Charlty roylstratlon numbor 203770 THE FARINGDON COLLECTION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE FARINGDON COLLECTION TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru$t•OS Lord Faringdon KCVO- Chairman R Wheeler- National Trust Represèntative The Hon. J Henderson - Tenant Occupier Lady Faringdon M Drury CBE F Russell L Honderson Sa¢r•tary Sharon Land8r Charlty number 203770 R•gl¥terod olll Thg Estsle Office Buscot Park Faringdon Oxlordshire SN7 8BU Auditor Crlt¢hleys Audit LLP Beaver House 23-38 Hythe Bridge Str•o1 Oxford OX12EP Bankgrs Lloyds TSB Bank pl 8 Markèt Place Faringclon SN7 7HN Sollclt¢rn Tanners LLP Lancaster House Thomas Street Clran¢esler GL7 2AX Invostment managern Cazgnove Capital 1 London Wall Place London EC2Y SAU
THE FARINGDON COLLECTION TRUST CONTENTS Page Chairman's st8temenl Trustees, rep(xt Stalemant of Trustees, r8sponsibllllles Independent audilorfs report Statement of finandal actsvSties 10 Balance she81 11 Notes to the financial ¥taternenls 12-28
THE FARINGDON COLLECTION TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 5 APRIL 2024 Visitor numbers for the year were much the somo a$ the previou8 year133.272 v. 34,3081 at Buscol, with th8 number of Nationhl Trust visitors falling again, and al both prop9rtie8 an increasg Iri the numb&r of payers. The value of th8 fund's inv$stments fell marginally in v81ue over the yfjar and their total return was .02OA bul they have recovered modestly since the year end from £5.8m to £6.3m and the projected Income is estimated to rise to £17,600 for 2025. The overspend of £82,917 on the inojme account during the year is attrlbulable mainly to two items. tha repainting of th& front of 28 Bromplon Square and the horrific electric bill lor the second year running. The outside painting of thè front of thè house hopefully will not taka place for anothèr ten years, and the energy contract has bèen renegotiated on oxpiry which is likely, at leasL to halve the ovar811 bill. The Trustees continued lo lend picturès lo other publi¢ museums. th& AshnM)lean and overseas to Italy, Germany and the USA. During the year a garden glass sculpture was purchased from Sally Fawkes lJacksonl and they themselves had an exhibition rk on dlsplay in thè gardtrns al Buscot throughout Ihis summer. Lord aringdon KCVO Chalmian Date..
THE FARINGDON COLLECTION TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trusteos presgnt their annual report and financiBI stslomenls for the year ended 5 April 2024. Tho financAal ststernenls have b88n prepared in accordance with the accounting policies set out in note 1 to the linanclal stalem8nls and eomply with the charity's gov8rning document, the Charities Act 2011 and"Aecounting and Reporting by Charities.. Statement of Recommended Practice applicable to charilles preparfng their accoLJnts in accordance with the Financlal Reporting Standard applScable In the UK and Républic of Ireland IFRS 1021. leffecbve 1 January 20191. Oblectivos and a¢tlvltie$ The objects of the Trust are lo pre5ewè, maintain and Improve the quality and the sethng of the Faringdon Collection wherever il is displayed lo the public. At prestsnt it is housed at Buscot Park and Brompton Square, London, and made available to the public on no less than 104 days per annum, when legislation pemiits. The Trustees have paid due regard lo guidane8 issued by the Charty Commi88ion in deading whal actiwties the Charity should undertake for public benefiL A¢hlovomonts and performance Vlsitor numbers for 2023 season were 33,272 compared lo 34,306 in 2022. Although numbers wer8 slightly down thera conlinLJes lo be an incrtsase in paylng visitors. Part-llme Curator, Or Amy Lin, had given prwalg tours of the Colledion both al Buscol Park and Brompton Square where visitor numbers to BromplM Squ8r8 had increased over tho past 12 months. The Trustaes had loaned important paintings to othèr public museums in Italy, Germany and USA as well as the Ashmolean in Oxtord. A glass gaTilen sculpture exhlbition by Sally Fawkes and Richard Jackson 18 on display lor the 2024 Season. Ong of the sculptur8s has been purchased by the Collection and is curr8ntly in thè Wallèd Gardèn. Flnanclal rèvlew Total income for the year amountsd to £279,162, a decre88e of £7.311 over the prevlous year. Total expenditure amounted to £362.079, an increase of £45.093 ovar the previous year. Seg note 6 lor detsils of this increase. Thls crgaled not 8xpenditure for the year of £82,917 compared lo net expenditure of £30,513 in 2023. The market value of the Trust's investment portfolS0 was £5.827,687 at 5 April 2024. Thoro was a net loss on rèvaluation of the porlfolKJ of £215,379. Investment pollcy and p•rformance The Trustees believe th& best way of prolecting the purchasing power ol the endowment fund is to seek out intemalional equities with prospects of a future rising stream of income In the belief they will glve the lund a superior rattr of iotal rèturn ovor the long term. In the year to 5 April 2023. the overall Itotall rale of return on th8 Portlolit> was-0.02Qk12023.' -3%1- The Trustees conslder Ihg capital value of the invostment monie818t £5.8ml is appropriate and the perfomance of the funds rèmains salisfactory in the current market conditions.
