Charlty Reglstration No. 1203766 FACTUM FOUNDATION LONDON ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Lentells Chartered Certified Accounianis
FACTUM FOUNDATION LONDON LEGAL AND ADMINISTRATIVE INFORMATION Tw$t•¢$ Candace Al8n Professor Jeremy Brotton Josue Tanaka Charity number (England and Illales) 1203766 Independent examiner Lentells Limited 17- 18Leach Road Chard Business Park Chard Somerset TA20 1FA BDB Pilmans LLP One Bartholomew Close London EC4A 7BL Solicitors
FACTUM FOUNDATION LONDON CONTENTS Page Trustees report Independent examine¢s report ststemenl of financial 8¢tiwties Balance sheet Notes to the finanal statements 6-14
FACTUM FOUNDATION LONDON TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Thè Trustaès pr8sent their annual reKK)rt and financial statements for the year ended 31 Decembèr 2024. The financial stsleTllenls have been prepared in accordan with the accounting policies set out in note 1 to the financial ststements and comply with the Charity's goveming document, the Ch8rrties Act 2011, FRS 102 "The Fin8nci81 Reporting Standard applicable in the UK and Republic of Ireland" and the Ch8rrties SORP "Accounting and Reporting by Charities". Stslerllenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanal Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021.. Objectives and activities Faclum Foundation London l Factum>wa5 created as a Charilable Inwrporated Organisalion ICIOI and registered with the Charity Commission on 27 June 2023. The objects of the Foundation are.. to promote and advance art for the publi¢ benefit through the sustsinable conservation, protection and preservation of historical works of significant ¢ultural value and ¢ultural heritage sites, through the use of non-contsct re¢ording and documentation methods- and to advance education of the public in general on the role of digitsl technologies in providing sustainable preservation and protection of cultural heritage. The Trustees have given due consideration lo the general gllidan published by the Charity Commission relating to public benefit. The 8c¢ounts represent the first full a¢¢ounting period followng the fom)ation of Foundation on 27 June 2023 During the period. the Foundation received £275,138 in donations and £3,792 in grants. Achiavemants and performance This represents the first full year of reporting of the Foundation. Some of the work carried out during the year is highlighted below. Wilton-warbu Krio horos The foundation developed a project to produce a facsimile of the sculpture of Hemes Kriophoros and install it in the foyer of the Wartiurg Institute. There is the potential for further collaboration with the Warburg Institute. I bo-ukwu Bron28$ Throughout the year the foundation was involved the 19bUkwu community from Nigeria, prUcIng six Igbo- Ukwu bronze sculptures as facsimiles these were exhibiled in the UK before relurning to Nigeria. The Igbo-UKwu communily wish to replicale as many bronzes as rK)ssible and this could provide further involvement from the foundation. Bura Heads Time was spent at the Wake Forest Museum, North Carolina to digibse objects from its Bura collection. A series of workshops and lectures were also provided.
FACTUM FOUNDATION LONDON TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Kamukuwaka This involved the production of a fatsimile of a section of a sacred cave which was retumed to Brazil in the Autumn of 2024. C lindèr's Estatè and Kurt Schwitt•rs' Mèrz Barn The foundation purchased the land at Cylinderfs. Ambleside during Ihe year which contains the site of the last major artwork of Gemian artisl Kurt Schwilters. Over Ihe coming years the foundation plans to develop the site to create a cultural hub and preserve the historical and cultural value. The work of the Foundation in this finanaal year would not have been possible without the continued support of its sole member,Factum Foundation for Digital Technology in Conservation. There are other projects in progress which require fvrther funding and also a number of potential projects that could be undertaken once funding is secured. The trustees are looking at ways to increase direct funding to the Foundation in order that it can continue to meet its objectives. Financial review The statement of Financial ActTWties shows total income for the period of £278.930. Expenditure for the period was £143,113, resulting in available fvnds of £172,426 at the year end. The Trustees do not currently have a reserves policy in place. Structure, govemance and management The Foundation's only voting member is Factum Foundalion for Digitsl Technology in Conservation. The Trustees who served during the year and up to the date of signature of the financial statements were.. Candace Allen Proftrssor Jeremy Brotton Josue Tanaka RecruAtment and appoinlm8n¢ of trusl6es In accordance wilh its consb'tuknon, the Foundation is required lo have a minimum of three, and a maximum of twelve, trustees. The three founding trustees do not have a fixed initial temi of offi. New trustees are selected having regard to skills, knowledge and experience needed lor the effective adminislration of the Foundation and are appointed by resolution of the Member. new tnjslees are aprx)inted for a term of three years. The Trustees report was approved by the Board of Trustees. .8onedon' ctober 2025@ 15.52 Professor Jeremy Brotton Trustè• Dale..
