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 requi￿d, 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 I￿gularitieS.

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 AUdit0￿S 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
othe￿iSe 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 0Xcep￿0n
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 Collecti￿lY 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 COMrner￿￿l 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 analyti￿1 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 I￿lIgatiOn 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 wh￿h 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 a￿vitieS
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 repre￿ntS 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 EX￿ndIt￿re
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 p￿sent
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
Ir￿orne 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
se￿Ce 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$t¢08
None of the TrL¢Stees lor any persons conn8clgd with them) r￿1Ved any rèmuneration or b8n&fils from tho
Charlty during the year.
11 Ernployees
Employment co$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-

flu)

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 Su￿let 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 ena￿e 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& D1￿CtOrS 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 wh￿h 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 provI￿onS
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.
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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.
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