THE FARINGDON COLLECTION TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Res•rv8s poll¢y The purpose of the endowment funds is to generate sufficiont annual incomg lo better display the chattels and the functional property tr) th8 public, to mbint8in, administ6r and insure them, and if possible. to improve them. Under the Trust Deed the chattels may not be realised to defray the genèral running expenses of the Trust, bul may be realised to improve the Collectlon. The Truste85' policy Is not lo build up any income reserves but, over any three year period, lo expend all ineome g6nèr8ted on the defined objectives of the endowment funds. Any Capital appreciation 15 treated as Inflation protection lo the purchasing power of the pem)anenl endowment lo help maintain ils'real" incomg. and hopefully. to allow it to keep pace with thg intsrnats'on81 market price of chattels. Endowment funds lotalled £5.827.687 at 5 April 2024 12023., £6,124,015}. and unreslricled funds lolalled £1,782,31012023.. £1,784,278). Rlsk managomonl The charity Trustèes have considargd th8 major risks to which the eharty 18 exposed Bnd have reviewed th08e risks and established systems and procedures to manage Ihose risks. The Trustoes have consi(58red the following risks.. Security of the Collection Insurance of the Collection Public risks and Publle Llability cover Suitability ol investment portfolio Had professional survey and reports on.. Asbestos within the Housè Electrical Testing Water Tank and watèr supply report HLJmidily and Envlr(>nmenl Control Tree Inspections bl dl Plans for future p&rlods The Trust will continue to preserve and improve the Faringdon Collection and ils setting for tha public and acqulr new it8ms when appropriate opportunities arise. Structure, gov8rxan¢e and manag¢ment The Trust is an unincorpordted Trust, eonsliluted under g Deed of Gift, dated 9 Novembar 1956, and Settlemtrnl, dated 24 March 1958. The original property of th8 Trust was th& Colleclbon of chattels and a p@m)anonl endowmènt fund, whieh subsequanlly received further gifts of chattels, property and èndowment futKIs. The Trustees who served during thg ygar and up to thg dale of signature of the financial statements were.. Lord Faringdon KCVO- Chaimian R Whgeler- National Tw8t Representative The Hon. J Henderson - Tenant Occupier Lady Farlngdon M Drury CBE F Russell L Hender80n The Trustees keep their skill requirements under review,. and, in the event that a Trust89 permanently retlres or additional new Trust8es are requid, new Trijslees WIIS be sought and a final decislon on selection will be taken by the existlng Trusloes.
THE FARINGDON COLLECTION TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 The Trust is managed by B board of Trustees. The Trustees m98t forrnally once a year al one of the silgs at which th8 Collection Is displayod, where they agree the broad strategy and aroas of activity for the Trust, induding consideration of investmgrit. reserves and risk manag&ment policies and performance. Th8 provisions ol the governing deed sp¢afy the appointm8nt of three Trustees- the Lord Faringdon ol the day IChaimanl-, the tenant of Buscol Park or his representative (currently J H Hendersonl; and a represenlalivg of the National Twst Icurrendy R Wheel8r}. Further Trustees may be co-optèd, as rtsquired. Th8re is no limit on the lengih of $6Nic8 of any Trus18é. Th ' port was approved by thè Board of Trustees. Lord Faringdon K Chalrm#n Date..
THE FARINGDON COLLECTION TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 The Tnjstges are responsiblg for preparing thg Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounling Standards {Uniled Kingdom Gangrally Accepted Accounting Praclicel. Th6 law appllcable lo charknos In England and Walè$ require5 the Trustèes lo prepare financial slalemenls for each financial year which givè a true and fair view of th9 Stale of affairs of the Charity and of thè incomirig resourcès and appli¢alion ol resourcès of the Charity for that year. In pieparing these financial statements, the Trustees are requlred to.. select suitable accounting policies and then apply them conslstenlty.. obseNe the mèthods and principles in the Charities SORP., make judgements and 8slimales that are reasonable and prudgnl., stale whethar applicable accountlng standards have been ft)Ilowed, suble¢t to any material departures disclosed and explained in the financial statements., and prepare the financial st818ments on the goSng concem basis unless (( is inappropriate to presume that the ¢harity will continue in operation. The Trustees are responsible for keeping sufficient acwunling records th8t disclose with reasonable accuracy at any time th$ financial position ol the Charity and ènable them to ensuro that the finanrial statgments comply wlth th& Charities Act 2011, thg Charity IAccounts and Reports) Regulations 2008 and the provi5i0ns ol the trusl d99d. They are also responsiblè lor safeguarding thè assets of the Charity and hence for tBWng rèasonable steps for the prgvonlion and deteotion of fraud and othèr IgularitieS.
THE FARINGDON COLLECTION TRUST CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FARINGDON COLLECTION TRUST Opinion We have audlted the ffinancial statements of The Faringdon Collection Trust Ilhe 'Ch8rlty'l for the year ended 5 Aprll 2024 which comprise the slatomenl of financi81 activities, the balance sheet and notes to thè financial slalements, includSng significant acctsunling policies. The financial r8POrting framework that has begn applied in their PTep8ration is applicable law and United Kingdom Aecounlin9 Standards, includirvJ Financial Reporting Standard 102 The Financi81 Reporting Standard applt¢8ble in the UK and Republic of Ireland Iunrted Kingdom Generally Accepttrd A¢¢ounting Practicel. In our oplnion, the financial ststements.. give a true and fair view of the state of the charity's affalrs as at 5 Aprll 2024 and of Its incomlng resources and ¥pplicalion of resources, for the year thon ended., hove bèèn prop&rfy prepared in accordance wilh United Kingdom Generally Ac¢8pted Accounling Pr8ctice,' and have been prepared in accoMl8nce vhth the raquiremenls of the Charflles Act 2011. Basls for oplnlon Wtr conducted our audlt in awrdancè with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards Bre ftjrther dgscrib8d in the AUdit0S r8sponsiblllties for Ihe 8udil of the Ilnanci81 stat&monts section (rf our report. We arè independent of the Charity in accordance with the ethical requif8ments that are relevant lo our audit of the financial statemants in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other èthical responsibilities in a¢cordan¢e with these requiremants. We believe that the audit avidencè we hÈve oblalned is sufficiènl and appropriate lo provide a basls for our opinlon. Con¢luslons relatlng to golng ¢oncem In auditing the financial statements, we have concluded that the TNste. us8 of tho golng conc8m basis of aceounting in the pr8paralion of tha financial statements is appropri8te. Based on the work we havè perfomed, we have not Idenlrfi8d any materfal un¢8rtainli8s relating lo events or condition$ that, individually or eollectively, may cast significant doubt on the Charity s ability to contlnue as a golng concem for a period of at least e1v8 months from when the financlal statements are authorised for issue. Our SpOnsIbl11118S and the responslbilities of the Trustee$ with respect to go¥ng concem are described In the relevant sections of Ihls report. oth•r Information Thg Other infomation comprlses the inforniation included in the annual report other than the financial ststements and our auditorfs rèport Ihereon. The Trustees are rosponslble for the othar information contsined withln the annu81 report. Our opinion on the flnancial statements does not cover the other infomialion and we do not express any lorm of assurance eonclusion thereon. Our r88ponsibllSty 15 to read the other information and, in dolng so, conslder whether the other infomalion Is materially Inconslstent with the finan¢Sal statements or OLJr knowledg$ obtsined in the r8e of the audit, or otheiSe appe8rs to bo maleria51y misstated. 11 wg idenlrfy such matèrial inconsistències or apparent material mi8Stalements, we are roquired to delormin8 whether this gives rlse to a malgrial Misstatement in the financial stalemenls themselvès. 11, based on the work we have perfomied, w$ conclude that there is a material misslatemenl of this olher information, we are required to report that fact. We hove nothing lo report in this regard.
