Charlty r•ghtrthn 203770 THE FARINGDON COLLECTION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2023
THE FARINGDON COLLECTION TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru8t•e$ Lord Faringdon KCVO- Chairman R Wheder- National Tn1 RepTesentthe {Apwnted 22 Juty 20221 Th8 Hon. J HrsOn . Tenant O¢>JJpr Laly Farinkn Dnjry CBE F Russell L HoNJernon S•cr•tsry Sham Landor Charlty numb•r 203770 R•glt•r•d ofllc• Estato Offlce Buxol Park F8ringdon Oxlordshire SN7 8BU Audltor Ciiichbys Audlt LLP 88aver Hc¥J8e 23.38 Hytho Bwklge Stre•t Oxfo OX12EP 8nk•rn Uoith TSB Bank plc 8 Markel Place Farin9don SN7 7HN 8oll¢ltOf• Tannern LLP Lancaster House Thomas Street Cirencesler GL7 2AX Invaitment mana9•rs Cazenove Capit 1 London Wall Place London EC2Y SAU
THE FARINGDON COLLECTION TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 5 APRIL 2023 Visitor numbers fell to 34.30812022: 41.1161 for detedabl6 rea$L Other than 8 ¢knp in National Trust visrtors rather than pawng viwtors. The value of investrment lunts dropped by anotl)8r £347,156 durry the to £6.124.015. Incomo romained at 8 8imllar level and b projected to bts malrrtainod durtr¥J 2024. The overall ratg ol relum for th& lunds for thg y88rwa$-3.0% (2022: -8.5%). The Trusle8s 18nt ImrKJrtanl Works to a Va of wblic exhibitrms during Ihe year rnsuitsd in somg of Inl&restlng now s¢holaty rose8rth beirrfJ mad8 8vailalJ8 to lh¢ Twslées. Ouring the y88r Ihe Nomianton Royn (open to thè putrAlcl was refulShOd al 8 c051 to the Trust of £42.507 to cover specialist costs and soft fijmishings. A drgwino of Harrlot Ford$ MaKI by John Fred&l¢k L8w* was purthased by Ihe Tru$t8es and an irnportant LlmeTl¢k 8lher pwof marria9e tongs. a new palntlng by T•ssa Nw)Jmb (RThI Iho GILWtI and a 98rd&n 8culptyrn. Lord C Faringdo Ch•lrman Oate.. t,11.¥}
THE FARINGDON COLLECTION TRUST CONTENTS Chainnan's st2t8m8nt Tru$lee8' rewt Slalemenl of Tws¢o88' rn8pOntsHIII¥s Independent audilorfs repjrt St8temenl of flnancLql xtlvllles 10- 11 Balance sho•t 12 Notes lo the flnandal 8totgmonts 13-28
THE FARINGDON COLLECTION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2023 The Trustw PTesent thelr annual rerrf)rt and fin8n¢yal ststemwts for Ihe yw erhded SAprf 2023. The flnancial statsments have been prepared in acCte with thg a¢AUnn9 policiey set out in mt8 1 10 the flnancial slatemants and compty the Charivs goveming dooJmenL the Charib"es Act 2011 and"Aecounting and Reportlng by Charillès.. Ststement of Recommendod Practice applic8ble to charities preparing th8lr accounts in a¢cord8nce vAth ihe Financial R6wting Standard aAabIts in tho UK and Repuljic of Irdand IFRS 1021. leffective l January 2019). Obl•ctlv•s and actlvltl•• Tha oblact5 of the TN5t Bre lo woservo, maintsin and ImpTOVO the quality and the sottlng of th& F8dngdon Collectlon whèrever It is dlsplayed to the public. At prosenl tt i8 housed al Buscot Park and Brompton Square, London. and made available to the pU1C on rn bss than 104 days per annum, when legis18tlon pgmilts. Tho TTUSt8es have pald due regard to guKlancg by the Chartty Commlssion in decadln9 whet acts"vitie$ the Charity should undertake for publlc bonefft. Achl•v•m•nts and p•rforni•n In the past 12 m¢)nths the Trustetrs conllnue to •Jd new rtom8 10 the Collection Isllvw and plclur8s} and also gardèn Sculpture. Followlng Rog8T Vlrtos's rètiremonl. 8 new p8rt.b'm8 Curator. Dr Amy Llm. had been appolntsd In Docgmbgr 2022 with a view that tours would be 8¥allable to thg publi¢ from lime to bma. For the firsl Ilm• sin 2019 we had • fvll op•n soa wrth h$0 and gardens belng optn from April-sept Igarden$ remalned tsn unlll Ihe rnidd of Octcthrl. Vh8itor lIS18ct 800rn to be m8int8in8d. Th& Tru$t8es r•viewed the porfownan¢8 01 th• Invgstm8th POrtlolK• and bglltvod 11 to bè sausfactory under th• currant dlmat¢. Flnan¢lal r•vlow Totsl incom• frjr the ye8r amounted to £288.473. an irbyease of £33.647 over tho yevknus year. The hou$• and tearoom reopenod at tho end of 2021 lollowing the Covi&19 p8nd&mi¢. and was OP8n from Aprfl to $8ptgmbeT 2022 la full sgasonl. Total exp8ndilura amounted to £316,986, an Inu¢ase of £88.967 over thg pou8 year. See note 6 for d8tsil$ of this Incr¥ase. This ¢r8ated net expendlturè for tho year of £30.513 ¢xJmpaTed to not Inc4m of £21,065 in 2022. The market value ol the Tnjsys invoslmgnl portldio was £6.124,015 at 5 April 2023. Thore was a net loss on revaluation of the portfol of £347.1S6. Invé8tm•nt pollcy and prfommn The Trustees believ8 Ihe be31 way ol proleth'ng the purchasing power of thg gndowment fvnd 18 to seek Out intemaiional equitses with prospe¢ts of a hjwrè rising stream of income in the belief they will give the fund a superior ratg of total Tetum over the lorvJ tèrm. In tho year to SWI'I 2023. tt)e over811 Itolal) rate of retrjm on the Portfolio vrds -3% (2022.. 4.5%). The Trustees COnser the capitsl value of th& investsnerrt monles18t £6.1m} is appmpri8te and Ihe performance ol th& funds remains 3atsstsctory in the cjjffellt rnarttet CCrfKlrtlons.
