Charlty regi$tratlon number 203770 {England and Wales) THE FARINGDON COLLECTION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 THE FARINGDON COLLECTION TRUST LEGALAND ADMINISTRATIVE INFORMATION Tru$t¢•8 Lord Faringdon KCVO- Chairman R Whoeler. National Twsl Representauvg The Hon. J Henderson - T¥nanl Occupier Lady Faring(k)n M Drury CBE F Russell L Henderson socrotary S Land8r Charity numbèr 203770 Reglstsr•d offlce The Estste Office Buscot Park Faringdon Oxfordshire SN7 8BU Audltor Gravita Audit Oxford LLP Firsl Floor, P8rk Central 4041 Park End Street Oxford OX1 1JD Bank•rs Lloyds TSB Bank plc 8 Market Place Faringdon SN7 7HN Solicltors Tanners LLP Lancaster House Thomas Street Cirenc&sler GL7 2AX Inv8stmgnt managers Cazenov8 Capllal 1 London Wall Place London EC2Y SAU THE FARINGDON COLLECTION TRUST CONTENTS Page Chairman's stslèmenl Trustees. report Stalemanl of Trustees, respon$lbilllies Independent BudiloV$ report Statemènt of flnancial activities 10 Balance she8t 11 Notès to the flnancS8l sta18rnents 12-29 THE FARINGDON COLLECTION TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 5 APRIL 2025 Wisilor numbers for the year were static at 32.804 Iprevious year 32.483} showing the same trend. Natlonal Trust visitors down. paying visitors up. National Trust visitors still ￿present 82% of fooffall. Th6 value of the Twst fvnds fell marglnally again, although the overall return was lust positlV9 11.2%). This year thére was an undèrspend of incomtr of £36,000. During the year cash holdings were built up to almost £1m 116.5Vo of the Fund) which eamed between 4% and 4.5% to give a measure of flexiblllty to investment In these unpradi¢table times. A furth8r purchase of Irish brightcut spoons wee addÈd lo our collection and a drawSng of 'The Hgad of a Gypsy Girl, Terk8" byAugustu$ John was pur¢hased. The Trustees Ignl the paintlng 'Th8 Entombrnenl of Christ" by Ford Madox Brown to the Prè-Raphaelile ce Exhibition at the Museo San Domenico in Forll, Italy. from 24th February 2024 10 30th Jun6 2024. Lord Faringdon KCVO Chalrman 31.10.25 THE FARINGDON COLLECTION TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2025 Th8 Trustees present Ihtrir annual report and flnancial statements for the year endeil S April 2025. The financlal slatsments havo been prepared in aGu)rd8nce wllh tha accounting policies set out in note 1 to the flnancial statements and comply with thè Charitys goveming docum8nt. the Charitles A¢1 2011 and"Accounting and Reporting by Charilles.. Statement of Recommended Practice appli¢8ble to charities prèparing their accounts in a¢cordan¢e with the Financial Reporting Standard applicable in tho UK arKI Republi¢ of Ireland IFRS 1021" 18ffective 1 JÈnuary 20191. ObJocti¥•s and activitles The oblects of thè Trust are to pmseTve, m8lntaln and improve the quality and ihe sothng of thg Faringdon Collection wherever it is Illsplayed lo the public. Al P￿sent il is housed 8t Buscol Park and Brompton Square, London, and mad8 available to the public on noloss than 104 days per annum, when1¢9islalion pemiits. The Trustees have paid due Tegard to guidance issuad by the Charty Commisslon in de¢lding what activf(itrs the Charity should undertake for public benefit. Achlev•ment$ and performanco Visitor numbers for 2024 season wer¢ 32,804 compared to 32.483 in 2023, showlng thè same trend of National Trust visitors down, paylng visitors up. Part-time Curator, DrAmy Lin, had given private tours of the Collection both al Buscot Park and Brtsmpton Square. The Truste88 had loane(I 'The Entombment of Christ. by Ford Madox Brown to the Prtr-Raphaelilo Renaissance Exhibition held in Forli, Italy, from February lo June 2024. During Ihe year a set of dining plates worè commissioned. They bear facslmlle sign8tures of the 2nd Lord Faringdon's dinntsr 9uesls tskgn frorn the visitor books. They arg on display in the dining room. Further brlghtcut Irish silver spoons w8re added to the Coll8Ction and a drawng by Augustus John enlllled ' The Head of a Gypsy Girf. Tèrka" was also purchased. Flnanclal revlew Total income lor the year amounted to £334,323 an in￿ase of £55.161 over the pre￿ou8 year. Total exp8ndilur8 amounted to £303.473, a decrease of £58,606 over thg previous year. Se9 note 7 for detsils of thls increas&. This created net incomtr for the year of £30.850 compared lo net expenditure of £82,917 in 2024. The market valuo ol the Trust's investment portfolio was £5,501,434 at 5 April 2025. There was 8 net loss on revaluation ol the portfolio of £320,561. Invostment pollcy and pèrfomi•nce The Trustees believe the best way of proleeting the PUTch8$lng power of thè andowmènt fund Is to seek out intemalional equities wlth prospects of 8 future rtslng 8troam of income in th8 belief they will glve the fund a superlor rdte of lolal retum over the long term. In the year lo 5 April 2025, the overall (total} rate of rgtUTn on the Portfolio was *1.2%12024-.-0.02%1. The Trustee5 consider the c8Pltal value of th& investment monies18t £5.5ml is appropriate and the perfomiance of the fLknds lomains satisfactory in the current market conditions. THE FARINGDON COLLECTION TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Rèserves policy The purpose of the endowm8nt funds is lo generate suffieiènt annual incorne lo better display the chattels and the functional property to the public. lo maintain. administer and insure them, and if possib18, to improve them. Under the Trust Deèd thg chattels may not be realised to defray the genero1 runnlng expenses of the Trust. but may bg reBlised to I￿prove the Collection. The Trustees, policy is not to build up any income resarvas but, over any three year perfod, lo expend all income generated on the ddned objectives of the endowm8nt funds. Any capital apprèciation is treated as Inflatlon prole¢tlon lo the purchasing power of the permanent endowrnenl to help maintain its'real. income. 