THE FARINGDON COLLECTION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FARINGDON COLLECTION TRUST Matt•rn on which we ar• rfjquirod to rnport by 0Xcep0n We have nothing lo report Sn spect of the followng malters in relatK)n to which the Charfllos (Accounts and Report81 Regulallons 2008 require us to report to ytsu if. in our opinion.. the information given in the financial statements is in¢ollsistent in any material respect with the Trustees. report,. or 8ufficient accounting rOWTds hav& not been kept., or th& financial statements are not in agreement with the accounting re¢ord8', or we have not received all tha infom)ation and explanations we iequire for our audit. Responsiblliti06 of Trustees As explained t}re fully in the staternent of Trustees, sPOnsIbl1111es. tho Trustees ar• responslble for lh8 preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determina t5 necessary lo enabl& the pre[SI10n of financial slatèmenls that 8re free from material misstalemenl. whether due lo fraud or error. In preparing th& financiBI $tstements, the Trust888 are responsible for assessing the Charty's ability to continue as a go)ing con¢ern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees oither intend lo (ase operations, or have no realistic alt6m8tive but lo do so. Auditorfs ro¥ponslbllltl•s for th• oudit of th• financlal 5tatem•nts We have been appointed as auditor under section 145 of thé Charities Act 2011 and report in ac(vrdance with the Act and relevant regulation5 made or having effe¢l thereunder. Our objective8 are to <*>tsin reasonable assur8nce about whether the finan¢ial Slalements a$ a wholo 8re free frtsrn material rnis8tatement, whether due lo fraud or &mr. and to issue an auditorfs report that includtrs our opinion. Reason4bl8 assurance is a high level of 88surancè bul is not 8 guarant69 that an audrt conducted in accordance wilh ISAS IUKI will always delect a mattsrial misstatement when il exi$ls. Misstatemgnls can arise from fr8ud or error ond are considered material if, individually or in the aggr$gate, they could reasonably be &xp8Cted to Influenco th& economic decisions of users taktrn on the basis of thesè financial stslements. The extent lo whlch our procedu$ are eapabje of detecting Irregularities. Including fraud, is detailed below. Our approach lo identifying and ass6$8ing the risks of material misststemenl in rèspect of irr8gularities. in¢luding fraud and non-complianee with laws and regulations, was a$ fdlows.. the engagement partner ensured that the engagernent team CollectilY had the appropriate competencg. capabilities and skills to identify or recognise non-compliance with appticable laws 8nd regulatsons,. we Idgnllfied the laws and regulations applicable to th8 charity through discussions with Trustees and other management. and from our COMrnerl knowledgè and exparlence of thg cllent's business sector.. W6 fo¢used on specific laws and regulations which w& considargd may hav& a direct material effect on the financial stat&monls or th& operations of the charity, including the Charities Act 2011., we assessed the extent of compli8nce wth the laws and regulatlons Identified above through making enquiries of rllanag&menl and inspecting leg85 correspondence., and identSfled laws and regulations were communicated within the audit team Tegu18rfy and the team remained alert to instances ot non-compliance throughout the audit.
THE FARINGDON COLLECTION TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE FARINGDON COLLECTION TRUST We assessed th8 susceptibility of the ¢harity's financi81 statements to materiBI misstatement. including obtaining on understanding of how fraud mighl occur, by.. making enqulrles of management as lo where they consldered Ihero was SUSGeptibility to Iraud, thelr knowledge of actual, suspected and alleged fraud., and consid$iing the Intemal controls in placè to mitigat8 rfsks of fraLtd and non-compliance with laws and ragulalK)ns. To address the rlsk of fraud through management blas and override of control$, we.. performed analyti1 procadures lo identify any unusu81 or unexpected relationships., tested joumal enlrias to idenllfy unusual transactions., assgssed whèther judgement8 and assumptions made in detemiining accountlng estsmales were indicative of potential bias.. and Investtqaled the ratlonale behind 8ignlficant or unusual transactions. In response to the risk of irregularitie8 and non-rxsmpli8nce with laws and regulatsons, we designed procedures which included, bul were nol limited to.. agreeing financial statement disclosures to undertying supporting documenlalion: Teadlng the mlnutes of meetlngs of those charged with govem8nce', enquiring of management as to actual and potential IlIgatiOn and daiFnS' and reviewing correspondence with HMRC and the wmpany s legal advlsors. Th8ra are inheTent limitations in our audit proceduras described above. The removed that laws and regulations are from financial transactions, th9 less likely il is that we would become aware of non-compliance. Auditing standards also limil the audit PTocedures required lo idontify non-compliance with laws and regulations lo tsnquiry ol the Trustees and other management and the inspedion ol regul8tory and legal correspondènce, il any. Material misstalemgnls Ih8t arise due to fr8ud can be harder to dete¢t than those that arise from error as they may invdve deliberate concealment or collusion. A further descrtpllon of our responsibilf(ies is available on th8 Flnanckql Reportlng Councll's wtsbslte at.. https.'Il www.frc.org.uklauditorsresponsibililiès. This d8scriplion forms part of our audilovs report. Your attentlon is drawn to tha fact that the chartty h8$ prepared finanaal statements in accordance wllh 'Accounting and Reporting by Charities.. Statement of Rewmmended Practice applicable lo charities preparing their accounts In accordance wlth the Flnancial Reporting Sland8rd appllcable in the UK and R8public ol Ireland IFRS 1021" las amendedl in preference to the Aeeounling and Reporting by Charities.. Statement ol Recommended Praclic& issued on 1 April 2005 whh is rtsferred lo In the oxianl regulauons but has now been withdrawn. Thls has been done in order for the flnanci81 statements to provide ¥ true and fair viaw In accordance wlih current Generally Accepled Accounting Practice.