THE FARINGDON COLLECTION TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 R•s•No• poIIcy The purp08e of the 8rowMent fund$ ts Io generate svffio.ènt annual Irne lo better display the chattels and the funcuonal pr¢)rty lo the public, to maintain. administer and insure thom. and rf Fxwible, to Improve thtsm. Under the Trust Deed lh8 chattels may not be T118&d to dafr8y th8 gerwl runnir¥J ¥xpenses of tho Trust, but may b& Ilsed to Imprw the Collaclx)n. The Tnjstees. policy is not to build up any Ineom8 roseryes but. ovar any three year p&riod, to expand all Income garterated on tho definad objectives of th9 endowmènt fvnd8. Any capltal appr8clatlon Is treated as innation proteclion to th• wrchasing ptrwer of the permanent 8nd0ent to Wp maty)tsln its'reaf In¢)Jn8. and hop8fiJlty, to allow rt to k8ep pace with th& intematKJnal market prlco of chatt81$. Endowment fijnds totslled £6.124.015 at 5 N4JrH 2023 {2022.' £6,492.621). arKI Unrestri fur3 totslled £1,784,27812022.. £1.789.5991. I1k m•nag•m•nt The charity Tru318os have c4)nsid8red th8 major risks to whith Ihe tharty is axp089d and h8vo rav thts8e risks and ostsblished systems and procgdures to manag8 thoso ri3k& The Trustees ¢on8idered th& lolkn•lrvJ ri8ks'. Security of the CollKaion Insuran ol the Collectk)n Public rtgks an¢J Publk Liabilty cov•r Suitability of Investmént pJrtfolio Had profes$lonal survèy and reports on- Asbestos wthin the Houso Elè¢tn'cal Tasting W8ler Tank And water supply report Humlty and Environmonl Contr Tree InsFecttons bl dl Pl•n• lor futurn p•rlod• The Trust wll continuè lo presgrve and improve the Farlngdon Collldion arml Its settiry lor tha publ1¢ and acqulr new items when apprwate opporlunrts arisè. Strv¢tur•, gov•manc• and manag•m•nt The TnJs1 is an uninccwlratJ Trust, CStIlu18(l under a D•8d of Git dated 9 November 1956, and Settfement, dated 24 ma 1958. The origlnal property of Ihe Tnjst was Ihe Collection of chattels and a parnanent endowrngnt fund, vA)l¢h subsgquently r8colved further gifts of chotttls. pwrty aThJ endMnI fijnds. The Trustee$ who 8eNed during th¢ year and up to ts dale of slgnature of thè finandal slatem8nls were.. Lord F8ringdon KCVO- Chaiman R Wheelar- Nation81 Trust Repr88entalve Th& Hon. J H8ndgTron- T&n•nt Owfi•r Lady Faringdoft M Drury CBE F Ru88ell L Henderson <A1red 22 JY 20221 The Trustees keep thoir sklll requirements under review. and. in the évent that 8 Trusteè pemian8nUy retires or addity'onal nsw Tnjstees are required. new Trusteès will be sovght and a final de(isKJn on $elecIn will be tskèn by the existirtg Trustqes.
THE FARINGDON COLLECTION TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Th6 Trust is managed by a board of Trustees. The TnJstee8 meet forn[ once a year at one of the srtes 8t which the Collecknon is displayèd, wherè thtsy agree the broad strategy and areas of lor the TfusL induding consideration ol investment. raserve5 8nd risk management pth¢b8S and performAncg. The wovisions of the governing deed specrfy the appointment of thr88 Trustees- the Lud Faringdon of the day {Chairm8nl', the ten8nt cl Buscot Park or his representativ* lcurT8nY J H Henderwn)" a representatÈve of the NabonBI Tnjst Icurrentty R Wheelèr}. Further TnJ$tees may be ¢wpted. as required. is no liNIt on the I9th of s8Mce of any TNstea. Tnjste S, Teport was approv8d by ths Board of Tnjstw. Lord Faringdon KCVO Chalrnian D8t•'.
THE FARINGDON COLLECTION TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5APRIL 2023 Th8 Trustees 8re r•sponsible for prep8rirvJ the Tru8tee$' Report ano the fInanC stst8ments in acc4Jrf8nce wrlh applicabh law and Unite(I IQngth A(nting Standards (United Kingdom Generalty ApIed Accountin9 Practic9}. The law gw)lic8ble to chanlS8s in EnglaNJ and Wales r8ouir8s the Trnst$ to prepare finandal statements for each financial year which give a true and fair $W of the stste of affairs of th8 Charfty and of the incoming resources and application of rescwrc8s of thè Ch8rity for that yw. In preparing these flnan(aal statemgnls. the Tru8lees required to.. - seleet suitsble ac¢ountlng polkies and t1 appFy Ihem consistenlly.. - obsgNe th& matheds ar rrrindplos In lh8 chWit SORP,. - makejudgements and gskn"m8188 th81 are reasonable and rxud8nl', - State wh8thw appllc8ble 8¢cwnting standard8 have been folhJvMd, 8ubioct to any matorial dpar¢S dl8¢108ed and oxplalned In finandal 8tatgmonts', and . Prepare the financial $talements on thè going c(cem ba8is unl88s ri is inapprok)riate to pre8umg th81 thg charfty will continu& in Operan. The Tru8te•3 arè responslblg for keen9 suffiryent accountsn9 recortJ8 that disdos• wth reasonabb accuracy 81 any time th• finan¢lal posrtKsn of th Charity gnd enab Ihem to ongjre that th8 finan¢ial statements ¢omply with th$ Charitses Act 2011, th& Chorlty IA¢counts and Rawrtsl RegulaIn$ 2008 and the provisi(ms of thè trust deed. Thty are also re8ponsie for saleguordlng th6 assets of tho Charity and hence for taking w8onablg Steps for th• preventSon and d8tethon of fraud and othw irrtyularltye8.
THE FARINGDON COLLECTION TRUST CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FARINGDON COLLECTION TRUST Opinlon We have audfted the llnancial statèments of The Faringn CoUèction Trust {the'CharlVI for the year ended 5 Apfil 2023 which Comprise tt)e statement of financial actiwlies. the balance sheet and notes to the financsal stal8ments, including significanl accounling Fdity6s. The financial rèkyting framewoth that has been apd in their PTepaTation is opplie4ble law 8nd United Kmgdom Accounbng StaThJards. induding Finanual Reporting Stsndartl 102 The Fln8ncial R8porting Slandard appfycable in ¢ho UK and RepublK of Ir8land Iunited Kingdom Generally Accepted Accounting Prath'cel. In OUT opinion, the fin8nciol $tat8mants'. glve a true and fair wew of th# stale of thg chartls affatr8 as at 5 April 2023 aTrJ of Its Iring resources aTh 8pplie4kn.on of rasour¢8s, lor Ihtr year then ended., have b¥en properfy prepornd in acwdancg Unitod Kingdryn Ggnorally Accep ArLwntlng PradKo.' and have been prepar&J In accordance wlth the wulr8m•nts of the CharfllesAct 2011. B••l• for oplnlon We ¢onducted our audit in accordance wth Intem8lon81 Stsndard8 on AlIf1ra (UK) (ISA$ (UKII and appllcoble low. Our resp)nslbIlikn under th slandards fvrther des¢ribed in th6 Audltols rn$ponslbiliti&s lor th8 8udlt of the flnanci81 slatemtrnts Section of our report. We are indepandent of the Charlty in accordanc6 Wrth th• ethical raquirem8ntS that arg relevant to our avdlt of the financial slatem8nts in the UK. Including Ihe FRC'S Elhlcal Standard. and wo havg fulfilled our oth8f ethKal rwonsibllities in accord8nc8 wllh thes& requirements. We believe that Ihg audlt evklencè w• have obtsinod Is sufficionl and 8ppropriato lo provid& a basis for our oplnion. Concluslon• r•latlng to golng ¢on¢•Tn In audlllng the financial $tat8monts. wè hav• conduded tho1 th• TnJ8t#88' u80 of Ihe goirrfJ concwn basls of accounting In Ihg preparailon of the flnandol statements is approprlats. Basod on thè worf( wa have p8rf¢m)ed, we havo nol Identsfd any matèrial uncèrtainties ralatlng to avonts or conditlons that. Individually or ¢ollectfv8ty. may cast significant doubt on tho Charity'$ Bbillty lo o)nllnue as a golng concem for a period of at least Wve months from vthen the financsal st8tem8nts arè authorised for Issue. Our resp)nsibi16tl8s and the respc¥)sllrtleS of the TnJ$tees respect to going ¢xInrn are d•scrlb8d In th r8levant sections of thLs rgporL Oth•r Inforniatlon The other infomalion comprises the infonnaticffl Indud8d In the annual report other than Iha fin91 slat8mgnts 3r our auditorfy report th¥reon. The Truste83 are resFrt)nsible lor thè other Infoml)n cont81n8d wilhin the annual report. Our oplnion on the finandal ststem8nts doe$ not cover tho other infrntth do not ¢xprtrss any form of assuran¢8 cOndusn thweon. Our responsibilty is to re8d thg other infomallon and. in d¢Thng so, ¢SIder vthgther the other Infonnatlcn 1$ malarially In¢on318tent th the finandal ststements or our knovAedge aind in tho course of the audlt, or otherwis8 appears to b8 materi811y mlsststed. If we identfy sJJd) material in¢J)nsi$ten¢i8s or apparant material misstalements, we Bre r8quired trj detemine ether this gNes rise to a matgrial misstatem8nt in the financial ststements Ihgmselves. If, based on the work have perfomwd. w? cdud8 that thwe is a material mls5tstemgnt of this other Infom0, w6 ar9 requlrwj to rèport that fact. We have nolhing to rew1 in this rega.