Lentells Ltd Countersigned on 31 October 2025 @ 06:55
FACTUM FOUNDATION LONDON STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrastrlcted Restrleted funds funds 2024 2024 Totsl Unrestrlcted Restrlcted funds funds 2023 2023 Total 2024 2023 Not•s Income from: Donations and lega¢ies Inveslments 278.930 185 278.930 185 12.963 43.445 56.408 Total in¢ome 279.115 279.115 12.963 43.445 56.408 Expenditure on: Charitsble athvities Other material expenditure Other expenditure 128,265 128.265 14,848 14.848 10 19,013 971 19,984 Total ¢xpendltura 143,113 143.113 19.013 971 19,984 Net income 136.002 136,002 16.0501 42,474 36,424 Transfers between funds 26,381 126,3811 Net movement in funds 136.002 136,002 20,331 16,093 36,424 Reconciliation of funds.. Fund balances at 1 January 2024 20.331 16.093 36,424 Fund balances at 31 December 2024 156,333 16,093 172,426 20,331 16,093 36,424 The statement of financial activities includes all gains and losses re(LxJnised ir) the year. All income and expenditure derive from continuing activities.
FACTUM FOUNDATION LONDON BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets 12 193, 26,381 Current assets Debtors Cash at bank and in hand 13 15 9.391 14,848 14,848 Cr•dltor$.' amounts falllng due wlthln ono year 15 130,976) 14,8051 Net current Iliabilitiesllassets 121,570) 10,043 Total assets less current liabilities 172,426 36,424 The funds of the Charity Restricted income funds Unrestricted funds 16.093 156.333 16,093 20.331 172.426 36,424 The financial statements were approved by the Trustees on ......................... ..8neO ctobei 2025@ 15 Professor Jeremy Brotton Trustè•
FACTUM FOUNDATION LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollelès Charity infomiation Factum FoLJndation London is a Charitable Incorporated Organisation registerèd wth thè Charity Commission on 27 June 2023 INo.12037661 and the goveming document is its constitution. Its address is 27 Crosby Row, London SE13YD. 1.1 Reporting period The financial statements are presented for the 12 months ending 31 Dember 2024. The comparatives represent the period from 27 June 2023 to 31 Dmber 2023. 1.2 Accounting convention The financial ststements have been ppa in accordan with the Charitys governing duMent, the Charities Act 2011, FRS 102 "The Finanual Reporting Siandard applicable in the UK and RepLJblic of Ireland. and the Charities SORP "Accounting and Reporbng by Charits'es". Statemenl of Recommended Practi applicable to charilies pparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)". The Charity is a PLJblic Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in Ihe SORP for tharities not to prepare a statement of cash flows. The finanryal ststements have departe(J from the Charities IA¢counts and ReKK)rtsl Regulats'ons 2008 only to the extent required to provide a tme and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Ststement of Recommended Practice which is referred to in the Regulations but which has Sin been withdrawn. The financial stsleTnenls a prep8red in 5terlirrg. which is the functional currency of the Charity. Monetsry amounts in these financial stslemenls are rounded lo the nearest £. The financial statements have been prepared under the historical o)st convenlion.The principal accounting policies adopted are set out below. 1.3 Prior period arror During the course of preparing the accour)ts for the year to 31 December 2024 it has become apparent that the Santander bank account balance of £14.848 included or) the balance sheet in the previous peri¢Jd was incorrect. This bank account is in the name of of its sole member and not a bank account of Factum Foundation London and as a result the reserves al 31 December 2023 have been overstated. In order lo ¢x)rrecl the FK)Sition the opening bank balan¢x has b redassffied as other material expenditure on the Slalemenl of Financial Activities. 1.4 Going concern Al the lime of approving the financial slalements. the Trustees have a reasonable expectation that the Charity has adequate reSoUrS to continue in operational existen for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial stalemenls. 1.5 Charltable funds Unrestricted funds are available for use al the discretion of the Trustees in furtherance of their charitsble objectives. Restricted funds are subject to specific conditions by dorrS or grantors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes to the finanaal statements.