THE FARINGDON COLLECTION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FARINGDON COLLECTION TRUST Ust of our report This report is made sololy lo the CharSty's trustees, as a body. in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the charity's trusle&s those matt&rs we are requlred lo stsle lo them In an auditors. reptsrt and for no other purpose. To the fullest 8xlenl permltted by law, we do not accept or assume responsiblllly to anyone other than the Charity and the Charity's trus18es as a body, for our audit ork, ftsr I ort. forl opinions w& have formed. Crlt¢hlgys Audlt LLP 1918124 Cliartered A¢¢ountants ststutory Auditor Beav8r House 2>38 Hythe Bridge Street Oxford OX1 2EP Crilchleys Audlt LLP is eliglble for appoinlrnent as auditor of the Charity by virtue of Its elkJibilily for appolntmenl as auditor of a company under se¢tion 1212 of the Companies Act 2006.
THE FARINGDON COLLECTION TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unr•strlcted Endowm•nt fund8 funds 2024 2024 Total Unr•strfctod Endowm•nt funds funds 2023 2023 Total 2024 2023 Nat•s Income from: Charitable activities Other Iiadin9 aclivitios Investments 74.157 44,551 160.454 74,157 44,551 160,454 69.403 69,403 44,544 172,526 172,526 Tot•1 Incom¢ 279,162 279,162 286,473 286.473 Expenditurè on: Rais*ng funds Charltable avitieS 5,949 5.949 356.130 6.300 6,300 310,686 356,130 310,686 Tot•1 expandlturo 356,130 5,949 362.079 310,686 6.300 316.986 Net losses on investments 12 1215.379} 1215.3791 {347,1561 1347,1561 Net •xpondltur8 176,9681 1221.3281 1298,2961 124.2131 1353,4561 1377,6691 Transfers betwegn fvnds 75,000 175,0001 15,150 115,1501 Net movement In funds 11,9681 1296,3281 1298,2961 19,0631 1368,6061 1377,6691 R$con¢lllatl¢)n of funds: Fund balances al 6 April 2023 1,784.278 6.124.015 7,908,293 1,793,341 6.492.621 8,285,962 Fund balanc•$ at S Aprfl 2024 1,762,310 5,827,687 7,609,997 1,784,278 6,124,015 7,908,293 The slat8menl ol linancial aclivlties includes all galns and losses re¢ognised in the year. Al income and expenditure d8rive from continuing activities. 10-
THE FARINGDON COLLECTION TRUST BALANCE SHEET AS AT5APRIL 2024 2024 2023 Notes Flxed ass•ts Tangible assats Heritage assets Investments 14 15 16 37.668 1.655.523 5,827,687 41,384 1,649.527 6.924,015 7,520.878 7,814,926 Curront a88ets Stocks Debtors Cash al bank and In hand 17 18 24,541 76,088 24,896 28,039 75,455 22,592 125,525 t26,086 Cr•ditorn: amounts falling du8 wlthln ong yoar 19 136.406} {32.7191 Net ¢urr8nl assets 89,119 93,3fj7 Total assets less curront liabilities 7,609,997 7,908,293 Capital funds Endowment funds General èndowment lunds Ineomè funds General unrestricted funds 5,827,687 6,124,015 1.782.310 1,784.278 7,609,997 7,908,293 Thè notes on pages 12 to 28 form part of these financial staterngnts. efin tatemenls were approved by th8 TnJste88 on ......................... rd Faringdon KC Chalmian
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng polielos Charlty Informatlon The Faringdon Collection Tnjst is an unincorporated charity r8gistered in England and Wales. Its rggistered office Is.. The Estate Office. Buscot Park, Faringdon, Oxfo¥dshirg SN7 88U. 1.1 Acc¢untlng convention The financial Statements havg been prepar8d in accordanc¢ with the Charity's governing d(Kumènl, th Charities Act 2011, FRS 102'Th8 Financial Rgporting Standard appli¢able in th& UK 8nd Republic of Ireland" I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Ch8rities: Statement of R6commènded Pr8etice applicable to charities preparing their accounts in accordance with the Financial Repo¥ting St8ndBrd applicable in the UK and Ropublic of Ire18r IFRS 1021" leffectivo 1 January 20191. Th8 Charity is a Public Benefit Entity as defin6d by FRS 102. The Charity has taken advantago of the provisions In the SORP for charitl8s not to prepare a Slatèmenl of Cash Flows. The fin8ncial stslements havè departed from the Charities (Accounts and Reports) Regulallons 2008 only to the extont required lo provide a truts 8nd falr view. This departure has involved following the Statement of Recommended Practice for Charities applying FRS 102 rather than the version ol the Statement of Recommended Practice which is referred to in the Regulations but which has Sin been withdrawn. The financial statements are prep8r&d in sterfing, which is the functional currtsncy of the Charlty. Monetary amounts in these financial slatements are rounded to the noaresl £. Tho finanelal slalemenls have boen prapared under the hislorlcal cost convention, mcxjilled to include listed investments al fair value. The principal 8¢counting policias adopted ar& set out below. 1.2 Golng ¢oncem At thg time of approvlng the flnancial statemènts. thè Trustees havè a r88sonablè expe¢tatson that the Charity has adaquate rgsources to continue in operatlonal tsxlstsnco for the foreseeable future. There arè no material un¢ert8inti6s about the Charty's ability to contlnue. Thus the Tiuslees contlnue to adopt Ihe going concern basis of 8¢counling in preparing the financial 5tstements. 1.3 ChaTltable funds Unrestricted lunds are available frjr us& at the discretion of th& Trustees In furthgrance of their charitable objectives. Income from the capit81 fund may be used for charitable ¥xpenditure. However, the part ol the capital which 18 a permanent endowmtsnt li8. ¢hattels only) cannot be used to defray running costs. IA Incom• All Incomlng resources are recognised once th8 charity has Èntitlement to the resources, il is rtain that the resources wll be received and the monetary value of incoming resources Can be measured with sufficiont Rentsl income received relallng to the next flnancial year is carried fomartl in creditOTS. Incomo from charltsble activltle$ The income from charitable aetlviti8s reprentS the sale of guidebooks and postcard8, togethor with tearoom and Collection openlng sales which form an integral part of thtr Income from the opening of the Collection to the publlc. 12