THE FARINGDON COLLECTION TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FARINGDON COLLECTION TRUST M4ttfrrs on whl¢h wg ar• T•qulr•d to v•port by exc•ptlon We have nothing to repcl in resptrc of the following matters in rd81ion ¢0 the Charities {Accounts and Repts) R&gulations 2008 require us to report to rf. in our opinion.. the infom)ation given in the financ4al statements ts inconsistent in any Ma131 respe with the Truste88' port., fx suffl¢ienl a(£ounting reCS have not be8n kw. or the finoncaal stst8ments are not in &JreeThnl Mth the 8<#xunting reKA)r(ts'. or we have not r1ved all the infom11 and exrAanations we require for ouraudlL R•sponsibllltles of Trust••8 explained mor8 fulty In thè statfjment of Tnths. ro$rKSOtrAAIfje5, the TnJst8es are r8sponslbl8 for tha preparation of the financial statements and lor being Satisf thal thtry give a true and falr view, and for such Inlèmal ts)ntrcA as the Trustees delemiine is necessary to enable the preparation of flnandal statements that are free from material misstatemttnt. whether due to fraud or grror. In preparfng flnandol stst8ments. th? Trustfjes arg re8pon%bl8 a88e8siNJ the Charitys ablllty lo conts.nue as golng conc8m, disclon9. as apklitable, mattws retate<J lo going concem and using the goin9 conctsm basls of a¢¢ountlng unle88 th8 Trustees èrther intend to ase operations. ty havè rho reallth alt6rn8lv8 but to ¢Jo 80. Audltof r•$poni1bll1 for th• audlt of the financi•l lat•m•n¢• Wo hav6 been aprKinl8d as audllor undèr Sect 14S of the Charfties 2011 and r•wrt In olxordance th the Act and rg18vnl r•gulation$ made or havlng eff0Ct thernunder. Our obl8CtiS arg to obtain reasonabl8 assurnnco aboui vthethw the finaThxal 8tslemgnts as 8 wholg are fr9& from material mi531at•m&nt, whether fjue to fr8ud or trrTor. 8nd to wue an 8uditols rep)rt thal Indudes our opinion. Reasonable assuranc& is a hyh level of assurance is Mt a guar8nle8 th81 an audil conductod in accordance with ISAS IUKI will always delect a m8lerial miSStatenI when il exists. Misstatements can 8rts8 from Iraud or error 8nd ar& ¢on8idfrd material il. Indfvidually or in the aggr8gata. they coukl rooaY be gxp&ct8d lo Infiu&nce the ecorKJmtc dadsior of usw3 taken on the basls of finaThJal st8lements. Thè extent to which our rKoc8dures arg capable of detecting iwknties. Inthdlng fraud, 18 datslled bel¢)W. Our appmach to identlfyiftg and 888essing tho risks of maten.al missl8t¢ment in rospgct of trwularil, IlUdIng fraud and non4ompliance wiih18ws and wulations, was as fc41(Y•VS: . the •ngaggm•nl partner ensured that th• engaggment teom had th8 appropriate compotence, capalI1F•S and sknlls to entsfy or recognise non-comF4Ia wrth ap[Alcab law8 and règulahon8,' we idenbfied the laws and rggulalions applicab to tho charfty throLyh di8oj9ons with Truslo&8 and other managenwnl, and frcffn our commo¥al krnwledg• and 8xperienca ofthe buslness s•etor we focused on s¢C laws and rngulation5 which we considered may have a dlred m8lerial effect on the finandal 8tstem8nts or the operalNs of the charity. ind(Kling Ihè Charities Act 2011.. . assessed thè extent of compliance with the 18ws and regulations thntifigd above through making •rquirl8s of management and IrpClI3 gaI oJrrnsponden¢e', and klenlified laws a1 regulatkms ware communKat•J WTthi the audit team regulamy and the team ramainod alert to instance8 of norFcompliance thwhoth the audlt
THE FARINGDON COLLECTION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FARINGDON COLLECTION TRUST Wè 8ssess8d the syscepts.mity of the ch8rity'5 financ1 Stalents to rnat8n.al mlssl#ien. including obtaining an understsnding of how fraud mlght c¢cur. by. ma'n9 enquirigs ol m8nag¥ment as to where they o)n5idored Ihere wgs susceplblllty to fraud, th8lr knowiedga of actual, suspeded aryj alleged fraud". and ¢onsidering tho Intomal c4)ntrols in ploC8 to mlttgate risks of fraud and nwvcompllanc8 wilh laws 8Th regulations. To addre thè rf8k of fraud through manageThnt blas and ov•rrido of controls. we: . pfjrfomed 8n81yUcal pICeduleS to idenbfy any unusual c uneyded ra1alknshl'. tosted loumal 8ntri88 to Idenllfy unusual transactkn$'. 088es8ed whether judgements and 86sumWY made In dètsnnlning ac£ounting èsUmats8 w6ro SndlcatNe of potentsal ts'as; and Invfrslig8led the Taonal8 bghlnd synificanl or unusud tran88ction$. In response to the risk ol Irregulanile8 and norpIlOncP 7hith 8nd regutr, wa d&$igned p0dur8s which included, bul were not limitsd io.. . agfeelng fin8ncAal ststom&nt dlxiosurns to undedyrt 8upwOng &)Ujm•ntat. . readlng the mlnutos of meetings ol those char9ed with govèmanco: enqulrfng of monaggm6nt as to actu81 aTrY potential Ilbgalfion arhd dalms: and . revlewlng COTrewond8nce th HMRC companls legal advl8or8. Th&r8 ar& inhgrent l1mltatlS in our avdii procodurgs descJib8d above. The morg removed that low8 and rogulaknons are from financial transadlons, the less likèty il is that we vnuld become 8waTr of nonacompliance. Audrting Standards also limit the 8udil procdure3 requirnd lo identify nOnnl8nce with laws and rogulations to gnquiry ol the Tnjsteès and other manag8ment and the Inspec1 ot regu18tory and legal ¢orre5pondence, il any. Malerial mi$st8tgmonts that ari90 duè to fraud ¢gn be hardar lo d•tect than trK)$0 th818rlse from error 88 they may involve t1ellberat8 concealment or collusion. A further dèscription of our r&sponsibilib"fjs ts availablè on thè Financi81 ReportirvJ Clnd1'S web8110 al: https'.11 www.tr¢.org.ukJauditorswponsibi1iti'os. This desulplion fomis p8rt of our auditovs report. Your attention is drawn lo the lacl Ihat the chailty has prepared finand818iatsmonts in accordance 'Acwunling nd Reporting by Charilies.. statent ol Recommended Practi applicable to ¢harits"ès preparin9 their accounts in accordance wth ihe Flnancial Reporting Stsndard appluble in the UK and RepU1C of Ireland IFRS 1021" las 8mendedl in PTelèrence to the Ac£oLsntiTKJ and Reporting by CharTbes." Statement ol Recommendad Practic8 issu on 1 April 2005 which is refeffod to In the extanl regUllOnS trrtrt has now b•en wrtraVffi. This has b88n dM8 in 0eT for the finanrial statem¢nts to pwde a true and fair yithv in accordanc• wth current Ganeralty Alepted Accountin9 Pti.
