritage’ programme and a £2.25million contribution to the Heritage Impact Fund (HIF) lending fund from the National Lottery Heritage Fund.

There has been consistently strong demand for the HIF. In addition to loans disbursed during the year, there were further loan commitments of £3.35m made by the year end.

Income from our managed investment funds boosted unrestricted income, however the impact of COVID-19 meant we suffered a loss on investments. Whilst this loss has largely reversed in the current year to date, there remains uncertainty around the future performance of these investments, certainly in the short term.

The COVID-19 lockdown measures have had a significant impact on our borrowers and we will no doubt see the financial consequences in the coming financial year.  Any losses will deplete the endowment so ongoing fundraising to replenish these funds will be a priority.

Fundraising planned for 2020/21 has had to be delayed due to COVID-19 but this will be returned to as soon as possible to enable us to continue providing investment and funding for the projects and organisations that we support and which deliver our charitable aims.

In terms of the unrestricted fund (which manages the income and expenditure for the overheads of the organisation and the non-grant funded salary costs) there was a loss of £47,871. This loss was due to the loss on investments, the increased onerous lease provision and the additional general bad debt provision in response to COVID-19.