National Trust accused of losing its way — and its money

The Times reports,

The charity’s investment portfolio has lost millions, thanks in part to poor performance of funds focused on sustainable development in India, Brazil and China

The National Trust’s £1.5 billion investment portfolio has lost millions partly due to the poor performance of wealth funds dedicated to funding sustainable development in G20 countries such as India, China and Japan.

The investment portfolio for the charity, one of the biggest landowners in Britain, fell by £12 million, to £1.54 billion, in the year to February 28, 2025.

The assets managed by GEM Sustainability Fund by Stewart Investors, which aims to “contribute to, and benefit from, sustainable development”, fell by £10 million, to £119.1 million, in the same period.

The fund, which manages 7.7 per cent of the National Trust’s investment portfolio, aims to invest in leading companies in emerging markets such as India, Brazil, China and Hong Kong. The fall, equivalent to 5.5 per cent, is short of its benchmark return of 10.6 per cent and far below the 60 per cent cumulative gain in the FTSE 100 over five years.

The charity’s finances have been strained in recent years. Membership numbers have declined by 300,000 from their peak after the pandemic as the cost of membership has risen since 2023 to £100.80 a year — up from £63 a decade ago.

There are fears that the charity is reinventing itself as an environmental “movement” and straying from its remit to conserve the nation’s heritage.

In the past few weeks the trust, which is responsible for more than 500 historic houses, hundreds of miles of coastline and large areas of countryside, has run adverts calling on its supporters to lobby their MPs on green issues.

The advert begins: “Nature isn’t a nice-to-have. It isn’t a blocker to progress” and ends by exhorting its supporters: “Our government must act to restore and protect nature and all our futures. Tell your MP and make your voice heard.”

An internal video seen by The Times has also caused controversy among members of a National Trust protest group by championing environmental causes.

The video, titled “Together we thrive”, depicts Britons from a variety of backgrounds celebrating their culture at National Trust properties, describes the charity as a “movement” and encourages members to “speak up today on behalf of tomorrow”.

Restore Trust, a protest group of National Trust members, criticised the National Trust for its investment, saying that it had a “responsibility to invest its funds for returns which can be used for its charitable purpose and not for ideological reasons”.

Cornelia van der Poll, chair of Restore Trust, said: “There really is no justification for accepting less than optimal returns, especially if the funds in question pay for activities overseas.”

Van der Poll also criticised the charity’s latest campaigns, describing them as a “needless stunt”, and said that it was “madness” to pay for adverts asking people to write to their MPs.

“The National Trust is behaving less like a conservation charity and more like a political party. This alienates many members,” she said. “Membership numbers have fallen or stagnated in recent years, which makes the financial situation worse. Volunteer numbers have also fallen, which means that parts of properties are often closed to visitors.”