THE FARINGDON COLLECTION TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE FARINGDON COLLECTION TRUST U$• of our rnport This report is made solely lo the Charitys trustees. as a bW, in aceordance with part 4 of the Charities IAccounl$ and Reportsl Regulations 2008. Our audrt work has been urKlertaken so that we might state to the ¢harity's Injstegs those matters we are required lo state to them in an audit(xs' report 8nd for no other purpose. To the fullest ext&nl pwmltted by law, wg do not accfjpt or asm responsilylity to anyone othèr than tho Charfty and Ihe Charity'$ Irustees as a body, for wr audlt work. for this reF¥wt, ry for Ihs own$ we have fDmHJ. Crltchl•y• Audtt LLP 6111123 Charter•d A¢count•nt• ststutt)ry Audltor 8eavor Hou8e 2>38 Hh8 Bridgg Street Oxforts OX12EP critchIe Audtt LLP 1$ eligitde for apFdntm8nl 88 audtor ol the Charity by vlrbjg of tt8 elvJlblllty fc appolntmenl a$ auditor of a o)mpany urKler sectJn 1212 of Ihe Companle8 Act 2c.
THE FARINGDON COLLECTION TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 Current finan¢lal yoar Total Total fund¥ 2023 funds 2023 2023 2022 Inc CharitstAe aCtivitS Other Ir8dlng 8Ctivlti88 Investmtrnt$ 69,403 69,403 36.395 43,028 173.403 172.526 172.526 252,826 Tgtal Incom• 286.473 286.473 7.240 Roising funds 6.300 6.300 220,779 Charttablfj advlties 310.686 310.686 228,019 Total •xp•ndltur• 310.686 6,300 316.986 Net galn8111os80$1 on Investrnnts 11 1347,1S81 1347.156) 1716,1451 N•t outgolng r••aurc•• b•f¢r• tran•l•v• 124.2131 {353.456} 1377.6891 {15,150) 1891.3381 Gro88 tignsfers botsYe8n fur¥Js 15.150 N•t mo¥•m•nt In fvnd• 19.063) I368,) 1377,669) 8,285.962 1691.338) Fund balances at 6 April 2022 Fund b•l•n¢•• at S Aprfl 2023 1,793.341 6,492.621 8.977,300 1.784.278 6.124,015 7.908.293 8,285.962 The slatement offin8ndal aCtiw1 indJe$ all gains and losses rwniwj in th• ye¥r. All In¢ome and expenditure def0 from Conulj advlll6s. io-
THE FARINGDON COLLECTION TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR ThIE YEAR ENDED 5 APRIL 2023 Prtorfinanclal yoar Unrnstrl¢tsd Endowm•nt fun fund• 2022 2022 Totsl 2022 Charitable activiti•s Other tradlng actlvlttes Invèstments 36.395 43.028 173,403 36,395 43.028 173,403 Totsl In¢om• 252.826 252,828 Ral8lng fiJnd8 7.240 7,240 CharStable activlbes 220.779 220.779 T¢)tal •xp•ndltur• 220.779 7,240 228,019 Nel gain[10$$•SI on Invgstrn8nts 11 1718,1451 1716,1451 N•t outgolng r••our¢•• b•toro tran•f•rn 32,047 1723,3851 1691.3381 Gr08$ tran8f8r8 between fvnd8 (loo) N•t mov•m•nt Sn fund• 31,947 1723,285) 1691,3381 Fund b8larbc8s 916 Awll 2021 1.761,394 7.215.9C6 8.977,300 Fund balan¢o¥ at 5 Aprll 2022 1.793.341 6.492,621 8.285.962 11
THE FARINGDON COLLECTION TRUST BALANCE SHEET AS AT 5 APRIL 2023 2023 2Q22 Flx•d 1•8ets Tanglble assets Heritag6 ass&ts Invostmonts 41,384 1.649.527 6.124.015 39.088 1,588,420 6,492.621 13 14 15 7,814,926 8.120.129 Current •••ts Stocks Debtor3 Cash al bank and In hond 16 17 28,039 75.4S5 22,592 29.360 99,100 61,963 126,086 19),423 Cr•dltor•: •mount• falllng whln on• y•ar 132.7191 124.5901 93.367 165,833 N81 current ossets 8,285,962 Total ••wt% l••• currnnt IIAbllltl 7.908.293 Caplt•l funds 8.492,621 G6n¥ral ondowmant funds 6.124,015 6.124,015 6,492.621 Pefmanenl erKlowment Expond8ble èndowmgnt 8,492,621 6.124,015 6.492,621 20 8.124,015 Incom• funds Unrestri¢l8d funds 1.784.278 1,793,341 7.908,293 8,285.962 The flnan Igments wern approved by the Tnjstees on ..l....I r: IS.... Lord Faringdorb KCV Chalrman 12-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Aecountfng pollelo• Charlty Inforn?•tlon Tha Faringdon coNedl Trust is an In()rpcK?1 charity wi$lknJ in EnyLqnd and Walos. Its reglstered offJc& is.. The E$181e OffTh. Bus¢ot Part Fariryth, Oxford$hire SN7 8BU. 1.1 A¢countlng ¢onv•ntkbn The finanaal 5talements ha begn prgpar8d in 8ccord8nc• 7Mih the ChariW8 govemlng documont, the Charib'8s Act 2011, FRS 102 Yhe Financial RewtirrfJ Standard applic•ble in th& UK and R$pLtblic ol Ireland. I'FRS 102.1 and thg Chanties SORP .Aunb"ng and Raporb'ng by Charib"es.' Stattrrrpellt of ReL¥xnmènded Prath'c4 8ppli¢abla to tharits6s prep8ring their accounts In acu)rdance wrth the Financt81 Reportin9 Standard applic&blg In th8 UK and Repubjic of IreL4nd IFRS 102}'1off¥cb've 1 January 20191. Tho Chanty 18 a Public 8•nerrt Entsty as deflned by FRS 102. Thè Charity h88 t8ken advant898 ol the pro8)r in thg SORP for catitlo8 not trj prepare a Stat8m8nl of Ca8h Flows. The finanLi81 statements have depart¢d frorn ihe Chaiilies IAccwnts •rKI Report81 Regukqkns 2008 only to thè extent required to provkye a Irue and lair vw. This departure has involvgd following thè Statement of Recommended Pra¢tOce for charitsgs applying FRS 102 rather than Iho version of the Statement of Re¢ommond8d Pra¢tico vknich fr8 rofelred to In the Ragulalknn8 but vA)lth ha8 Sinrkn be&n withdrawn. The finan¢k91 ststements ere prepared in stsrting. whith 18 th& functsMal currency of the Ch8rity. Mon&lary amount$ In thèse fin¢181 3tatsments ar• Tryjndod to tho near•8t £. The ItnanrAal sL7t8ments have be prepared under the histcl cosl convention, modlfi&S lo Indudè Ilsle(I Investmènt$ 81 fair value. Th& prlnupal 8¢countsry pofi¢B adopt•d aro sel out b•kn¥. 12 Golnq conc•m At the time ol approvlrvJ th8 fin8ncTral statom. the Twstees have 8 reason8tAe expethlion that the Charity ha$ ad8quat8 resources lo contsnue in 0p8ralKjn existence for U)e foresè&abl& fiJrts. Thus the Trusl88s continuè lo adopl the golng concem baws 0faconbrJ in pYgparirKJ lh• ftnawal stst•menls. 