FACTUM FOUNDATION LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.6 Income Incorne is recognised when the Charity is legally entiued to it after any perfOrnian conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. All donations are rec4YJni5ed when the Foundab"on is entrtled to the inwme. the in(x)me can be measured reliably, and receipt is probable. Bank and Building Souety interest is apwrtioned be{vn funds wtth refenCe to the ba18nce on each fund al the beginning of the year. 1.7 Exp8ndlturo Expenditure is recognised On there is a legal or constnjcbve obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The a)sts of each tivIty are made up of the total of direct costs and shared costs, induding support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated direcuy to that activity. Shared costs which contribute to more than one activity and support costs which are not attributsble to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. 1.8 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequendy measured at cost or valuation. net of depreciation and any impairmenl losses. Depreaation is recognised so as to write off the cost or valuabon of assets less their residual values over their useful lives on the following bases.. Freehold land Plant and equipment No depreciation 15% reducing balance The gain or loss arising on the disposal of an asset is determined as the diffen between the sale proceeds and the ¢arrying value of the asset, and is re¢ognised in the statement of finanoal activities. The land purchased at Cylinders, Eltetwater. Ambleside LA22 9JB during the year is considered to have cultural value and is subject to planning restrictions. It is therefore induded at cost and depreciation has not been charged. 1.9 Impairment of fixed assets Al each reporting end dale, the Chartty rewews the caTrwng amounts of Tts tangible assets to determine whether there is any indicabon that those assets have SLrffered an impairment Ioss. If any such indication exists, the recoverable amount of the asset is esb"mated in order to determine the extent of the impaimenl loss Irf any). 1.10 Cash and cash equivalents Cash and cash equivalenis indude cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of Ihree months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FACTUM FOUNDATION LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.11 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Finanual Instruments, and Section 12 'Olher Financial Instruments Issues. of FRS 102 to all of ts financial instruments. Financial instruments are recognised in the Charis balan sheet when the Charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are off5el. wth the net amounts presented in the financial slalernenls, when there is a legally enforceable right to set off the recconised arnounts and there is an intention lo setue on a nel basis or lo realise the asset and settle the liabilty simultsneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balan¢e5, are initially measured al transaction price including lransacb.on costs and are subsequently carried at arriorb"5ed cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future reip1S disCOUnte(l al a market rale of interest. Financial assets dassified as re1vable wthin one year are not arwK)rb"5ed. Basic financial liabilities Basic financial liabilrfcies. including creditors and bank loans are initially recognised al transaction price unless the arrangement constitute5 a finanGing transaction. where the debt instrument is measured al the present value of the future payrnents discounted at a market tate of interest_ Finan(ial liabilities classified as payable within one year are not amortised. Debt instruments a subsequendy carried at amortise(l cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, ihey a presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al aM0.sed cosl using the effective interest method. Dere¢ognition of fin•n¢i•l liabilities Financial liabilities are derecognised when the Charity's conlractual obligations expire or are discharged or cancelled. 1.12 Employee benefits The cost of any unused holiday entiuement is recognised in the period in which the employee's SeNiS are received. Terminats'on benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide temiinatson benefits. 1.13 R¢tlr•ment bèneflts Payments to defined contribution retirement benefil schemes are tharged as an expense as they fall due.