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Ae¢ountlng pollei•s Icontlnued) 1.5 EXndItre Liabilities aw recognised as resources expended as soon as there is a legal or constructi obligation LX)mmittlng the charity to the expenditLJre. All expenditure is aceounled for on an a¢¢ruals bas1$ and has been dassifl8d under headings that aggrègate all costs relating to that ¢8legory. Those relate to Investment managtsment fees and are recognised on an accwals basis. Exp•ndlture on ehJritable actlvStles Costs of charftable activities rel•le lo the cost of preservation, maintenan¢e, display and the settln9, Including any enlargement or improvement of the Collection chattels, as well As visitor costs which include 50Yo of the kiosk, room steward and house heating ouuays. and total cost of lan(1 return from) running 8 1tr8room for thè public. Gov•rnan¢e costs Govemance costs ¢ompr¢se all ¢08ts involving the public accountability of the charity and ils compll8n¢tr ulalion and good practice. These costs Include those related to stslulory audit and any legal fg9S. lThecovèrablg VAT Irrecoverable VAT is chawtrd agalnst thg ¢xlegory of resources expended for which it was incurred. 1.8 TangSble flxed a68ets These represènt fixed assets used in th& administration of the Trust. Deprèci81ion is recognised so as to write off th8 ¢o¥l or valuatlon of assets las$ their residu81 values over their us6ful lives on thè following bases.. Fundional freehold Property Fixtur95 and fittings Tearoom pavillion Tenant's impfovements Theatre fixturés IOY. . 33% per annum on eosl 10% - 33Yo per annum on cost 25V• peT annum on ¢osl 10% per onnum on cost 25Yo per annum on cost The gain or Ioss arising on th8 disposal ol an asset is det6mlned as the dlffgrence betw6èn the sale proceeds and the carrong value of thè 8sset. and is rècognised in tha stslemenl of linanaal activltles. Functlonal fr•ehold propèrty The funetional propety relates lo 28 Bromplon Square, London. SW3 2AD, where part of ihe Collection is exhibitgd Iground floor, first floor. second floorl. Within the proporty there are Iwo apariments which are let out lo third parttas. The property is included at Its original cost in 1952 of £10.000. No doprè¢ialion Is chargtrd as the Ilfe of the propety is so long 8nd its resldual value is so hlgh, any depreciation would bo insignificant. 1.7 H8rltayo asset$ Heritage assets compris¢ all the chattels and works of art as iteml$¥d in the inventory belonglng lo the Faringdon Collection. This consists of approximately 1,500 items of which approxlmalely 750 are pidures. In addition ther8 are various other ((ems on loan from the Far¢ngdon family. The original endowment of 8ssels in 1956 1$ not valued In the accounts sln¢e its value is unknown, but 5ubsequ&nt additions havè been capitalisad al cost. Thè heritage assats are not deprèclaled, as any depreciation would be immaterial. 13-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcl•s Icontlnued) 1.8 FIX asset Inv•stmgnts Fixed asset investments are initially measured al transaction pri¢e ex¢ludln9 transaction costs, and are subsequently measured at falr value at each reporting date. Changes in fair value are recognised in net in¢omellexpenditurel for the y&ar. Transaction ¢osts are expensed as incurred. 1.9 Impalmient of flxod as$•ts Al each reportlng end date, the Ch8rity reviews the carrylng arnounts of its tangible assets to delemine whether there is any indieation that those as5ats hav6 suffered an Smpairment loss. If any such indication gxlsts, the recoverable amount of the assel 15 estimal8d in order lo dèterminè the gxtenl of the impairmont 1089 {if any). 1.10 Stoeks Stocks are slated at the lower of cost and net realisable value, and are made up of guidebooks, posl¢8rds. greeting8 cards and tearotsm supplies. 1.11 Cash and ¢ash •qulvalents Cash and cash 9quivalents include cash in hand, deposits held at call wlth banks, other short-temi liquld inv8Stments with original matUTi118s of three months or less, and bank ovordrafts. Bank overdrafts ar& show thin borrowings in current liabilities. 1.12 FlnanciAI Instruments The Charity has elg¢ted to apply thè provisions of Sectlon 11 'Ba5ic Financial Instruments. and Sectson 12 'Other Finanrial In51rumenls Issues, of FRS 102 10 all of its finan¢ial instruments. Flnancial Inslrum8nts ar8 recognised in the Charity's balance shè8t whan the Charity becom8s party to tha contractual provisions of the instrument. Finan¢l81 assets and liabilities are offset, with the nel amounts presented in the financial $tatemants. when there is a legally enforceable flght lo set off the rewgnised amounts and there is an intention to settle on a net basis or to reali5e ihe 8sset and settle Ihe liability simultaneously. Bas1¢ Ilnan¢lal assots Basie financial assets, which includ& debtors and cash and bank balances, are InitialFy measured 81 transaction price including Iransactlon costs and are subsequantly carried at amortised cost using the effèctive intere$t method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets c185sifieil as receivable wthin one year are not amortlsed. Baslc flnan¢ial liathlltlos Bas1¢ finan¢lal liabi1Sties, induding creditors and bank loans are initially recognised at transaction price unless the arrangemènl constitutes a financing Iransactlon, where the debt Inglrumenl is measured al the psent value of the future payments discounted al a market rale of inlèresl. Financial liabilltlès classlfied 8s payoble wthln one year a not 8mortised. Debt Instruments are subsequently carried al amorti59d cost, using the effectlve interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary coursè of operations from suppli8rs. Amounts payable are Classified as current 118bllities if payment is due within one year or less. If not, they are presented as non-currenl liabilitie8. Trade creditors are recognised inltially at transaction price and subsequently Measured at amortised cost using the effective Inlerost method. Dereeognition of financhl Ilabllltlgs Financial liabililifys are derecognised when the Charity's ntractUal obligalions expire or are discharged or cancelled. 