1.3 CharFtsble fvnd• Unrestricted fund$ ara avail8b for use al thè (fwallon of the Tnjstsos in fiJrther8n¢e of Ihgir charitable objectivos. Income from the capital fund may be for tharItab exp8nditure. Howgver, the part of the capltal whlch 18 a pwmanent endowment (ie. chattel$ only) cannot be used to defray wnning costs. 1A Income All incomlng re$ouTce$ are recognised oncè the Charity has entrdernent to thè res(xJrces, il Is certain that the resources will bè receivgj and thg rmwary value of brKomitvJ rgsow¢e5 can meawred wlth sufficient rgliabilty. Rgntal in¢>Jm8 rec¢ived relatit¥J to tho next finaal year is carriJ forward in tred1t0. Income from charltsbl• aclfvltlès The inccme from Charitab activities represents the of giidètrmjoks and postcards. Ic#Jether with tearoom and CollÉction openlng sales Vthith form an intsgpal part of inwme from the opening of the Collectlon to the public. 13-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 {Contlnuedl A¢¢ountlng poll¢l•• 1.5 EXndbtUr• Liabilities ar8 rec¢oni3ed as reSoUrS expen¢Jed as soon as ther8 15 a lagal or constrLbcb"ve obli9ati committing the charity to the exFnditure. Al expendilure is accounted for on an a¢cruals basis and has bean dassified under headings that aggTegale all ¢osts reLqtirwJ to that category. These relate to intmOnt managwn8nl fees are r8rAJgni8ed on 8n ac£Nals basis. Exp•ndlturo on ¢harltablè actlvltlos Cost$ of charttsblo acts"wlies relate to the c4)st of pre8amtion. melntwnce. dlsplay #nd the 5ettlng, In¢ludlng any enlargement or improvement of Ihe Colkthon chaitels, as well as visltor costs which Include 50% of the klosk, room steward and I189 htatiro oullays. a totsl cost ol land Tetum from) Djnnlng 8 leartsom for the public. Gov•man¢• costs Goveman¢8 costs comprise all costs Invomng the publlc accountabity of th8 charity and its compllance vAth Tegulalion ar gwd pr8dco. Thosa costs Indud& Ihose relat8d to $tstutory audit and any1gg81 fe8$. Irr•cov•rabl• VAT Irre¢overablo VAT Is tharggd agwnst th8 c8twy of U[c8S expan(1od for whlch It W88 Inrrnd. 1.6 Tanglbl• Ibx•d ••••ts Thesè represont fixod assèts uwj In •Jministrallon of th• Tru8t. Deweclatlon Is recc9nlsed so as to wrtto off tho rJ)St or valuallon of awts1086 Iholr resldual values ov•r thalr U8é1ul IIvo$ on Iho following ba6.. Functional fr8eIld PrOrty Fixture$ and fittings Ttraroom pavillk)n Tenant's Improvtrmènts Thèatre fixluras The galn or Ioss 8rfslng s)n the dlsposal of an asget Is d8tomined a5 the dlfftrnnc8 beThn tho salo procaads and the Carrylng value ol the asset, and 18 recognised Sn the slatement of fin8ncbl adMIios. 10%- 33% pw afinum on Cost 10%- 33% per 8nnum on ts)st 25% per annum on rxjst 10% per gnnum on cJ)st 25% per annum on cy)sl Functlonal fr••hold prop•rty The hjnctional property relates to 28 Brompton Square. Lond. SW3 2AD, whera part of tho Collectlon axhiblted (ground floty, fitst Iloor, second fl¢}. Wthin the propwty thère are apartfflonts whth 8re Igt out to thipj p8rti8s. The prop¢rty 1$ Induded at its ortginal cost in 1952 01 £10,0. No depreclatron is charged a8 Itlè lilè ot the proFéty is long and its residual valu8 Is 80 high, any depTecA8tion would be inswificant. 1.7 Herltsv ass•ts Heritoge 8s59ts comprise all the chatte15 and rJrks of art as itemi59d in the inventory bdonging to the F8ringdon Cdlethon. Thls consists ol approximately 1.500 items of which aFvroximately 750 aTe plctures. In addition there are various othor items on k)an Irn the F•rlngdon IHmily. Th8 original endovm7tsnt of assets in 1956 is not valuthl in Iho accounts since its value is unknown, but subsequent additions haye been 11$ad * t. The herilage assets arè not depreuated, as Bny dèpreciation would be immaterial. 14-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Attountlng pollel• Icontlnued) 1.8 FIX assèt invoStm•nts Flxed assèt invèstments are inllially rneasL at trarwth"i)n pri exdudlng tran8action costs, and 8re subsequtIY measured at fair value at each K)rling (late. Changes in fair Val arg reo)gnised in net incom&lleynditurel for the yeai. Transact costs are eXs as irM)Jirfjd. 1.9 Impalrni•nt of flx•d asut• At each reporting end date. tho Charty revws th& c8rying amtyJnt8 of its tangible assets to detormlno whethar thgre Is 8ny dIcation that Ihose 888ets have suffed an imp8im)ènt loss. If any $uch Indication exlsts. the raVerable 8mount of the 8$set ts eslimate¢J In cder to dei•rmin• tha oxt8nl of the impairmènt loss IW any). 1.10 St¢ck• Skncks are stsled al bwer of cost and not babIe value, and represont th8 ¥1 of guldebook8, PO8lcard8 and tearoom supplies. 1.11 Cash and ca$h •qulval•nts Cosh and cash equivalents irtdvde cash In hand. d&Fots hèld al call banks. other short-temi Ilquid inv&stm¥nts th oThJinal Maturities of three frnthS or18$8, and bank oTraft6. B8nk ovèrdr•fts are shown withln borrowlng8 in tyJir&nl liabil8$. 