Finance: The Numbers - The National Trust

Patrick McCurry

The National Trust was set up in 1895 to conserve historic buildings and countryside threatened by industrialisation. It has more than 3 million subscribing members.

Total income - £295m for the year ending 29 February 2004, down from £304m in 2002.

Highest salary - Director general Fiona Reynolds was paid between £200,000 and £209,999, including one-off relocation costs.

Reserves policy - The trust has a target for its general fund of three months' annual ordinary income. It currently contains just under one month.

Fundraising costs - The charity spent £2.3m on fundraising and its donated income was £57m. This equates to 4p for every £1 raised.

Pension - The final salary scheme was closed to new members in 2003/04.

Under the FRS17 accounting rule, the scheme was in deficit by £80m at the end of the financial year.

How performance is communicated - The annual report is very clear and readable, and this year includes a section on "How we performed", which describes the charity's record on meeting its strategic aims. The report also includes performance indicators on the charity's activities and how it measured up to its targets. It can be found at

The charity says - The trust's assets - its magnificent buildings and estates - are also its largest perpetual liabilities. Funding its conservation obligations is a permanent challenge that requires very close financial management and a continual focus on revenue generation.

National Trust Enterprises continues to make impressive progress, with its retail, catering and holiday cottage arms enjoying ever-increasing demand. Opportunities are being explored to increase sponsorship and create partnerships with organisations sympathetic to the trust's objectives.

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