14-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 Crltlcal accounting èstimates and Judgomant8 In Ihe application of th8 Ch8ri1y's acix)unting policies, the Trustees 3r8 requlred to mak8 judgements, estimates and assumptions about the ¢8rrying arnount of a$sels and liabilities that are not readily appartsnl from other sources. The estimates and associated assumptions are based on hlslorical experience and other factors that are considèred to be relevant. Actual results may differ from these estimates. The astimates and underlylng assumptions are reviewed on an ongoing basis. Revisions lo accounting gslimales are recognised in the period in which the estimate is revised wherg the revlsion affects only that period, oi in the period ol th¢ rev¢sion and fulum periods wher& the revision affects both current and luture periods. Investm¢nt portfolk> Th& Trustees rely on tho investmanl reports provided by Cazenove Capital for the investment revaluation in the accounts. At 5 April 2024 the valu6 of the Charivs invoslrnent portfolio was £5,827,687 12003.. £6,124.0151. 15-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Inc¢)me from oth•T trading act5vlti Unrestrlctod UnroBtrlct8d funds funds 2024 2023 Rent from functional freehold Property 44.551 Ineom• from investm•nt$ Unr8strletèd Unrnstrlct•d fund$ nds 2024 2023 Irorne from liqled investments 160,454 172,526 Ralslng funds Endowm¢nt Endowment funds funds ggneral general 2024 2023 InvgStm8nl managerfs costs 5,949 6,300 5.949 6,300 17-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 Charltable a¢tfvitle8 2024 2023 Colle¢tlon opening ¢osls Tearoom costs Guidèbooks and postcar(Is 295,760 46,753 5,085 259,266 42.117 3.459 347,598 304,842 Share of governance costs (see notg 8) 8,532 5,844 356,130 310,686 Colle¢tion opening c031s indL¢de the followlng: 2024 2023 Insurance Grounds maintenan¢e Housg rnaintenan¢e Alarms and security Invèntory costs 28 8romplon Square costs (detailed below) Contsnts repairs Management fees Share of kiosk and loilot costs. Share of room stewards. wages. Share of house heating costs. Sharè ol publicity costs. Share of web51te costs, Custodian fegs Depreci8tlon Other Collection opening costs 51.778 24,000 2,859 5,160 12,782 90.803 6,352 11.400 3,484 7,527 37.905 2,726 521 16,885 3,716 17,922 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 4,327 12,086 295,760 259,266 'These )Sts are sh8fed 50% with Buseot Park 2024 2023 Brompton Square ov•rhead$ MBinten8nce Security Wages Flat costs Contents repair Insuranoo Management charye Icommission deducted from rental incomgl seCe charge 66,346 1,352 3,420 14,474 2,142 2,930 581 5,820 8,865 5,000 6,952 8,864 5,000 ,803 41.623 18-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 5 APRIL 2024 Govèrnance costs Gov•mance costs 2024 Governance costs 2023 Audit fee8 8,532 8.532 5,844 S,844 8.532 8,532 5,844 5.844 Analysed b&een Charitable activilres 8,532 8,532 Governanco costs Snclud&s payments to the auditors of £8,53212023- £5,844} for audit fees. Ngt movomgnt In funds 2024 2023 Thg nel movement in funds is stated after chargingllcr8dilingl.. Fees payable for the aud51 of the charivs financial ststernents Dtspieciation of owned tangible fixed 8¥sets 8,532 3,716 5,844 4,327 10 Tru$t¢08 None of the TrL¢Stees lor any persons conn8clgd with them) r1Ved any rèmuneration or b8n&fils from tho Charlty during the year. 11 Ernployees Employment co$ts 2024 2023 Wages and salaries Social security costs Oth8r pension costs 52,596 915 876 44,993 54,387 45,279 The Charity omployed 1 pÈrt-lim8 person in thè kiosk and 4 part time staff in the t68mom on a seasonal basls 12023.. 1 tn the kiosk and 4 in the learooml, all oarning less than £10,000. 11 also èmployed 712023." 81 part time staff as room stèwards, and one parl b'mg curator. There were no employees whosè Ènnual remunaralion was mor& than £60,000. 19
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 12 Not galnslllos$è81 on invèstments Endowm¢nt Endowment funds funds gen8ral general 2024 2023 Loss on valUation of investments 1215,3791 1347,1561 13 Taxatlon The ¢h8ri(y is exempl from tax on incomo 8nd gains fallin9 within se¢knon 505 of th8 Taxe5 Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extgnt that those arg applied tr) its charitable objects. 20-