1.12 Flnanclal In8trum•nt• Tho Ch8rtty has electod to 8PPty tha prowslons of Sfjctlon 11 'Basic Flnan¢ial Instruments, and S•ctton 12 '0thgr Finandal In3truments Issues, of FRS 102 to all of its finanoal In$trum8nts. Finandal In8trLtm8nts art rfj¢ognSsod In Chaltys b8lar)c• sh88t vknen thé Charlty bocomes Pgrty lo the contr8Ctual provisions of th& Instru1. Financial assets and Iwbilhles are offset. th the net amounts presented In the flnondal stal&monts. when there Ss a legally enforceaL•le right lo set off the recognlsed arUnts and there L8 an Intention lo sottle on a net ba8 or to re811se Ihe assel and settle thè lbilty simultaneousty. B•8k flftancl4l•ts Basic financt81 assets, whlch indude debtorn arKI cash and bank bolan. ore inltially ma88ur8d al transacllon price IncludiThJ transadon costs and arn subs8quendy carried at amortised cost u&ng th& effa¢tiv interest method unless arrargemenl conslrtutes 8 financing transacb"on. Whe the transactfon is measured al the prasènt value ol the fijIu rewpts discounted at a mwkel rate of Interest. Financial assets classlfled as recelv8ble wrthin one year are not amoltised. 8•¥l¢ Iln•nel•l Il•b•liU•s Baslc financial lbilItIS. induthng Credito and tsk loans are inilially r8cL)nls8d at transadon prfco unlèss th8 arrangent constitutès a financlro transaction. where th• d8bt instrumènt is measured at the present value of th& future payrnents discount8<1 al 8 rnarkel rak of interesL Finar1 Ik8bil+ties classlfi•d as payBble tn one year are not amortts8d. Debt instruments are subsequenty cwrred al amot1ised t using Ihe effethe Interest rate method. Trade crgditors are OblalK)nS to pay )dS or services that hav8 be wuired in the ordlnary course of optrratlons from suppliers. Amounts payable are classffjed as ujrronl liabilib.gs rf payment is due within one year or le88. If not. they are prosented as nowurrent liatxlitiès. Trade creditors are re¢ognised initially at transartion rrice ond subwuendy mo8sur8d at 8rncffbsed cost using the effective interest method. Derncognltion of ffn•nclal Ilabllltles Finanoal Ilabilit are d*eccoJni¥ed the charis £atra¢#ual 198t)nS ewre or 8re discharged or canlled. 15-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 crftlc•l accouTrtlng Mtlm¥t•s and Judg•rnnt• In the opICation of th• Charity'$ accxwntirwJ •s. Trustw are wuired to mako judgèments, estimates and assumptions 8boLrt carrwr¥J amount of assels and liabilib.es thal are not rea¢Jily apparènt from other sources. The estimates aThJ assoclated 8ssumpkn.ons are bastsd on historical experiencè and other facltxs that are )nsidered to te relevant. A(knal resurts may dTffer from thw estimatss. The $stimates and vndortying assumptio re¥ LN) an ongoing basis. R8vlslons to aec4)unting estimates are Tecognised in pericd In vthlch the esllmate 15 revised Wre thè rtvision 8ff8cts only thal peTlod, or In the riod of the rovk8ion ar fulure periods whwe the Tevtsion affeds both currgnl and lutUTe pert<yJs. Inv••tm•nt portlollo The Truslè&s Tety on th8 Inv6styn8nt reports provided by Cazenove C8pital for th• imiestment revaluotitin In the accounts. 16-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Other tradlng •cti¥tti Unr•gtrlct•d Unmtrfct•d funds funds 2023 2022 43.028 Rent frcwn fvncllonol fr8ehohJ proparty In¥••lm•nts un¢t•d Unr••trf¢t•d lund• fund• 2023 2022 172.528 173,403 Incomg from Ilsted Invastments R*l•lng fund• Endoi¥m•nt Endowment fund• funds g•n•ral general 2023 2022 6.31)0 7,240 Investm&nt man8gefs costs 7,240 -18-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED SAPRIL 2023 Charltsbl• 4¢t1v9 2023 2022 Colle¢bon opening costs Tearoom rxJ8ts GuIdebkS 8nd postcwds 259.286 42,117 3.459 195.034 19,279 1.222 304,842 215.535 Sharn olgovemance cx)sts (see note 81 5,244 310,688 220.779 Cotlectbn op8ning costs induda the foliovhng." 2023 2022 In8uranc8 Grounds malnlenance Houw m8intonance Alams 8nd $8curlty Inventory costs 28 Bromplon Squ8ro costs {dgtai* Ldow) Contgnts repalrs Manag8ment fees Share of klo$k and toilet costs. Share of room stewards, wa9es' ShAre of hous& hgattng Sts. Share of publlcity w5ts' Sharo of websSte costs. Custodian lees Other ¢0118th"on ¢)pening costs 51,338 24.000 22,885 4,928 11,768 41,623 7,185 12,000 5,947 7,645 38.672 2,071 439 12.352 16,413 48,578 24.000 4,135 4.299 11,299 27.385 6,438 12,000 4,735 4,258 17,355 2,526 467 12,038 15,521 259,266 195,034 heso 0)sts shar&J 50% wth Bu8CQt Part( House heaJrKJ costs Indude somè costs for pro0 yearn COvn9 the period December 2021 to March 2022. Invtyce$ Te¢etved lats from the su18r. 2023 2022 Brompton Squar• ov•rh•ad• Maint6n8ncè Security Wages Flat c¢)sts Contents repair Insurance Management charge {cornmlssion edltl frDm renf21 income) S8tMce tharg 14.474 2,142 2,930 581 680 6.952 8,864 2.155 1.735 3,195 144 1,616 4,979 8.561 5,000 41,623 27,385 19-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Gov•Tn•nc• ¢o•ts 2023 Govemanc& costs 2022 5.244 5,244 Audit le85 5.244 5.244 Analysed boten Chari18bl8 adlvitss 5,244 5.244 G0MonCe costs indud&s PayTMnts th8 audiW8 of £5,844 (2022- £5.244} for audit le88. Tru•t None of the Trustees lor any lson9 ¢mi•ctsd wlth them) r•cdv&l any remuneratlon or b8neflts from the Ch¥rlty during th• year. 10 Emplay••* The Ch8dty èmployed 1 part-tim& staff In th6 kiosk and 4 part tlme staff in thè t•aroom on a 8aa$onal bas1$ 12022.. 2 in th& ki08k ¥nd 1 in thè tearoom), all eaming 88 than £10.0. It also omployed 8 part tlma staff as room stew8rd8, and ona port tlmo curator from l)ecembor 2022. There ww8 no employeos whos8 annual rgmuneratim was than £60,(I)J. 11 N•t galn81(lo•••s) on Iiivotm•nt• Endowm•nt Endowment funds funds g•n•fal gèneral 2023 2022 Loss cffj r8valu8tion ol investrngnts 1347.1561 1716.1451 12 Taxatlon Th8 charity 15 exempt from tsx on income and gahns tslliThJ wilhin Secti 505 of the Taxes Act 1988 OT Soction 252 of the Taxation of ChaTg8abl8 Gains Aci 1992 to the oxtent that these arn applled to its charitable objgcts.
