## **FACTUM FOUNDATION LONDON** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD 27 JUNE 2023 TO 31 DECEMBER 2023** **REGISTERED CHARITY No. 1203766** ## **FACTUM FOUNDATION LONDON** ## **CONTENTS TO THE ANNUAL REPORT AND FINANCIAL STATEMENTS** ## **FOR THE PERIOD 27 JUNE 2023 TO 31 DECEMBER 2023** ||**Page**| |---|---| |Legal and Administrative Information|**1**| |Trustees' Annual Report|**2 - 3**| |Independent Examiner's Report|**4**| |Statement of Financial Activities|**5**| |Balance Sheet|**6**| |Notes to the Financial Statements|**7 - 8**| ## **FACTUM FOUNDATION LONDON** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **FOR THE PERIOD 27 JUNE 2023 TO 31 DECEMBER 2023** **Full name:** Factum Foundation London **Registered Charity number:** 1203766 **Registered office:** 27 Crosby Row London SE1 3YD **Trustees:** Candace Allen Professor Jerry Brotton BA MA PhD Josue Tanaka **Accountants & Legal Advisors:** BDB Pitmans LLP One Bartholomew Close London EC4A 7BL **Independent Examiner:** Kathryn Pickering Chartered Accountant 18 Lannesbury Crescent St Neots PE19 6AF Page 1 ## **FACTUM FOUNDATION LONDON** ## **ANNUAL REPORT OF THE TRUSTEES** ## **FOR THE PERIOD 27 JUNE 2023 TO 31 DECEMBER 2023** The Trustees submit the annual report and financial statements for the Factum Foundation London for the period 27 June 2023 to 31 December 2023. The Trustees confirm that the annual report and financial statements of the Foundation comply with the current statutory requirements, the Foundation's governing document and the provision of the Charity Statement of Recommended Practice ('SORP)' effective from 1 January 2015 and FRS 102, 'The Reporting Standard in the UK and Ireland'. ## **Objectives and Activities** Factum Foundation London ( **Factum** ) was created as a Charitable Incorporated Organisation (CIO) and registered with the Charity Commission on 27 June 2023. The objects of the Foundation are: - to promote and advance art for the public benefit through the sustainable conservation, protection and preservation of historical works of significant cultural value and cultural heritage sites, through the use of noncontact recording and documentation methods; and - to advance education of the public in general on the role of digital technologies in providing sustainable preservation and protection of cultural heritage. The Trustees have given due consideration to the general guidance published by the Charity Commission relating to public benefit. ## **Main activities undertaken to further the Foundation's purposes for the public benefit** The accounts represent a partial year only as the Foundation was established in the period. During the period, the Foundation received £56,408 in donations. ## **Structure, Governance and Management** The Foundation's only voting member is Factum Foundation for Digital Technology in Conservation In accordance with its constitution, the Foundation is required to have a minimum of three, and a maximum of twelve, trustees. The three founding trustees do not have a fixed initial term of office. New trustees are selected having regard to the skills, knowledge and experience needed for the effective administration of the Foundation and are appointed by resolution of the Member. All new trustees are appointed for a term of three years. ## **Financial Review** The Statement of Financial Activities shows total income for the period of £56,408. Expenditure for the period was £19,942, resulting in available funds of £36,466 at the year end. The Trustees do not currently have a reserves policy in place. Page 2 FACTUM FOUNDATION LONDON ANNUAL REPORT OF THE TRUSTEES FOR THE PERIOD 27 JUNE 2023 TO 31 DECEMBER 2023 Rospon$lbllltlès of tha Truste Ilnancial year which give a true and fair vlew of th? charitys financial activities durlng the year and of its financial positson 81 th8 end of the year. In preparing financial statements giving a true and fair view, the Trustees should lollow best practice and.. The Trustees are responsible for pr8paring the Report ol the Trustees and the financi81 statements in accordance with applicable law and Unf(ed Kingdom Accounting Standards (United Kingdom Generally Accepted A¢counknn9 Practice). Charity law r8quirgs the Trustees to piepare financSal slatemgnts for 88ch financi81 period Ihat give a true and fair view of the stste of affairs of the Foundation and of the incoming resources and applution of resources, including the income and expenilituro of the Foundation for th81 pariod. In preparing those financial ststements. the Trustaas are required to: 5elpct suitable accounting polidgs and then apply them consistenuy.. make ju¢Jgémants and estimatas that are re8soneb1e and prudent- stste whether appllcable 8ccountlng stsndards and statements ol re(x)mmended practice have been followed, subject to any material dgpartures disclosed and èxplained in the finanGial statements,. and prepare the financial statements on the going conc8rn basis uftlèss it is inappropriate to presurne that the Foundation will continue in op&ration. The Trustees arè responsible for keeping accounting records which di5cltsse with reasonable 8¢euracy thè rinancial posib.on of the Foundation and which &nable them to ensure thal the financial stst*ments cornply with applicable law and