Established to purchase heritage buildings threatened with demolition. State Govt and HCC made equal annual contributions. High interest rates massively increased the trust fund and contributions ceased in 1986. The fund began making grants to private owners for preservation work on listed buildings. This function was transferred to the new Heritage Council in 1999 and the fund (c.$2.4M) was split betwen the Council and HCC (with a proviso that the latter use its share for heritage buildings).