FACTUM FOUNDATION LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Crltleal aecountlng ostlmatos and Judg•m•nts In the application of the Charity's accounb.ng policies, the Trustees are required lo make judgements, eslimales and assumpb.ons about the carrying amount of assets and liabilities th8t are not readily apparent from other sources. The estimates and 85soGiated assumptions are based on hisloriGal experien and other factors that are conSided to be levant. A¢tu81 results may drffer from these estimates. The eskn'mates and undedwng assumptions are reviewed on an ongoing basi5. Revisions lo accounting estimates are recognised in the period in whith the e5b.mate is remsed where the revision affects only that period. or in the period of the revision and luture riOdS where the revision afftrcls both current and future periods. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted nds funds 2023 2023 Total 2024 2023 Donations and gifts Grants 275.138 3,792 275,138 3,792 12.963 43,445 56,408 278,930 278,930 12.963 43,445 56,408 Income from investments Unrestricted Unrestricted funds fund5 2024 2023 Interest receivable 185
FACTUM FOUNDATION LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expèndltura on charltablo actlvltlos Project work 2024 Direct costs Depre¢i81ion and imp8iment Sub¢ontra¢t work Travel expenses Donations 3,957 51,316 7,879 30,000 93,152 Shar¢ of support and goveman¢e costs (se¢ nots 7) Support 35,113 128.265 Analysis by fund Unrestricted funds 128.265 Description of ¢haritable activities Project wo The project work rried out by the Foundation drives its mission lo preserve hislori¢al works and advance education. As part of this work it aims to develop and advan new techniques of digital preservation and sloration.This work ¢an be carried out solely by the Foundation or in collaboration with Factum Foundation for Digitsl Technology in ConseNation (pserVatiOn). its sole member. Support costs allocated to activities 2024 2023 Staff ¢osls Equipment repairs Printing postage and stationery Bank charges Legal and professional Accounts and IE Sundry 21,750 956 110 163 3,480 5,400 3,254 35.113 Analysed between: Charitable activites 35.113 The support costs are allocated to the charitable activities as without the continued work of the Foundation to protect cultural works and heritage sites they would nol incur such suprM)rt costs. 10-
FACTUM FOUNDATION LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Trustèos None of the Trustees lor any persons nnected wth them) r1Ved any remuneration or benefits from the Charity during the year. Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Other pension costs 20.833 917 21.750 A defined contribution pension scheme is made available to all eligible employees. The employer cost of this scheme is shown above. There were no employees whose annual mnerab"On was MO than £60,000. 10 Other expenditure Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted fvnds funds 2023 2023 Total 2024 2023 Other expenditure 19.013 971 19.984 11 Taxation The charity is exempt from taxation on ils aCtivieS because all its income is applied for charitable purposes. 11
FACTUM FOUNDATION LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Tanglblè fixed ass•ts FrÈehold land Plant and equipment Total Cost At 1 January 2024 Additions 26,381 26,381 171,572 171,572 At 31 Dember 2024 171,572 26,381 197,953 D¢pre¢latlon and Impalmient Depreciation charged in the year 3.957 3.957 At 31 Dember 2024 3,957 3,957 Carrylng amount At 31 Dember 2024 171,572 22,424 193,996 Al 31 December 2023 26.381 26.381 13 Debtors 2024 2023 Amounts falling due within one year: Other debtors 14 Loans and ov8rdrafts 2024 2023 Loans from related parties 25,145 Payable within one year 25,145 15 Creditors: amounts falling due within one year 2024 2023 Borrowngs Other Creditors Accruals and deferred income 25,145 3,131 2,70D 4,805 30,976 4,805 12-
FACTUM FOUNDATION LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 R•tlr•m•nt bènefit schèmès 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 917 The Charity operates a defined conlribution pension scheme for all qualifying employees. The assets of the scheme are held separalely from those of the Charity in an independenuy administered fund. 17 Analysis of net assets between funds Unrestrfcted funds 2024 Rostrlct•d funds 2024 Total 2024 At 31 December 2024: Tangible assets Current assetsl{liabilitiesl 193,996 137,663} 193,996 121,5701 16,093 156,333 16,093 172,426 Unr¢$trf¢ted funds 2023 R¢$trl¢ted funds 2023 Total 2023 At 31 December 2023: Tangible assets Current assetsllliabililiesl 26.381 16.050) 26,381 10.043 16,093 20.331 16,093 36,424 18 Related party transactions Transactions with related parties During the year the Charity entered into the following transactions with lated parbes.. 13-
FACTUM FOUNDATION LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Related party transactions (Continued) During the year Factum Foundation London has been supported by its sole member, Factum Foundation for Digital Technology in Conservation. Factum Foundation London has receNed a total of £91.788 in donations lowards its project work. They also received a further donation of £69,500 towards Ihe land purchased at The Cylinders Estate, Ambleside. Factum Foundation London have donated £20,000 towards the Aalto Siilo project in Finland which is being conducted by Factum Foundation for Digital Technology in Conservation. They also refunded an amount of £10,000 which had previously been donated to Ihem. Al 31 December 2024 an amount of £25,145 was owed to Factum Foundation for Digital Technology in Conservation in respect of expenditure incurred on behalf of Factum Foundation London. 19 Ultimate controlling party The trustees of the Foundation are the Charity trustees and $[K)nSible under ¢harty law for the general ¢ontrol and manag8m8nt of th8 Foundation, as règulated by the Charity Commission for England and Walès. The Foundation's sole membèr is Factum Foundation for Digital Technology in Conservation IPreservationl, a not for profit organisation registered in Spain (TIM ESG856148991 with a charitable mission to preserve cultural heritage and technology. 14-