8nd hopefully. to allow it to keep paca wlth thg international market prie8 of chattels. Endowmènt funds lotalled £5.501.634 at 5 April 2025 12024.. £5.827,687}, and unrestricted ftlnds tolalled £1,819,17412024.' £1.782,3101. Rlsk managoment The charity Trustges have considered the major risks to which the charity is oxposgd and have reviewed those risks and establlshed systems and procedures to manage those risks. Th& Trustees have considered the following ri3ks'. Security of the Colleclron Insur8n¢& of the Collection Public risks and Public Liablllty cover Suitability of investment rx)rtfolio Had professional survèy and reports on.. Asbestos within tha Hou$0 Electrical Testing Water Tank and water supply report Humidity and Environment Control Trefj Inspections bl dl Plans for future perlods The Trust will ¢onlinue lo preserve and Improvè the Faringdon Colloctlon and its setting for ihe publ1¢ and acquire new items whèn appropriate opportunities arls8. Structure, govemanc• and managoment The TrLJSt is an unincorporated Trust, constituted under a Dged of Glft. dated 9 November 1956. and Settlement, dÈt6d 24 March 1958. The original propety of the Trust was thè Collgcllon of chattels and a pem)anenl endowmgnt fund. whlch subsequantly rgcglved further grfts of chattels, property and endowment funds. The Tru8tees who served during the year and up lo the date of sign8tUTe of the financial statemgnls wei8: Lord Faringdon KCVO- Chairnian R Wheeler- National Trust Representative The Hon. J Hend8wn- Tenant Occupier Lady Faringdon M Drury CBE F Russell L Henderson The Trustees keep their skill reqU1￿ments under rtrview,. and, in thè event thal a Trustee permanently reti￿$ or additional new Truyle8s are required. new Trust&&s will be sought and a fin81 decision on selection will bè taken by the existing TfUSt¥g8. THE FARINGDON COLLECTION TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 The Trust Is In8naged by a board of Trustees. Th& Tr￿slee3 m&èt formally once a year at one of the siles at which the Collection is displayed, whère they agree the broad slr8t&gy and areas of adivity for the Trust, including consideration of investment, r8serves and risk m8nogemenl policies and performance. The provisions of the goveming deed speclfy the appointment ol three Trusle8S- the Lord Faringdon ol the day Ichairmanl; the tenant of Buscot Park or hks reprgsentalive Icurrenlly J H Hendersonl., and a rgpresentaliv6 of lh8 National Trust Icurrenlly R Whèèler). Further Trusle8s may be co-opted, as required. Thère is no limit on th8 length ol of any T¥uste8. The Trus s, report w S approved by the Board of Trusteeg. Faringd Chalrman KCVO Dalo: .... THE FARINGDON COLLECTION TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2025 The Tru5te8s are responsible for preparing the Trust808' Report and the financtal statements in accorda1￿e wth applicable law and United Kingdom A¢wvnting Standards (United Kingdom G6norally Accepted Accounting Practice). The law 8pplicable lo charities in England and Wales requiT85 the Trustees lo prepare financial stalèmenls for each rinancial year which give a tnje and falr view of the stale of affairs of the Charity and ol the incoming resources and application of reSour￿S of th6 Charity for that year. In preparing these financial statements. the Trustees are required io.. select suitable accounting policigs and then apply them consistently: - observe the methods and principles in the Charities SORP., make judgemtrnts and eslirnales thal are reasonhble 8nd prudent., stbte whether applicable accounting standards have been followed, subject lo any matarlal departures disclosed and explained in the financial statements., and prepare thB financial statements on the going concem basis untess 1118 inappropriate to presume that thg ¢h8rlty will continue in op8rolion. The Trustees are responsible for k88ping $uNicient accounting Tecords that di$¢lose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the financia1 slalements comply wllh the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of thè trust deed. They are also rosponsible for safeguarding the assets of th8 Charity and hence for taking reasonable steps for the pwvenlion 8nd detection of fraud and other irregularities. THE FARINGDON COLLECTION TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FARINGDON COLLECTION TRUST Oplnlon We have audited the financial slalements of The Faringdon Collection Trust Ilhe 'Charity'l ft)r the year ended 5 Aprll 2025 which comprise the statement of financial 8Ctlvities, the balan￿ sheet and fiotes to the financial statements, ncluding significant accounting policies. The financial reporting framework that has been applied in Iheir preparation Is applicable law and Unlted Kingdom Aecounling Standard$, including Financial Reporting Standard 102 Th& FinanGial Reporting Standard appllcable the UK and Republic of Ireland (United Klngdom Generally A¢cepted A￿oUntIng Practlcel. In our opinion. the financial ststemenls.. give a true and fair vlew of the state of thg eharity'8 affairs as at 5 April 2025 and of Its incoming resources and application