Book excerpt: Since it was set up in 1994, the Heritage Lottery Fund has awarded £3.8 billion of funding to some 24,000 projects. This report looks at how the money has been spent, what has been achieved, and the effectiveness of the grant-making process. It is based on a detailed review of 30 projects, a survey of applicants and interviews with staff. The conclusion is that the Fund has been successful in supporting projects that are helping to preserve the heritage of the UK. Although its robust processes have led to better and more sustainable projects, more should be done to reduce the burden on applicants, speed the delivery of projects, and provide more support for those who need it.