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 14 H•rltsy avJets The natUT• of the Trust is to preserve, display and axplain lo thè public ts inlwited ¢c4ie¢llon tt ovms in $uThoundings of ongoing famity homes. with recent additi5 lo anliven il and to reflect the tastès and possions ol sucwding generabons. In this resFct they have br(NJght tcJether museum quolity pictures. fvrnilure and obj81 d'art from the past with contemporary additn3. to houses at Bvscot Park and Brompton Square whlch are to be available to the publlc 104 days a yaor. A tal09l of the 8ss8ts held is aval108 to visitors to ihe Trust. The heTrtage assets represent the palnllrw, fijmiturn and objo¢1s d'art whi( fomi tho Faringdon Colledon. Brttl8h art, aSP8dalty of th8 19th and 201h cntUrl. Is pgrticularty well represented in the Collecilon. Thè cost 01 £1,664.341 r6lalgS to heritage ¥s8ets purchased sinc$ 1994. The Trust¢es have not recognised the valug of the a8sgts fomiing the ortglnal CO1 In thè intarests of secunty. Asumm8ry of the movements in hedtsge agsets ovor fv18st five yoafB Is pmvided bek)w'. Y••r •nd•d S Aprfl 2023 John Fr8derick Lewis11804-18761'Harrtg1 Ford's Maid. 1833 p8nc41, block ch81k and water¢olour Fram•- True Vue Musfjurn Glass. conservatk Board ond gildlng Stalnless Stèel Garden SlIpIr& No. 88'Ayla' by Peter m(88 16,000 Dark Oak wocKJ cuNed curtain poles 9,222 Normanl¢)n Bèdroom- ROUS110 wa8V8 ¢Urtains In Venell•n Red, with Nomandy silk crete brald Carpet :_ Rivierg Milano Carpet Tessa Newcomb .'Round the Glu8poV 2022 Antlquo ITi$h Proyinaal sllyer su9ar torys vAth brtghtcut engr8vkn9 M8de ¢1785 by Thomas Burke ol Lim8ric 5.248 14,589 8,304 Y•ar •nd•d 5 Aprll 2022 and S Aprll 2021 No additths Y••r •nd•d S Aprfl 2020 Vi¢torian silver two l)ottlg InkStd E*ato of JLE Smlth F¢otslool lor Normanton Bed Ashot Yan- The Egg Sellor Graham &therlarKI- Homage to Plcasso 950 9.942 3.250 Y••r ended 5 Aprll 2019 Three $taff portraits by Amelia de RougeftWI (Roberfs) Frames for the abow Fortraits 7.500 114
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 15 Flx•d as8•t Inv•tm•nts Ust•d Invetm•nts Cash In portfolio Totsl C¢•t or valuatlon Al 6 April 2022 Nel cash mov6ments Unreallsed losses on wduat 6.311.136 181.485 121,4501 6.492,821 121.4501 1347,1561 {347,156} Al 5 Aprfl 2023 5,963.980 160.035 6,124.015 C•rrylng amount Al 5 April 2023 5.963,980 160.035 8,124.015 Al 5 Ap1 2022 6.311,136 181.485 6,492.621 2023 2022 Investments al falr valuo Imathel prkel corrprt8e'. Llstad 8quittes 5.983.9PJ) 6.311.136 16 8tock• 2023 2022 Guide bcoks, po8tcaYd$ and greeilrKJ cards Toaroom and sundry stock 26.823 1.216 28,193 1,167 28.039 29,360 17 0•btor• Amounts f•llSng du• wlthln on• yw. 2023 2Q22 Tradè debtors Other debtors Prepayments and a(x7ued inoJm• 20,076 28,458 26.921 21,069 20,802 57,429 75.455 99,100
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 18 Cr•dttorn: amount• f#lllng du• wlthln on• yo•r 2023 2D22 Bank overdr8fts Deferred incoma Trade credltors Accrual8 and deferred Income 3,287 3,488 15,017 10.927 19 3,488 12.540 8.562 32.719 24,590 19 D•f•rT•d lThcom• 23 2022 An'slng from ronl rgc8iv8d In advonce 3,488 3,488 Def•rr8d income Is Indudod In tho fin8nc4al stalemonts 4$ follows: 2023 2022 Dolerred Income is induded rfthln'. Current liabilitie$ 3,488 3,488 m0ments in the yoar. Dèferred income 8t 6 April 2022 R8188sod from prewous perto(l$ RosoufW d8fwTed in tha y08r 3,488 13,488} 3.488 3,488 {3,4881 3,488 0gf•Trgd IncAyn• • 5 Aprtl 2023 3,488 -24-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 21 Analysi¥ of net b•lwwi fund• Unrnstrlctsd Endowmnt funds fund• 2023 2023 Totsl UnY•strlctsd Endowm•nt funds funds 2022 Total 2022 FLbnd balances at 5 April 2023 are represented by.. Tanglblg as8ets Herftage as8&ts Investments Current 8$setsl{Ibi1rt1$SI 39,088 1.588.420 8,492,621 165.833 41,384 1.649.527 41.384 39.088 1.649.527 1.588.420 6.124.015 6.124.015 93,367 165.833 6.492.621 93.367 1.784.2T8 6.124.015 7.9)8.293 1.793.341 6.492.621 8,285,982 R•lat•d p•rty tr•nMctlon Tho following relatsd party transact8 rnlate to the Twst property at 28 Bthipton Square. London, SW3 2AD. Summery of Le Dat• of lèa 19 S8pt8mber 196218$ ¥aneLI by Deed of Varfation dat8d 7 Juty 1992) Presant I&nI Sofemove Prop8ty Manapmenl Llmstod lsae note 2281 Torm of18a$a 70 yaars 29 September 1962 (expiring 28 S8ptsmtw 20321 Ground rent £225 r annum Propoty 28 Brompton Squar•. Lond. SW3 2AD Ise• note 22bl 2023 2022 Addltlonal r•nt Gross rent cdlecttrd by Sal$mov• Property Managemont Limitsd Rent from lun¢tional propety (set note 22cl Net rents r8ceivable by TnJ8taes from inv•sbMnt prop Is¢e note 22dl 44.319 43.027 10,000 9.500 35.455 34,467 T•n•nts' ¢bllg•tl•)n• . To pay outgolngs and to provkje • Garetakor To maintain the interior of the Property Not to mako altefations t)ut thè L8ndl¢yd's cSent To use the Property onty 8S to residentiBI pats tor residential pu and tha r8rn8indgr for tompmry lettbngs for luncl Landlord's obllglons To maintshn the ext8riOT and fatm"c of the Prcoerty To insure th8 Property Not to assign or sukFlet savo in rtSt of sublelting for th• ro*ntial parts othor provlslons The Landl hès exdLbsive use of tho Munimènt las defined in the1885el
