Our key figures and financials at a glance

Our total income grew by 50% (+£2.1m) this year when compared to the previous financial year, with increases in both restricted and unrestricted income.

There was a 61% (+£1.9m) uplift in government grants, due to £2.7m funding from NLHF (part of a £5m grant) for our new HDT programme and significant additional funding from Historic England and Cadw for our core programmes in England and Wales respectively. These increases were partly offset by the reduction in income, following the end of the Transforming Places through Heritage programme.

Two new partnerships, providing support to Community Ownership Fund applicants and appraising applications to the Thrive Together Fund, generated unrestricted income of £113,000.

The continuing rise in interest rates more than doubled investment income this year and our long-term investments recovered some of the losses of 2022/23, delivering gains of £52,000 in 2023/24. Our short-term investments generated additional gains of £116,000 (2023: £217,000 net total investment losses).

The additional grantmaking made possible by our increased government funding was the primary factor in the 33% increase (+£1.4m) in expenditure on charitable activities. This, and other cost increases in the year, were offset by reduced costs in loan-related areas, primarily due to a net decrease in the endowment bad debt provision for both capital and interest.

The total value of loan offers and extensions (excluding offers not taken up) was £1.1m less than the previous year and this meant fewer loan commitments at the year-end (£1.3m vs 2023: £3.3m). Also, last year’s commitments included two substantial loans which were yet to contract but have since been disbursed. Interest from our disbursed loans saw a modest fall of 3%
(-£16,000).

The rise in investment and partnership income along with the gains on our investments (£126,000) and the £99,000 reduction in the interest bad debt provision helped to deliver a £376,000 unrestricted fund surplus this year (2023: £70,000). The total net income of £743,000 further strengthens the AHF’s financial position and resilience and increases our capacity to participate and partner in future opportunities.