A solid Foundation for the future

From £57m to nearly £123m - the fixed asset value of Letchworth Garden City Heritage Foundation has grown by over 116 per cent since the Foundation was set up in 1995, with assets transferred from Letchworth Garden City Corporation.

In the same period, total income generated has increased by 74 per cent.

Described by several as town founder Ebenezer Howard's 'company in modern times,' the Heritage Foundation - owners of the 5,500-acre LGC Estate - has had a particularly good Financial Year.

All profits are redistributed back to the town in line with its six charitable objects, which means that the Foundation does not cost the LGC taxpayers a penny and gives tremendous 'added value' to the world's first Garden City.

Financial highlights for the year up to 30 September 2004 also included:

• Grants to town organisations, clubs, societies etc, increased in the last year from £211,000 to £334,000.
• Total income, comprising mainly of property income, rose by almost three per cent, despite a very 'flat' property market.
• Cash in hand at bank and deposits rose by £1.5m

The Heritage Foundation is an Industrial & Provident Society with charitable status.

In the Foundation's latest Annual Report and Accounts, Stuart Kenny, Director General of the Heritage Foundation, writes: "Our surplus, after charitable distributions of £1.73m, was £172,000 compared with last year's £1.67m charitable expenditure and surplus of £25,000. My fellow Directors and staff deserve great credit for this."

Charitable funding also includes the running costs of the Heritage Foundation's enterprises, including The Ernest Gardiner Day Hospital, Standalone Farm, Plinston Hall, First Garden City Heritage Museum and the Minibus service.

Mr Kenny adds: "With net assets of almost £124m we now have an asset base which will deliver, year on year, the scale of revenues which will allow us to make ongoing very sizeable charitable distributions. Also, we will be able to fund the significant regeneration which is still required if we are to sustain the economic and physical well being of Letchworth Garden City. All in all, 2005 will be a hugely busy and challenging year for the Foundation."