of resour¢Ès, for the year then ended., have be&n properly prepared in accordance with United Kingdom Generally Ac¢gPted Accounting Practice.. and have been prepared in accordance with the Charilles Act 2011. Basi¥ for opinion We conducted our audlt In accordance wlth Inlemalional Standards on Audlbng IUKI IISAS IUKII and applicable law. OUT responsibilities under those standards are futher described in the Auditors r8sponsibilities lor th& gudit of the fin8nual $18tèmenls se¢tlrin ol our report. Wè are indgpendenl of the Charity in accordance with the ethical requiT8ments that are relevant to our audit of the financial statements In the UK. including the FRC'S Elhic81 Siandard, and we hav& fulfilled our other ethical reS￿nsIbIlitieS In accordance with these requirements. We believe that the audit eviden¢tr we have obtained is suffKi8nl and appropriate lo provlde a b88is for our oplnion. Con¢luslons mlatlng to going con¢8m In auditing the financial slatemenls, we have conduded that the Trusteès, us? of the going coneem bashs of accounting in the preparation of the finand81 statements Is approprlate. Based on the work we have perfomied, we have not identif￿d any material Ltncertainties relating lo evenis or conditions that, indivldually or collectively. may ca$1 signific8nl doubt on the CharStls ability to continue as a going con￿rn for a period of at least twelve months from when the financial ststaments are authorisad for is8ue. Our responsibilities the responsibilities of the Tnjstees with respect to going ¢oncern arg describod in the relevant sections of this rgport. Other Informatlon The other infortn8tlon comprls6s the information included in the annual report other than the finanGial statements and our auditor's r8POrt thereon. The Tnjstees are responsibl& for the other information contained within the annual report. Our opinion on the financial stalern&nts does not cover tha other infom)alion and we do not expross any form of 8ssurane6 ￿nclUsion ther¢on. Our responsibility is to read the other inlorrnalion and, in doing so. consider whether the other Infomiation is materially inconsislont wsth tho financi81 statements or our knowledgg obtained in the course of the audit, or otheNise appears to be materially misstated. If we idenlify such material inconsistencies or apparont material misstalements. we are required lo determine whether this gives rise to a material misstatsmgnt in the financial statements Ih8ms6lves. If, iiased on the work we have performed, we ¢onclude that Iherg is a material misstal$ment of this other infom)alion. wfy are requlred to report that fact. W8 have nothing to report in this regard. THE FARINGDON COLLECTION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FARINGDON COLLECTION TRUST Matters on whlch wo art requlr•d to report by ex¢•ptlon We have nothing to report In respe¢l of the following matter$ in felalion lo which the Charities IAccounls and Reports) Regulations 2008 reguires us lo report to you il, in our opinion.. the information given in the financial statements is in¢onsislenl in any material iespe¢t with the Trustees, report., or sufficient accounting records have not been kapt.. or the financial statements are not in agreement with thg accounting records- or we have nol re￿iVed all the informats'on and explonat*)ns we require for our audit. Responsibilities of Trustees As explainad mtsre fully in the statement of Trustees. responsibilities, thè Trustees are responsSbla for the preparaliL>n of the financial statements and for being satisfied that thèy give a true and fair view, and lor such intèrnal control as the Trustees determine is necessary lo enable the preparation of finanaBI stolfjments that are (￿e from material misgtatemenl. whether due to fraud or Èrror. In preparing the fin8n¢ial slatemenls, the Trusteès ore responsible for assessing U)9 Charity's a￿'lIty to conllnue as a going eoncem, disclosing, as applicable, maller3 related to going concern and using the going conc&m basis of accounting unless the TTUSt8es eith&r Intend lo cease operations, or have no realistic alteinative but to do so. Audltofs respon$lbilitie¥ for the audit of th• tinpncial statements We have been appointed as 8udilor under section 145 of the Charities Act 2011 and r6port in accordance wllh the Ad and relevant regiJl8Uons rnade or having effect Ihtrrtsunder. Our objectives a￿ to obtain reasonable Bss*Jrance about whether the financial statements as a whol8 ar8 lie8 from malorial misst8t8rnenl, whether due to Imud or error, and to issue an auditor's report that includtrs our opinion. Reasonable assurance is a high lovol of assurance but is not a gvarantee that an audit conducted in accordance th ISAS IUKI will always dgtect 8 materi81 misstatement whon il exists. Misstatements can 8rise from fraud or èrror and are considered matgrial if. individually or in thg aggragate, they COL*ld reasonably b¥ expected to influence Ihts economic decisions of users taken on the basis of these financial statements. The extont to which our procedur•s arg ¢ap8ble of detecting Irr8gularilies, including fraud. Is detaSle(I bdow. Our approach lo Kjentifying and 8ss9$8ing the risks of materi81 misstslement in respect of irrtrgulanties, including fraud and non-compliance with laws and regulations. was as follows.. the engagèment partner ensured that thg eng8g8rnenl team collactlvgly had the appropriate eompelence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations.. we identified the18ws and regulations