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THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 15 Horltage a¥$èts The nature of the Trust is lo preserve, dlsplay and explain to the public the Inherited ¢ollection It owns in surroundings ol ongolng family homes, Wlth recent additions to enllven il and to reflect the tastes and passions of succeeding generations. In this respect Ihey have brought together museum quality plctures, furniture and objel d'art from the past WSth conlemporary additions, to houses al Buscot Park and BTompton Square which are to be av8llabl8 lo the publi¢ on 104 days a year. A catalogue of the assets held is available to visitors to th8 Trust. The herilagg assets r&prèsenl the paintings, fumilure and objocts d'art which fomi the F8ringdon CrAlection. British art, especially ol the 19th and 20th cenlurios, is particularly well represented in the Colledion. The Cost of £1,650,123 relates lo heritag8 assets purchased since 1994. The Trustee5 have not recognised the value of the assets forming the original Collection in the inttrrests of sacurity. A summary Of the movements In hgritagg assets over the last five years is provkied below.. Year •nd8d S Aprll 2024 Uniface cameograph medal A Mlnialure Port Glass sculptur 138 458 5996 Year ended S Aprfl 2023 John Fredorick Lewis11804-18761'Harrlet Ford's Maid, 1833 pencil. black chalk and walercolour 5,248 Frame- True Vue Musgum Glass. Con$ervation Boord and gilding 644 Slainlass Steel Garden Sculpluro No. 88'Ayla' by Peter MoorhoLSStr 16,000 Dark Oak wood cutved curtain poles 9,222 Normanlon Bedroom- Roussillon weave curt8ins in Vtrn&tian Rgd, with Normandy silk Crete braid Carpet .' Riviera Milano Carpet Tessa Newcomb , 'Round the Gluepof 2022 Antiquè Irish Provincial $Slver sugar tongs vAth brightcut engraving Made c1785 by Thomas Burke ol Limerick 14.589 8,304 6.000 Yo4r •ndod S Aprll 2022 and 5 Aprll 2021 No addillons Year ended 3 Aprll 2020 Victorian silver two bottle inkstand from Estate of JLE Smrth Foolstotsl for Normanton Bed Ashot Yan-The Egg Seller Graham Sutherland- Homage to Pic8SSO 950 9.942 3,250 22-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 5 APRIL 2024 16 Fixed ass¥t investmont$ Llsted investmènts Cash In portfolio Total C08t or valuation Al 6 April 2023 Nel cash movements Unrealised losw on revaluation 5,963,980 160,035 180,9491 6,124.015 180.9491 1215,3791 1215.3791 At 5April 2024 5.748.601 79.086 5,827.687 Carrylng amount At 5 April 2024 5,748.601 79.086 5.827.687 At 5 April 2023 5.963.980 160,035 6,124,015 2024 2023 Investments at fair value Imark9t price) comprisg.. Listed equities 5.748.601 5,963,980 17 St¢cks 2024 2023 Guide books, postcards and greetings cards Tearoom and sundry stock 24,410 131 26,823 1,216 24.541 28,039 1B Debtors 2024 2023 Amounts fallSng duo wlthln one year: Trdde debtors Other debtors Prepayments and accruèd income 38,D60 9,931 28,097 20.076 28,456 26.921 76,088 75,455 -23-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 19 Credltors: amounts falllng du• wlth5n one year 2024 2023 Not•s Bank overdrafts Deferred income Trade credltors Accruals and deferred income 1,880 3,488 9,678 21,360 3.287 3,488 15,017 10,927 20 36,406 32,719 20 Dèferred Incomt 2024 2023 Arising from ront received in advance 3,488 3,488 Deferred incom8 is includod in thè financial statements as follows: 2024 2023 Deferred incomg is included wthSn'. Currènt liabilities 3,488 3,488 Movement$ in the y&8r Dèferred income at 6 Aprll 2023 Released from previous periods Resources dèferred in the year 3,488 13,4881 3,488 3,488 13,4881 3,488 Deferred Income 8t 5 Aprll 2024 3,488 3,488 21 Endowrnent fund8 Endowment funds represent assets whlch mu81 be held pemanenlly by the Charity. Income arising on the &ndowmenl funds can bo used in accordance with the ¢)blects of the Charity and is included a8 unrestrl¢ted ineorne. Any capitsl gain8 or losses arising on the assets fomi part ol the fund. Tran8f¢rs At 6 Aprll 2023 R•sour¢•s expend•d Galns and lossos At 5 Aprll 2024 Expendable end<>wments Expendable endowment fund 6.124.015 15.9491 175,000) 1215,379} 5,827.687 -24-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 21 Endowmént lund¥ {Contlnu•dl Prwious year.. At 6 Aprll 2022 R•$ources expended TrAnsfers Gain$ and losses At 5 Aprll 2023 Expendablo •ndowm•nts Expendable endowrnent fund 6,492.621 16,3001 115,1501 1347,1561 6,124,015 £75,000 w&s transferrèd lo incomB fund$ In the y&ar lo Ilnance &xlemal decoration costs of the Charity's functional freehold property at Brompton Square. 22 UnrestrIct funds The unreslricled funds of the charity cornprise the unexpended balances of donations and grants which are not subject to speo¥fic condition$ by donors and grantors as to how they may be used. These include designat8d funds which have been set Bside out of unr6stricled funds by Ihg trustees for specific purrx)ses. At 6 Aprll 2023 Incomlng rosour¢•$ Re8ourc•$ expgndèd Transfers At S Aprll 2024 General 1.784.278 279,162 {356,1301 75,000 1,782,310 Provlous yèar: At 6 Aprll 2022 Incoming r¢$ources Rèsources expended Transf•r8 At 5 Aprll 2023 General fuNJs 1,793,341 286,473 {310,6861 15,150 1.784.278 23 Analys1$ of nèt assets baiween funds Unrè¥tricted Endowment funds funds 2024 2024 Total Unr•strlctsd Endowmont fund fund$ 2023 2023 Totsl 2024 2023 Fund balances al 5 April 2024 are reprèsÈnled by.. Tangible assets Heritage assets Investments Current 8ssetsllllabililiesl 37,668 1,655.523 37.668 1.655,523 5,827,687 5,827,687 89,119 41,384 1,649,527 41.384 1,649,527 6,124.015 6.124,015 93,367 89.119 93,367 1.782,310 5,827,687 7,609.997 1.784,278 6,124,015 7,908,293 -25-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Rolatod party transactions Thg followlng relatéd party transactlons relatè to Ihg Trust property at 28 Bromplon Square, London, SW3 2AD. Summary of Lease Date of lease 19 Sgptember 1962 las varied by Deed of Variation dated 7 July 19921 Present tenant Safemove Prop8rty Management Limited (see no18 22al Term of le8$8 70 years from 29 Soplember 1962 (expiring 28 September 20321 Ground rent £225 per annum Property 28 Brompton Square. London, SW3 2AD13ge note 22bl 2024 2023 Addltlonal rant Gross rent collected by Safemove Property Management Lbmited Rent from functional property Isee n(>te 22cl Net rgnts receivable by Trustees from investmènt property (see note 22dl 44,608 44,319 10.000 10,000 35.686 35,455 Tonant$' obligatlons To pay outgoings and to provide a Cargtaker To maintsln the int8rior of the Propeity Not to make alterations without tha Landlord's Consent To use the Proptsrty onty as to residential parts for r8sidential PUTpose5 and the remainder for temporary18ttings ler funcUons Landlord's obllgatlon$ To maintain the exterior and fabric of the Propèrty To insure the Property Not to asslgn or Sulet save in respect of sublettlng for the rèsidential parts Othgr provislons The Landlord has ex¢lusive use of the Munimenl R¢)om las defi'nod in the lease)
