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 Tn￿1 RepTesentthe {Apwnted 22 Juty 20221 Th8 Hon. J H￿￿rsOn . Tenant O¢>JJp￿r Laly Farin￿kn Dnjry CBE F Russell L HoNJernon S•cr•tsry Sham Landor Charlty numb•r 203770 R•gl*t•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 8*nk•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 refu￿lShOd 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$t8es and an irnportant LlmeTl¢k 8lher pwof marria9e tongs. a new palntlng by T•ssa Nw)Jmb (R￿ThI Iho GILWtI and a 98rd&n 8culptyrn. Lord C Faringdo Ch•lrman Oate.. t,11.¥} THE FARINGDON COLLECTION TRUST CONTENTS Chainnan's st2t8m8nt Tru$lee8' rewt Slalemenl of Tws¢o88' rn8pOn￿tsHIII¥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 acC￿￿t￿e with thg a¢A￿Un￿n9 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 a￿A￿abIts 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 pU￿1C 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 ts￿n 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 $8ptgmbeT 2022 la full sgasonl. Total exp8ndilura amounted to £316,986, an Inu¢ase of £88.967 over thg p￿ou8 year. See note 6 for d8tsil$ 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 COns￿er 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 8r￿owMent fund$ ts Io generate svffio.ènt annual I￿rne 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 T￿118&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 8nd0￿ent to Wp maty)tsln its'reaf In¢)Jn8. and hop8fiJlty, to allow rt to k8ep pace with th& intematKJnal market prlco of chatt81$. Endowment fijnds totslled £6.124.015 at 5 N4JrH 2023 {2022.' £6,492.621). arKI Unrestri￿ fur￿3 totslled £1,784,27812022.. £1.789.5991. I￿1k m•nag•m•nt The charity Tru318os have c4)nsid8red th8 major risks to whith Ihe tharty is axp089d and h8vo rav￿ thts8e risks and ostsblished systems and procgdures to manag8 thoso ri3k& The Trustees ¢on8idered th& lolkn•lrvJ ri8ks'. Security of the CollKaion Insuran￿ ol the Collectk)n Public rtgks an¢J Publk Liabilty cov•r Suitability of Investmént pJrtfolio Had profes$lonal survèy and reports on- Asbestos wthin the Houso Elè¢tn'cal Tasting W8ler Tank And water supply report Hum￿lty 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 opporlunrt￿s arisè. Strv¢tur•, gov•manc• and manag•m•nt The TnJs1 is an uninccwlrat￿J Trust, C￿StIlu18(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 end￿M￿nI 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 38 H￿h8 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 sect*Jn 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 aCtivit￿S 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$1 on Investrnnts 11 1347,1S81 1347.156) 1716,1451 N•t outgolng r••aurc•• b•f¢r• tran•l•v• 124.2131 {353.456} 1377.6891 {15,150) 1891.3381 Gro88 tignsfers botsYe8n fur¥Js 15.150 N•t mo¥•m•nt In fvnd• 19.063) I368,￿) 1377,669) 8,285.962 1691.338) Fund balances at 6 April 2022 Fund b•l•n¢•• at S Aprfl 2023 1,793.341 6,492.621 8.977,300 1.784.278 6.124,015 7.908.293 8,285.962 The slatement offin8ndal aCtiw1￿ ind￿Je$ all gains and losses rwniwj in th• ye¥r. All In¢ome and expenditure def￿0 from Con￿￿ul￿j 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 w*hln 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 coNed￿l 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$pLtblic ol Ireland. I'FRS 102.1 and thg Chanties SORP .A￿￿unb"ng and Raporb'ng by Charib"es.' Stattrrrpellt of ReL¥xnmènded Prath'c4 8ppli¢abla to tharits6s prep8ring their accounts In acu)rdance wrth the Financt81 Reportin9 Standard applic&blg In th8 UK and Repubjic of IreL4nd IFRS 102}'1off¥cb've 1 January 20191. Tho Chanty 18 a Public 8•nerrt Entsty as deflned by FRS 102. Thè Charity h88 t8ken advant898 ol the pro￿8￿)r￿ in thg SORP for c*atitlo8 not trj prepare a Stat8m8nl of Ca8h Flows. The finanLi81 statements have depart¢d frorn ihe Chaiilies IAccwnts •rKI Report81 Regukqkns 2008 only to thè extent required to provkye a Irue and lair v￿w. This departure has involvgd following thè Statement of Recommended Pra¢tOce for charitsgs applying FRS 102 rather than Iho version of the Statement of Re¢ommond8d Pra¢tico vknich fr8 rofelred to In the Ragulalknn8 but vA)lth ha8 Sinrkn be&n withdrawn. The finan¢k91 ststements ere prepared in stsrting. whith 18 th& functsMal currency of the Ch8rity. Mon&lary amount$ In thèse fin￿¢181 3tatsments ar• Tryjndod to tho near•8t £. The ItnanrAal sL7t8ments have be￿ prepared under the hist￿c￿l 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& fiJ￿rts. Thus the Trusl88s continuè lo adopl the golng concem baws 0faco￿nbr￿J 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 fina￿al year is carri*J 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 V*thith 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 EX￿ndbtUr• Liabilities ar8 rec¢oni3ed as reSoUr￿S expen¢Jed as soon as ther8 15 a lagal or constrLbcb"ve obli9ati committing the charity to the exF*nditure. 