applicable to the d)arily through discussions wlth Trustees and other rnanagement. and from our c4)mmercial knowledga and experience ol the dients bLJsingss sector., we focused on specific laws and regulations whith we considered may hav8 a dir8¢1 material effect on the rinancial stslgmenls or the operations of the charity, including the Charities 2011., we asse$sed the extent of compli8n¢e with the laws and regulations identified above through making ènquiries of management and Inspects'ng legal correspondence., 8nd rdenlified laws and regu181ions were communicated w41hin the audit team re9ulady and the team remained alert to instances of non-compliance throughout thg 8udll. THE FARINGDON COLLECTION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FARINGDON COLLECTION TRUST We a8$8ssed th8 suscèptibility of the charity's finaricial statements lo material miss18tèment, including obtaining an understsnding of how fr8ud might occur, by.. m8king 8nquiri89 of m8nagement as lo wherè they ¢on5id8r8d thero was susceptibility to fraud. their knowledge of actual, suspocted Ond alleged fraud., and considering the internal Controls in place to mitigate risks of fraud and non-compliancè with laws and regulaUons. To 8ddre5s the risk of fraud through management bias and overrlde of eontTols, we.. perfornied analytical procedures lo Sdenlify any unusual or unexwcled r8lalion$hips', testsd ￿urnal entries to Ident￿ unusual transact￿ns. assessed whether judgèments and a3$umplions mad8 in detemiininu accountlng gstlmales were indicatNe of potential bias-, and inv&sllgated the rationale behind slgnlficant or unusual transactions. In response to th& risk of irregulari1188 and non-compliancg with laws and regulations, we d881gned procedurgs which included, but were not limilgd to.. agreglng fin8ncial stslement disclosure3 to undedylng supwting documentatS0n: ading the minutes of meetings ofthose charged wlth govoman¢g'. anquiring of m8nagemant as lo aclu81 and potential litigafjon and clalms; and revlewing correspondence wlh HMRC 8nd tho company's legal ad￿sorS. There are inherent limltalions in our audlt procedures described abtsve. The more Temoved that laws and regulations arg from financial Iransadlons, thè less likely it is that we would become aware of non-compliance. Auditing standards also 1￿Mil the audit proce1ju￿S Tequired to identify non-eompliance with laws and rogulations to enquiry of the Trustees and other management and the Inspe¢tion of re9ulatory and legal correspondenco, if any. Material misstslemenls that arise due to fraud can be harder ￿ dotècl than those that 8rise from error 8s they may involve d8llberate concealment or collLS$iOn. A further descrtplion of our rèsponsibilities is av8llabi& on the Financial Rèwrting Councll's Web￿le at.. https'.11 www.frc.org.uk1aud1￿rSrèSponS1bIlI1itr$. This d8scriplion forms part of our audilorfs report. Your attention is drawn lo the fact that the charity ha8 prepared linan¢ial ststaments in accordance with 'Accounting nd Reporting by Charities.. Statement of Reeommgnded Practice applicable lo ¢hari11gs preparing Ih8ir accounts in aceordan¢e wilh the Financial Reporting Stsndard applicable in the UK and Ropublio ol Ireland IFRS 1021. las am8ndedl in Preference to the Accounting and Reporting by Chariligs.. Ststemenl of Recommendod Practice Issued on 1 April 2005 which is referred tts in th8 extant regulations but has now beon withdrawn. This has been done in order lor the linanri81 staltrmenls to pmide a true and lair vlew in accordance with current Generally Acceptod Accounting Practlce. THE FARINGDON COLLECTION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FARINGDON COLLECTION TRUST Use of our report Thi5 report Is made solely to the Charily's Iruslees, as a body, in 8¢cordance W￿(h part 4 01 the Charities IAecounls and Reports) Regulallons 2008. Our audit work has been undertaken so that we might state lo the charity'$ trustees those matters w8 are requ1￿d lo stste to them in an auditors. report and for no other purpose. To the fullest ¢xlent permitted by 18w, we do not accept or oS5ume responsibilily lo anyone other than the ChÈrily and Ihe Charity's Irusteos as a body, for our audit work. for this report. or for the opinions we hove formed. Gra¥its Audit Oxford LLP Chart6féd Accountants First Fthr, P8rk Central 4041 Park End Street Oxford OX1 1JD Date.. ..7J.1.112&.... Gravita Audit oxfo￿ LLP is gligible for appointment as auditor of thè Charity by virtug of ils eligib￿lty for appointment as auditor of a ¢ornpany under seCt￿n 1212 of the CompaniesAet 2006. THE FARINGDON COLLECTION TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025 Unrestri¢tèd Endowment funds fund$ 2025 2025 Total Unrestrl¢ted Endowm•nt fund$ fund8 2024 2024 Total 2025 2024 Nolos Incomo from: Charitable actiwlies Oth8r trading activities Investments 75.428 44,551 214,344 75,428 44,551 214,344 74,157 44,551 160,454 74,157 44,$51 160,454 Total lficom• 334,323 334,323 279,162 279,162 Exp8ndlturè on: Raising funds Charitsble acdvlties 5,492 5,492 297,459 5,949 5,949 356,130 297,459 356.130 T¢)tsl ex￿ndItUrn 297,459 5,492 302.951 356,130 5.949 362,079 Nel losses on investments 12 1320.5611 1320,5611 1215,3791 1215,3791 Ilet In¢omel{oxp•nditurel 36,864 1326.0531 1289.1891 176,9681 1221,3281 1298,2961 Transfers beiwe8n funds 75.000 175,OlY)I Nat movèmont In fund8 36.864 1326,0531 1289,1691 11,9681 1296.328} 1298.2961 Reconclllatlon of lunds: Fund balances al 6 April 2024 1.782,310 5,827,687 7,609.997 1,784,278 6.124.015 7.908,293 Fund bal¥nc•s at 5 Aprll 2025 1,819,174 5.501,634 7,320,808 1.782,310 5,827.687 7,609,997 The ststement of financial actlvities Indudes all gains and losses recognised In the year. All Sncome and Èxpenditure derlve from continuing activities. 