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 24 Rèlatsd party transa¢tlons Icontlnuedl 22a Although managemonl of Safemovg Property M8n8gement Limited is undertaken by separatg professional representatives, thè Trustees consider that they effectively contrtsl the Company and Consequently arrangements between SBl¢move Property Management Llmiled and the Trustees should ba disclosed in the charity's accounts a5 related party Iransactitsns. 28 Brompton Square, following alterations that have b68n made to it, comprfses publlc room8 on the ground, first and second floors utilised for the display of parts of the Faringdon Colleclion I th8 Funcdonal Property'l. To facilitate the arrangem8nls crealed by the 18ase las varied in 19921 a lettèr was issued by th& Directors of Safemove Property Managèment Limited in January 1993. In agreement with Satemove Property Management Limlled, Lady Faringdon was appointed custodian of the Functional Property by the Trustees al their meeting on 17 January 1993. On their behalf, she is rèsponsible for m8naging the properly for publi¢ opening on Iwo days a wtsek ITuesd8y and Thursday) including roorn steward duties. In addition, as custodian, she is responsible for directing the cloaning of the showrooms lènd providing plants and floMrs from Buscoll, the maintenance of the large garden, arranging the caretaklng, security cover and general malntenance ol the Collection its&lf. These duti85, sensibly, r8quir8 from tlm& lo time the provision of accommodation to th6 Custodian Trust¢e lo enae her lo discharge hèr responsibilities proporty. 22b 22c As there are limited opportuni118s for the Functional Propety lo provide incorne, it was agreed by th8 Trustees that all entrBn¢e fees and any additional income received during the year from Lady Faringdon, who as Custodian, and in accordance with the terms ol the Lease has used tho Function81 Property as accommodation lo bett&r fulfill her duties shall accrue lo Safemove Propety Management Limited. The Trustees were delemiingd lo remove 8ny scintilla ol doubt about any benèfits r9ceived by any Trustee. Accordingly the Trustees Instructed th& D1CtOrS of Safemove PropÈty Management Llrniled to charge a commercial rate for any services or benefits mceived by Lady Faringdon. Accommodab'on lunservi¢edl in the functional Property is providad lo Lady FBringdon, who ha agraad to pay an annual fee of £10.000 as an accommodalion ¢h8rge whethèr or not she has need of It. 22d The third and fourth floors of the property comprise self contained flats whh ale 1st under assured shorthold tenancies to unconnected third partlos al commerel81 rents. though careful selection of tenants is necessary because 8ccess lo the flats is only availab5e through thè Functional Propety. After agents, fees, Safemove Property Man8g8ment Limited retsins 20% of the rents colleelod12023.' 20%1 and the Trust retsins 80%12023.. 80 /.). The Landlord is entitled to ulilise all rooms within thg Functional Propfjrty lexcluding the caretaker's flall lor the display of the Farfngdon Collectitsn. The leasB contsins additional provIonS for the control, regulation and display of the Collection items wlhin the property from lime to time. Thè amount duè from Safemove Property Management Limited at 5 April 2024 was £4.680 12023.. £3,120). 220 22f In addthon, the Trust's investments In Lowland Investment Trust Company PLC, HendÈrson Oppc*rtunitie8 Tnjst PLC (both closed-end investm@nt Truslsl and Law Debenture Ctsrp are managed by Janus Henderson Investors wh&ra Hon J H Henderson Is an investment manager, and represent 340/0 of the total Investment portfolio. -27-
THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 24 R•lAted party transactlons Icontlnuedl Safemov• Property Manag•mènt Limlttrd James Hènderson, Tnjstee, is tho principal sharehokler in this company. During the year the Charity paid Safemovg Property Managernent Limited £5.00012023.. £5.0001 for $$rvice charges at Brompton Square. At the year end £4,68012023'. £3,120) was owed lo the Charty by Safemove Property ManageTntrnt Limited. F&H Estate Manag•ment Company Llmlted Jamès HendeTson, Trustee, owns one third of the shares in this company. Durtng th& year the Charfty paid F&H Estate Managem8nt Company Limited £35,63412023.' £37,494) for rnan8gemenl f8Ès, inventory costs and other collection opening costs. At the ytsar end £1,00512023. £11,277) was tswed to the Charily by F&H Estate Managèment Company Limlt8d. and th8 Charity owèd the compBny £5.831 {2023.. £5,785). Ltsfd Farlngdon Farm¥ & Garden$ James Henderson, Trustee, and Lord Faringdon, Trustee, both own one Ihlrd oflhis partnership. During the year thè Charity paid Lord Faringdon Farms & Gardens £69,631 12023.. £67,347) for grounds maintenance costs, insurance and other colle¢tlDn opening costs. The Charity also received £13,66612023'. £10,960) from the partTlgrshlp in respect of contributions lo collection opening costs. Al the year end £24,18S12023'. £10,104) was owed to the Charlty by Lord Faringdon Famis & Gardfjns, and the Charity owod the partnorship £1,81312023.. £2.0651. The Charity m8dg two temporary, inleresl-frèe loans tts Lord Farlngdon Fams and Gardens. One loan of £1,000 was made on & May 2023 and repaid on Ihe same day. The second loan of £10,000 was made on 1 Decemb9r 2023 and r8paid on 31 MBrch 2024. -28-