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 in￿tmOnt 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 I￿189 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 In￿rrnd. 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 ba￿6.. Functional fr8e￿Ild PrO￿rty 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 I￿rn 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 subsequ￿tIY 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 eX￿s￿￿ 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 suff*ed an imp8im)ènt loss. If any $uch Indication exlsts. the ra￿Verable 8mount of the 8$set ts eslimate¢J In c*der 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&Fo￿ts hèld al call banks. other short-temi Ilquid inv&stm¥nts ￿th oThJinal Maturities of three fr￿nthS or18$8, and bank o￿T￿raft6. B8nk ovèrdr•fts are shown withln borrowlng8 in tyJir&nl liabil￿8$. 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& Instru￿1. 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 ar￿Unts and there L8 an Intention lo sottle on a net ba￿8 or to re811se Ihe assel and settle thè l￿bilty 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 l￿bilItI￿S. induthng Credito￿ and ts￿k loans are inilially r8cL*)nls8d at transadon prfco unlèss th8 arrang￿ent 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 Finar￿1 Ik8bil+ties classlfi•d as payBble ￿￿t￿n one year are not amortts8d. Debt instruments are subsequenty cwrred al amot1ised t￿ using Ihe effethe Interest rate method. Trade crgditors are Obl￿alK)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 chari￿s £a￿tra¢#ual ￿￿198t￿)nS ewre or 8re discharged or can￿lled. 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 op￿ICation 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 $stimates and vndortying assumptio￿ re￿￿¥￿ LN) an ongoing basis. R8vlslons to aec4)unting estimates are Tecognised in pericd In vthlch the esllmate 15 revised W￿re thè rtvision 8ff8cts only thal peTlod, or In the ￿riod of the rovk8ion ar￿ fulure periods whwe the Tevtsion affeds both currgnl and lutUTe pertJ8 to It. (x>mprtses publlc rooms on th& ground, first and secoThd fiwr5 utili58d for the dis￿aY of parts of thg Faringdon Collection Iyha Functional Properf). To facilitate the arrang•m8nts Creat￿ by the leas8 las varf8(I In 199218 letter was issued by th8 Dlrectors ol Saf•nh)ve Propety Manag8n*nt L(mlt•d In Jafiuary 1993. In agreèment wrth Safery*)¥o Prop8ty Managerr*nl Umlw, Lady Farfng￿ was appolnled custodian ol thg FunctSonal Property by thè fnjslees al their meetsng on 17 January 1993. On Ihelr behaK, She is responslble for managing th8 kyoperty for pullic opening on ￿ days a week (Tuèsday and Thursday) Induding room steward dub'es. In addi￿0￿, 08 C118todian, she 1$ 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 enO￿e her to discharge hèr respon8ibiliUes prope￿y. 22b As there are limited 0pp￿nrt18s for the Funth"onal Prc¥)erty lo prov￿8 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 v￿th the tem)s of the L8a8e has ug¥d th• Functional Propety as accOrn￿lat￿n 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 $h6 h88 ng¥d 22d The thlr(l and tr￿rth floors of the comprise 8•11 contalned flots which are let under assurnd shorthold tsnanaes to un¢onn&ct8d thlrd parbes at thnmerci81 rants, though careful seledon of tenants is n&¢essary becaus• ac￿$¥ lo Ihe fi8ts is onty available through th& Functional Pro￿ty. 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 onl￿ed 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 an￿Unt due frcfft Safenb)ve Prorety Markagom8nt Limoted at 5 A￿1 2023 wa$ £3.12012022.. £fj.933). 221 In additson. th8 TrusV$ investrnents in L¢Ab18nd Inve5tmenl Trust Company PLC. Hendernon OP￿rtunItIeS 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 inVestr￿t managor. an¢J reprEs￿t 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 0￿d to thè Chaiity by F&H Estatè Manoggment Company Limrted. and th¢ Ch8nty s?￿•d tho corr￿anY £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-