10 THE FARINGDON COLLECTION TRUST BALANCE SHEET ASAT5APRIL 2025 2025 2024 Note$ Fixed assets Tangible assets Heritage assets Investmefjts 14 15 16 42,458 1,660,111 5,501,434 37,668 1.655,523 5,827.687 7,204.003 Current a$$ots Stooks Dgbtors Cash al bank and In hand 7,520,878 17 18 19,461 69,085 60.800 24,541 76,088 24,896 149,346 Creditors: amounts falllng due wlthln ¢ne year 125.525 132.541} 136,406} Net current ass8t$ 116,805 89,119 Total assots less curr•nt liabllltl•$ 7,320.808 7.609,997 Capital fund¥ Endowm&nt funds Genèrdl endowment fvnds Incomè funds G&neral unrestricted funds 5.501.634 5,827.687 1,819,174 1.782,310 7,320,808 7,609,997 Th9 notes Dn pages 12 to 29 form part of these financial slatemenls. Inan alemènts were approved by thè Trustees on . 3111012025 Lord ringdon KCVO Chairman THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2025 Accountlng pollcles Charlty Inform#tlon The Farlngdon Collection Trust is an unlncorporated charity Teglstered in Engl8NJ and Wales. Its registered oifi¢g is.. The Estslg oifice, 8uscol Park, Faringdon, Oxfordshire SN7 8BU. 1.1 Accountlng conventlon Th& financial statements have been prepared in accordance with the Charity's goveming document, the Ch8rities Art 2011, FRS 102'The Financi81 Reporting Standard applicable in the UK and Republic of Irgland" {"FRS 102.1 and the Charit18s SORP AccoLtnting and R8POrting by ChaTlties.' Sl8tement of Recommended Practice applicabte lo charities preparing their accounts in a¢cordan¢e with the Financial Rèporting Standard applic8ble in tho UK and Republic of Ireland IFRS 1021. leffgctive 1 January 2019>. The Charity is a Public Bgnefil Entity as defined by FRS 102. Th& Charity has tsken advantage of the provisions in thè SORP for ch8rities not to prfrpafe a Statemgnt of Cash Flows. The financial statements have departed from the Charfties (Aecounls and Reportsl Regulations 2008 only to th8 extent required to provide a Irue and fair view. This departure has involved following the Statement of Reix)mmended Practice frjr charities Applying FRS 102 rather than the version of the Statement of Re¢ommended Practice whlch is referred lo in the Regulations but which has since been wslhdrawn. The financial statements are prepared in 8l&rling. which is the fun¢tional ¢urrency of tho Charity. Monetary amounts in the3& financial slalements are rounded lo the nearest £. The finan¢lal ststèments have been prepared under th8 historfcal cost convention, modified to include listed investments at fair value. The principal accounting poticies adopted are set out below. 1.2 Golng ¢oncem At the tlme of approving the financial statem&nts, thè Trustéès havè a rea$onabl8 èxpe¢latlon that the Charity has adequate rèsources to continue in operational exlstence for tha forese8able future. Thare aTe no matgrlal uneertainties ab(>ut the Charily's ability to contlnue. Thus the Trustees continue lo adopt the g0Sng concern basls of a¢counling in preparing the financlal stslemenls. 1.3 Charltablo funds Unreslrieted funds are available for use al tha discretion 0¢ the Trustees in fvrthéronce of their charitab objectiv88. Income from the c8Pital fund may be u89d for charitable expendltufe. However, the part of the ¢gytal vjhich 1$ permanent endowmant lie. chattols onlyl ¢annot be usgd lo defray running costs. 1.4 Income All incoming resour¢es are recognlsed once the charity hos enlltlemenl to the resources, il is cert8ln that the resources will be received and the monetsry Wdlue of Incoming resources can be mtsasured with sufficient reliability. Rentsl income received relallng to thè next financial year Is carried forwaT(l in crèditOT8. Incomè from charitsble actlvltles The income from charitable a¢tivilies represents the sale of guidebooks and posl(*rds, together wlth learoDm and Colloction opening sales vlhich fom an integral part of the income from the opening of the Collection to the public. 12- THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 A¢¢ountlng poll¢les (Continuodl 1.5 Exp•ndltur• Liabilities ar$ recognised as resources expended as s¢)on as the￿ is a legal or constructlve obligatio commitbng the charky to the expenditijre. All expenditure is accounted loi on an awuals basis and has been dassified under headings that aggregate all costs relating to that category. Thes0 relate lo Investment management fees and are recognised on an ac¢ruals basis. Expendltur• on charltablè activltS09 Costs of charitable actlvilies relate to the cost of preservation, mainl8nance, display and the sfjtting. includlng any enlargement or irnprovement of the Collection chattels, as woll as wsitor costs which include 50Yo ol the klosk. room steward and house heating outlays. and total cost of land r&tym from) runnlng a tearoom for the publi¢. Gov¢rnanc8 costs Govemance costs compr5$8 811 costs involving the publlc accountalilty of the charity and its compliance with regulation an¢J good practice. These costs indudo those relaled lo statutory audk and any legal fees. Irrecov•rable VAT Irrecoverable VAT is charged against the category of Te80urc&s &xpended lor which il was In¢urred. 