regulations. Th8y are also responsible for safeguarding the assèts ol the FoundatKsn and tsking reasonable steps forthe prgvents¢)n and detection of fraud and other irregul8rlUes. Signod on ￿h#ll of the Tru$t•es: Dato: Page 3 FACTUM FOUNDATION LONDON REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES IN RESPECT OF THE FINANCIAL STATEMENTS FOR THE PERIOD 27 JUNE 2023 TO 31 DECEMBER 2023 I repyl to Ihe TN5tees on my oy•rninatr)n of tho ac(¥yJnts of Iha Facbjm F¢M￿On Lonrt￿ th8 parlod 27 June 2023 to 31 D8COfflt4r2023. are 88iouton pAp8s 5 kn 8. RMpon¥ltAllll•¥ •nd b•¥l• ol r•p As the chanty tmStees ol the Fwnd3bN ro¥wble kn iho prepwalm of th• 4cfoun¢s in accudance Ih Ihfj r8quiwm*nts ￿ th¢ Charthes Act2011 llh• I rewrt In respect of my exarninal￿ of tho F¢yJnda1i￿,9 acctyJn15 cwl•d cArt ur*Jer aectiM 145 01 th8 Ad aTrJ In **Income and Endowments from:**
Donations
1
**Total Incoming**
**Expenditure on:**
**Support costs**
Operating expenses
5
**Total Expenditure**
Gross transfers between funds
**Net movement in funds**
**Transfers between funds**
Net movement in funds
**Reconciliation of Funds**
Balances brought forward, 27 June 2023
**Total Funds carried forward at 31 December 2023**
**Net (outgoing)/ incoming**
**resources before transfers**|**£**
**12,963**
**12,963**
**19,013**
**19,013**
**(6,050)**
**26,381**
**20,331**
**20,331**
**-**
**20,331**
**Unrestricted**
**Income Fund**|**£**
**43,445**
**43,445**
**971**
**971**
**42,474**
**(26,381)**
**16,093**
**-**
**16,093**
**-**
**16,093**
**Restricted**
**Income Fund**|**£**
**56,408**
**For the period**
**27 June 2023 to**
**31 December**
**2023**
**Total Income**
**Funds**| |---|---|---|---| ||||**56,408**| ||||**19,984**| ||||**19,984**| ||||| ||||**36,424**
**-**| ||||**36,424**
**-**| ||||**36,424**
**-**| ||||**36,424**| The notes on pages 7 to 8 form part of the financial statements Page 5 FACTUM FOUNDATION LONDON BALANCE SHEET AS AT 31 DECEMBER 2023 Asat31 December 2023 Total Income Funds Fixed Assets Selene photometrfc stereo system {SPSSI 26,381 Current Assots Santander Bank Account 14.848 Les5: Creditors Accruals 4,805 Net Currnnt Assets 10,043 Total Not Assets 36,424 Funds of the Foundatlon Income Funds 3&424 36.424 Total Funds The notes on paggs 7 10 8 form part of thé financial statements Approved by the Trustees on 2024 and signèd on their behaf by.. Tru5te¢ P8ge 6 ## **FACTUM FOUNDATION LONDON** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE PERIOD 27 JUNE 2023 TO 31 DECEMBER 2023** ## **1. Accounting Policies** ## **Basis of accounting** The financial statements are prepared under the historical cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Foundation is a public benefit charity for the purposes of FRS 102. The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest pound. ## **Critical accounting estimates and use of judgements** In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. ## **Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the Foundation has adequate resources to continue in existence for the foreseeable future. ## **Fund accounting** The Foundation maintains unrestricted and restricted funds. The unrestricted fund comprises accumulated surpluses. This is available for use at the discretion of the trustees in furtherance of the Foundation's general objectives. ## **Income** All donations are recognised when the Foundation is entitled to the income, the income can be measured reliably, and receipt is probable. ## **Expenditure** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Foundation to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants and donations payable are payments made to third parties in the furtherance of the charitable objectives of the Foundation. ## **Cash and cash equivalents** Cash and cash equivalents include cash in hand and deposits held at call with banks. ## **Critical accounting estimates and areas of judgement** In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. Page 7 ## **FACTUM FOUNDATION LONDON** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE PERIOD 27 JUNE 2023 TO 31 DECEMBER 2023** ## **2. Income** - Donations of £56,408 were received in the year. ## **3. Trustees' remuneration** During the period, no Trustees received remuneration of benefits in kind. No Trustees received reimbursement of expenses in respect of work related to the Foundation's activities. ## **4. Taxation** The Foundation is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes. ## **5. Operating expenses** |**perating expenses**|| |---|---| |Employees' salaries and associated costs
Other operating expenses|**£**
19,013
971
**Period 27 June**
**2023 to 31**
**December 2023**| ||**19,984**| ## **6. Related party transactions** There were no related party transactions during the period. ## **7.** ## **Ultimate controlling party** The trustees of the Foundation are the charity trustees and responsible under charity law for the general control and management of the Foundation, as regulated by the Charity Commission for England and Wales. The Foundation's sole member is Factum Foundation for Digital Technology in Conservation (Preservation), a not-for-profit organisation registered in Spain (TIM ESG85614899) with a charitable mission to preserve cultural heritage and technology. Page 8