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 R•latsd p•rty transaction• Icontlnu•dl Ajthwh mana1 of Saf8nh)v8 Prcwty Managèment Limiled is undertakèn by separate proleSsnaI represèntstNe8, Ihe Trustees consid8r thBt they effectively control th& Company and consequ&nUy arrangaments b8hveen Safemove Property Management Limitod an¢J th& Trust80 3uld bg dlsdosed in the ¢harity's ac¢tyJnt$ 88 re181ed party transacb"ons. 28 Bromplon SqLFarn. folkning alt8raUort8 that h•ve been m>J8 to It. (x>mprtses publlc rooms on th& ground, first and secoThd fiwr5 utili58d for the disaY of parts of thg Faringdon Collection Iyha Functional Properf). To facilitate the arrang•m8nts Creat by the leas8 las varf8(I In 199218 letter was issued by th8 Dlrectors ol Saf•nh)ve Propety Manag8nnt L(mlt•d In Jafiuary 1993. In agreèment wrth Safery)¥o Prop8ty Managerrnl Umlw, Lady Farfng was appolnled custodian ol thg FunctSonal Property by thè fnjslees al their meetsng on 17 January 1993. On Ihelr behaK, She is responslble for managing th8 kyoperty for pullic opening on days a week (Tuèsday and Thursday) Induding room steward dub'es. In addi0, 08 C118todian, she 1$ responslble for directirKJ the c4eaning of th& showrooms {and provKling plants and flowers from Buscotl. the mainlenan¢e of tha laryo garden. arrangiThJ the caretaking, security cover and general malntsnance of the collect itself. The88 dut*s. 88nsibty, requlre from tlme to trm8 the provlsion of ac¢ommodakn lo the Custodian Twste8 lo enOe her to discharge hèr respon8ibiliUes propey. 22b As there are limited 0ppnrt18s for the Funth"onal Prc¥)erty lo prov8 Incom8, il wa¥ agreed by the Tru8t098 that all 6ntran¢e foes and any 8ddikn81 incom• re¢eived during thg year from Lady Farin9don. who as Cu8to(%an. and In accordance vth the tem)s of the L8a8e has ug¥d th• Functional Propety as accOrnlatn ro botter (ulfill her dub88 8h811 a¢cru8 to Safemove Propaty Manag8ment Limilad. The TfUSte98 werg d8tormin8d to remove any 8¢1th'118 of d(yJbt about 8ny bonefiis i¢c8ived by any TnMt•è. Accordlngty the Trustees instnjcted the 'roCtOrS of Saf8movè Pr¢pgty Man8gement Limlted to arg6 4 commer¢lal rats for any seNces or benoffts rec8lv8d by Lady Faringdon. Accommodation lun8ervlcedl In the hjnctional Property 1$ provid8d lo Lady Faringdon, who has agreed to pay an annual leg 01 £10,OW £8 an aLwmmc¥J8tion tharge whethgr or not $h6 h88 ng¥d 22d The thlr(l and trrth floors of the comprise 8•11 contalned flots which are let under assurnd shorthold tsnanaes to un¢onn&ct8d thlrd parbes at thnmerci81 rants, though careful seledon of tenants is n&¢essary becaus• ac$¥ lo Ihe fi8ts is onty available through th& Functional Proty. After 8gents' fees. SafèrrKJvè Propgrty Management Llmiled retslns 20% of the ren18 ¢ollecte(112022.' 20%) and th& Trust retains 80%12022.. 80%). Thè Landlord 13 onled to ulilise all r(MJm$ vlthin the Functs'onal Prcpety ltrxcluding thè C8retsker's fl81) for the dtsplay of the Faringdon Collgthn. The lease cont8in$ &ddilN)nal prowsions for the ntrC4, regulalion and dlsplay of the collect itoms thin th& prowty from time to timg. The anUnt due frcfft Safenb)ve Prorety Markagom8nt Limoted at 5 A1 2023 wa$ £3.12012022.. £fj.933). 221 In additson. th8 TrusV$ investrnents in L¢Ab18nd Inve5tmenl Trust Company PLC. Hendernon OPrtunItIeS Trust PLC ItL)Ih dos8d-end invesknenl Trusts) and Law Debenture Corp are rnanage(J by J8nLrs Henderson Investors where Hon J H Hendorson an inVestrt managor. an¢J reprEst 33% of the totsl investm&nl w)rtfollo. -27-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 (Contlnu¢dl 22 R•latsd party tran•actlons Saf•moY• Prop•Tty Mana9emont Llmll•d Jame5 Henderson, Trustee, is the principal 8hareholder in thhs company. During the year thg Charity p8ld Sal8mov8 Prop8rty M8nagemenl Limiled £5.00012022.. £5.000) for seThi¢e ¢*arg85 at Brompton Squafe. At the ygar end £3.12012022.. £7.800I was OV4Bd to the Charity by safen Propety Man8gem8nt Llmitod. F&H Eststs Manag•ment Company Llmtt•d James Hendarson, Trustee, owns on8 thiftl of the shares in this company. Durfng the yéar the Chartty pald F&H Estste Managemènt Company Limsted £37,494 {2022.. £26.337) for managemènt lees. invontory costs and oth&r collècty.on openlng costs. At the year ènd £11.277 {2022'. £1.1731 was 0d to thè Chaiity by F&H Estatè Manoggment Company Limrted. and th¢ Ch8nty s?•d tho corranY £5.785 {2022.. £271. Lord Farfngdon Fwm8 & Gard• James Henderson. Trustee, owns one third of Ihls parln¥tshlp. During the year th• Charty pald Lord Farfngdon Famis & Gard•ns £67,34712022.. £33,399} grour¥Js Ma1ntsnar costs, insurance and other collection opening costs. The Charity also re¢eived £10,960 (2022.. £12,664) from the partnership in respect of ¢ontrbutions to colle¢ty"on opening costs. At the year ond £10,10412022." £15,2) was owed to Ihe Charity by Lord Farinodon Famis & Gardons, ond the Charity Ihe parlnership £2,06512022. £761. -28-