1.6 Tanglbl• fixed assets These represent fixed ass&ts used in thè adminislratlon of the Trust. Depre¢S8tion is recognised so as to write off th& cost or valuatlon of assats le¥¥ their residual values over th￿r usèful lives on the following bases.. Functional fre6hokl property Fixturgs and fittings Tearoom pavillion Tenant's improv8ments Theatre fixtures 10°k - 33% per annum on cost 10% - 33Yo por &nnum on ¢081 250A per annum on cost 10VD por annum on e081 25% per annum on cost Thè gain or loss Bri$ing on the dlswsal ol an as5el is d8tem)Ined as the dIffe￿nce betW8en the sal6 proceeds and the carrying value ol th& asyel. and is recognised in thè statement of financial activllies. Functlonal fr••hold propèrty The functional property relates lo 28 Brompton Square, London. SW3 2AD, Whe￿ part of the Collection Is exhibitedlground floor, lsrsl floor, second floor). Within th6 property there are iwo apartments whlch 8re let out to third parties. The property Is In¢luded at Its origlnal Cost in 1952 of £10,000. No depreaalion is charged as the life of the Property 1$ 80 long and Its residual vttlug is so hl9h, any dgprecialion would be insignificant. 1.7 Hèrltag• ass•ts Heritage assels comprise all th6 ¢hatlels and works of art ès ilernised in the inventory belonging to the Faringdon Collection. This consists ol approximat81y 1,500 items of which approximately 750 are pictures. In additlon there are various other items on loan from the Faringdtsn family. The original endowment ol assets in 1956 is not valued In the accounts sinc8 its valug is unknown, bul subsequent additlons have been eapitalised al cost. Th8 heritage assèt5 are not daprecialed, as any depreciation would be immaterial. 13- THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 A¢countlng pollcles Icontlnuodl 1.8 Flxèd asset Investments Fixed asset investments are initially measured at transaction pri￿ excluding transactson costs, and are subsequently mèasured al fair value at each reporting date. Changes in lair value are ￿cogniSed in net incomellexpenditurel for the y&ar. Transa¢tion costs are expensed #s incu￿ed. 1.9 Impalrniont of fix¢d asset8 Al oach reporting end datg. the Charity reviews the carrying 8mounts of Ils tangible assets lo determine whethèr there is any indication that th080 assets have suffered an impairment loss. If any such indication exists, the recoverable arnount of the asset is estimated in order to detemiine thg extent of the impairment loss lif anyl. 1.10 Stock¥ Slo¢ks are staled 8t the Iowor of cost arKI nel realisable value, and are made up of guidebooks, postcards. gre81ings caids and tearoom supplies. 1.11 Cash and cash aqulvalents C8sh and cash equiva1enly include cash In hand, dèposits held at call with banks, other short-term Ilquid invèstments Wlth orfginal maturities of thr88 months or less, and bank overdrafts. Bank ovgrdrafts are shown wilhln borrowings in eurrenl liobilities. 1.12 Flnanclal Instruments The Chèrity has 91gCtgd to ap[￿Y the provisions of Sectlon 11 '8asic Flnanual Instruments, and Sect¢on 12 'OtheT Financial In51rumgnts Issues, of FRS 102 to all of ils finandal instrumènts. Flnancial instruments arg r•cognised In Ihe Chadws balance sheet when the Charity b8comes party to the contractual provlsions of the instrurnent. Financi81 assets and liabilities ore offset, with the nel 8mounts presented in thg financial slatemenis, when there is a legally enforceable right lo Set off the recognised amounts and there is an intention lo settle on a n81 ba￿$ or to realise the asset and settle the liability simultaneously. Basio financial as$ots Basic financial assets, whl¢h include dabtors and cash and bank balancés. are inittalty measured at transactlon price Including transaction costs and are subsequently carriad at amortlsed cost uslng the effedivè interest method unléss the arrangement constitutes a financing transaction, where the transaction 1$ measured at the Present value of the fulure re¢&lpls discounted al a market rale of interest. Financial assets c18sslfied as recÈlvable wilhln one year arè not amortised. Basic firtanclal liabilltles Basic financial liabilities, including creditors and bank loans are initially recognised Bt transaction pri￿ unless the arrangement constitutes a financing transaction. whtrrè the debt instrument Is measured al the present value ol thg future payments discounted at a market Tate of intsresl. Fln8nclal liabilitiès classified as payable withsn one year 8re not amortlsed. Debt instruments ar6 subsequendy carried at amortised cost. using the effectivg interest rate method. TThle cfedilors are obligations to p8y for goods or setvices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are Classified as ¢urrenl Siabilities if payment is due wlthln one year or less. Ir not, they are presented as non-cvrrent liatm'lrties. Trade creditors are Igcognised initially at transactlon price and subsequgndy measured at amortised cost using tha effgclivg Snter8St Method. D&recoynltlon of flnan¢lal Ilabllltl•$ Financial liabilities are derecognised when the Charity's contractual obligations explre or aro dischaTg$d or cancelled. 14- THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Critical accounting estlmates and judg•m•nts In tha appllcatk>n of Ihg Charity's accounting polici8s, th& Trustees are requlred to make ludgements, estimates and assumptions about the carrying amount tsf assets and liabilities that are ntsl readily apparent from other sources. The estimates and 8s$ocialed assumptions are based on historical experience and other factors that are consid6r&d tr) bè ral&v8TII. Actual results may differ from those &slimales. The estlmalos underlying assurnptions are revlewod on an ong(Nng basis. Revisions to accounting estirllales are recognised in the period in which the estimate is revlsed where th¢ revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future perlods. Investment portfollo The Trustees rety on the investment reports provided by Cazenove Capital for the Inv6Stmenl revaluation in the accounts. At 5 Aprll 2025 the value of the Charity's investment portfolio was £5,501,434 12024.. £5.827,6871. The investmonts are valued using lair value using quolad market prices. The Irustses review the investment portfolio regularty foT changes in market conditions or other factors that may affect the fair valu&. 15- THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Ineam• from othor trading activiti Unrestrlcted Unrestrlcted funds nds 2025 2024 Other incom@ 44.551 44.551 In¢om• from Investments Unr•strlct•d Unrèstrlctèd funds funds 2025 2024 Income from listed invesknents 214,344 160,454 Ralslng funds Endowment Endowment funds funds gèneral gener81 2025 2024 Inv&stment managers eosts 5,492 5,949 5,492 5,949 17- THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Charltsbla activlti•$ 2025 2024 Collection opening c08ts Tearoom costs Guidabooks and postcards 227,547 53,010 7,542 295.760 46.753 5,085 288,099 347,598 Shaw of governance costs Is¥e note 8} 9.360 8,532 297,459 356.130 Collectlon openlng costs in¢lude the following.. 202S 2024 InsurJnc8 Grounds maintenan¢e Hou$8 maintenancè Alarms and sgcurfty Inventory Gosts 28 Brompton Square ￿StS Idelailed below) Contents repalrs Management fees Share of kiosk and toilet ￿Sts. Shar8 of room stewards, wages. Shartr of house heating costs, Share of publi¢lty costs. Share of webslte costs. Custodian fees Depreciation Other ¢ollection opening costs S6,423 24.000 6,816 5,240 13.063 35.800 2.8S4 12.000 3,710 8,063 23,739 2,668 521 17,997 4,144 10,509 51,718 24,000 2,859 5,160 12,782 90,8L13 6,352 11,400 3,484 7,527 37,905 2,726 521 16,885 3,716 17,922 227,547 295,760 'These costs Bre shared 50% with Buscot Park 2025 2024 Brompton Square ov•rh8ad$ Maintenance Se¢urity Wages Flat costs Contents repair Insurance Management charge lojmmisslon deductgd from rentsl income} SeNce ¢harge 7,519 3,743 3,240 1,214 66,346 1,352 3.420 6,219 8.865 5.(100 5,820 8.865 5.000 35,800 90,803 18- THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Govemance costs Gov8rnanc• o$t$ 2025 Governance costs 2024 Audit fees 9,360 9,360 8,532 8.532 9,360 9,360 8,532 8.532 Analysed belween Ch8ri18ble aclivilie8 9.360 9,360 8,532 8.532 Governance costs indudes payments to the auditors of £9,36012024- £8,532) for audit fees. Nèt movtrmant In lund¥ 2025 2024 The net movement in funds 1$ stated 8ftgr chargingllcredilingl.. Fèès payable for the audit of the charivs finan￿al statements D&preciation of owned tangible fixed as58ls 9,360 4,144 8.532 3,776 10 Tru$ts•$ None of the Trustees lor any persons connÈ¢t6d wth them) received any remunerat￿￿ or benefits from thè Charity during th& year. 11 Employee8 Ernployment costs 2Q25 2024 Wages and salaries SLKial security costs Other pen8ion costs 63.369 2.259 642 52,596 915 B76 66.270 54,387 The Charity &mployed 1 part-fjm& person in the kiosk and 3 part time staff in the tearoom on 8 S8a80nal basi8 12024.. 1 in th8 ki05k and 4 in the tearoom), all eaming less than £11,000. It also gmployed 712024.. 71 part tlme staff as room 8lewards, and 1 12024.. 11 part time curator. There were no employees whos6 annuol ￿mune￿dt1on was more than £60,000. 19 THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 12 Net golnslllossots) on InveBtments Endowm•nt Endtswmant funds funds g•neral general 2025 2024 on revaluation of inve81ments Gain on sale ol investments 1445,961) 1215,3791 125.400 1320,5611 1215,3791 13 T•xatlon The charity is exempt from tsx on incomè and gains fallirvJ wthin section 505 of the Taxes Act 1988 or secli¢)n 252 of the Taxation of Chargeablo Gains A¢t 1992 to the extent that these are applied lo its charitablt objects. -20- THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 15 Horitago 8888ts The natLJre of the Trust is to preserye. display and explain to the publlc the inherfted colledon it owns in surroundlngs of ongoing family homes, with recent additions to enliven it and to reflect th8 tastes and passions of succeeding generatlons. In Ihls respect they hav8 brought together museum quality pictures. furniture and objel d'art from the past with ¢onlemporary additions, to hous8$ at Buscol Park and Brompton Square which are lo be available lo the public on 104 days a year. A catalogue of the assets held is available to visitors lo thè Trust. The heri18ge assets represent the paintings, fumilur& Bnd objects d'art which fomi tho Fafingdon Collectlon. British art, especially of the 19th and 20th centurie$. is particularly well represented in tho Collg¢tion. The eost of £1,650,123 relates to heritsgè assets purchased $ince 1994. The Trustoes have not recognised the value of the ass8ts forming the original Collection in the inl8rtrsts of security. Asummary of the mov8ments in heritage assets over the last fiv8 years 18 provided bolow.. Yoar ènded 5 Aprll 2025 Idsh Silver'spoons" Drawing by Augustus John, "Thè Head of a Gyp8y Girl, Terka. £2,155 £2.433 £4,588 Year Ondod 5 April 2024 Unlface camoograph meal A minalur8 port Glass Sculpture £138 £458 £5,400 £5,996 Yèar endod 5 Aprll 2023 John Fr¢d&rick L8wis11804-18761'Harri¢t Ford's Maid. 1833 pancil, b18Gk chalk ar￿ watercolour £5,248 Frama- Tru8 Vue Museum Glass, Consetvallon Board and gilding £644 Slalnl8ss Sto91 Garden Sculpture No.88 'A￿a. by Petèr Moorhouse £16,000 Dark Oak wood curvgd curtain poles £9.222 Nomanton Bedyoom - Roussillon weave curtalns in Venetlan Red, with Nomiandy silk crele braid £14,589 Carpet.'_Riviei8 Milano Carpet £8.304 Tessa Newcomb. 'Round the Gluepot. 2022 £6,000 Antlque Ifish Provinci81 silver sugar tongs with brighlcut engraving made c1785 by Thomas Burke of Lim6rick £1,11X) £61,107 Y¢ar ended 5 Aprll 2022 and 5 Aprll 2021 THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 15 Hèrltag• #ssgts IContlnu•dl No additions 23- THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5APRIL 2025 16 Flxed aBs•t Invgstments Llstad Investmonts Cash in portfolio Total Cost or valuatlon At 6 April 2024 Additions N8t cash movements Unrealised losse5 on revaluation Realised gain on dlsposal Disposals 5.748,601 453.865 79,086 1453,8651 15.6921 5,827,687 15,692} 1445,9611 125.400 1445,9611 125,400 11,322,025) 1,322,025 At 5 April 2025 4,559,880 941.554 5.501,434 Caryylng amount At 5 April 2025 4,559,880 941,554 5.501,434 At 5 April 2024 5.748,601 79.086 5.827,687 2025 2024 Investments al falr valug (market pricel comprise.. Listed equilles 4,559.880 5,748.601 17 Sto¢ks 2025 2024 Guide books, PogtCBrds and gregtings cards Tearoom and Sundry stock 17.877 1.584 24,410 131 19,461 24,541 18 Debtors 2025 2024 Arnounts falllng du• wlthln one Y￿1. Trade debtors Other dèbtors Prepayments ar￿ accrued income 8,937 32,591 27,557 38,060 9,931 28,097 69,085 76,088 -24- THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 19 Creditors.. amount$ falllng due wlthln onfr y•ar 2025 2024 Notes Bank overdrafts Deferred incomè Trade creditors Accruals 1.880 3,488 9,678 21,360 20 3,488 14,785 14,268 32,541 36,406 20 Deferred Incom8 2025 2024 Arising from rent raceived in advance 3,488 3,488 DefeThed incwe is included in Ihe financial stst8ments as follows.. 2025 2024 Deferred income is includ8d within.. Current liabilities 3.488 3,488 Movements in th$ year.. Deferred income at 6 Aprll 2024 Relèasgd from previous period8 Resources dolerred in the year 3,488 13,4881 3,488 3,488 13,488} 3.488 Deferred incoma at 5 April 2025 3,488 3.488 21 Endowment fund$ Endowment funds represenl assets which must be held permanéntly by the Charity. Income arising On the endowment funds can be used in accordan¢e with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arl$lng on the assets form part of the fund. At 6 Aprll 2024 R¥$our¢es ¢xpended Transfers G•ins and losses At S April 2025 Expendablè •nd¢wments Expendablg ondovmient fund 5.827.687 15.4921 1320,5611 5,501,634 25- THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 21 Endowmontfunds IContlnu•d) PTeviou8 year- At 6 April 2023 Resources exptrnded Tran$f•fS Gains •nd 108S0$ At S Aprll 2024 Expendable endowments Expendable endowment fund 6,124.015 15,9491 175,0001 1215,3791 5.827,687 £76,000 was transfarred tr) income funds In the prlor year lo financa external decoration ¢J)sts of the Chariws functional fraehold propety at Brompton Square. 22 Unro$trlcted funds The unrtsstricted funds of the charity comprise the unexp&nded balances of donations and grBnts which are not subject to specific conditions by donors and grantor5 as to how they may be used. These include designated funds whkh have been sèl aside out ol unreslrlolèd funds by tha trustees for sp$eific purpose8. Transfors At S Aprll 2025 At 6 Aprll 2024 In¢omlng resources Resources •XPonded Gtrneral funds 1.782.310 334,323 1297,459} 1.819,174 Pr•vlous y•ar: At 6 Aprll 2023 Incomlng rosou￿$S R8sourc•s exp8nd•d Tran8f•rs At S Aprll 2024 General funds 1,784,278 279.182 (356,1301 75.000 1,782,310 23 Analysls of nèt assets betw••n funds UnrestrI￿ed Endowmènt funds funds 2025 202S Total Unrostr5ct•d Endowment fund$ funds 2024 2024 Total 2025 2024 Fund balances at 5 April 2025 are represented by.. Tangible a8gets Hèritage assets Inve51mènts Current as5etsllliabililies) 42.458 1,660.111 42,458 1,660,111 5.501,434 116,805 37,668 1.655,523 37.668 1.655,523 5,827,687 5.827.687 89,119 5.501,434 200 116,605 89,119 1,819.174 5,501,634 7,320,808 1,782,310 5,827,687 7,609,997 THE FARINGDON COLLECTION TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 24 Related party transactlons Th8 following related paty transactions rolale lo the Trust property at 28 Brompton Square, London, SW3 2AD. Summary of Lease Dale ol leas 19 September 1962 las varied by Deed of Variation dated 7 July 19921 Present tenant Safernove Propety Management Limited {see notè 2481 Tem) of lease Ground rent 70 years from 29 September 1962 (expiring 28 September 20321 £225 per annum Property 28 Brompton Square, London. SW3 2AD Isee note 24bl 2025 2024 Addl￿onal rgnt Gross rent collected by Saftrmove Property Management Limitgd Rent from functional propgrty (see note 24cl Nst r9nts receivable by Trustees from investment propety18ee note 24dl Tenants, obllgations To pay outgoings and lo provide a Carotsker To rllaintain the interior of the Proparty Not to make alleralions without the Landlord's Consent To use thé Property only as lo residential parts for residentlal purposes and thè remainder for temporary lettings for functions 44.326 44.608 10,000 10.000 35,686 35,686 Landlord's obligatlons To maintain the exterior and fabric of the Property To insure Ihe Property Not lo assign or sub-let save in respè¢t of sublettln9 for the re5identlal p8rts Other provlslon$ The Lèn