Signed copy
Charfty number: 264856
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL &
EDUCATIONAL TRUST
UNAUDITED
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

THE BRITISH ANTIQUE DEALERS. ASSOCIAnoN CULTURAL & EDUCATIONAL TRUST
CONTENTS
Page
Reference and Administratlve Details of the Charity. its Trustees and Adviser5
Trustees. Report
Independent Examinerfs Report
Statement of Flnancial Activities
8alan¢e Sheet
Notes to the Financlal Statoments
8-18

THE BRITISH APfflQUE DEALERS. ASSOCIATK)N CULTURAL & EDUCATIONAL TRUST
REFERENCE AND ADMINISTRATIVE OETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 30 JUNE 2024
Trust88S
F J Phillips
P Levy
Charity registered
number
Principal ¢ffice
21 John Street
London
WC1N 2BF
Accountants
Mihon Aws LLP
Pitt House
120 Baker Street
London
W1U6TU
Page 1

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The Trustees present their annual report together with the financial stalemenls of the The Bri(ish Antique
Dealers. Association Cultucal & Educational Tfust for the year ended 30 June 2024.
Objectlves and activities
Pollcles and 0￿.ectiveS
The charity was fomied under a trust deed dated 5 Octobw 1972 for the advan￿ment and promotion for the
public benefit of Ihe history and design of antiques and other works of art and lo adwdnce public education in,
and development of. the skills and techniques required in restoring and conseNTha antiques and other works of
art.
The ch8rity is organised so that the Trustees meet regularly lo manage its affairs. There are two part time
administrators who manage the day tr> day adminislralion of the charity and assist in organising fund raising
activitEs.
Achievements and perforn)ance
a. Review of activities
During the peri(#Y under revivN a tota of £37.170 12023.. t36.￿) was raised with the main income being
derived from sub￿ptIOnS of £11.30512023: £10.955) and evenl incom of £12.14712023: £12.9481.
Direct expenditure on charilable aCtNIt￿ during the period arnounled to £41,35512023.. £38,883).
At the year end the chanws investments were valued at £297.102 and total funds were £297,817 12023..
£279,87n. The trusl continues to be in a heaf(ty financtal positK)n.
b. Fundraising activitles and income generatlon
The charity eams income from svbscriptrons and organising events with the aim of raising funds for the charity. It
also recewes income from investments managed by a fimi of fund managers.
c. Developmen(4ctlvlties and achievements
The trustees conswjer thai Ihe performance of the Charity D￿rthe ￿aT to be salisfaclory.
subscriptm￿ levels rose. but lecture and lour5 income showed a de¢￿aSe compared wilh the previous year.
These. together wth the chariws investment income. meant Ihat the annual scholarship to a West Dean College
student could be funded, thus continuing the vital wotk of training the antNJue restorers of the future
Flnanclal review
a. Golng concem
After making appropriate enquiries, the Trustees have a reasonable eXF￿Ctat￿n that the Charity has adequate
resources to continLte in operational existen￿ for the foreseeable ftrture. For this reason. they continue lo adopt
the going eoncem basis in preparing the financial statements. Further delaiis regarding the adoption of the goin9
concern basis can be fwnd in the accounting policies.
Page 2

THE BRMSH ANnouE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 30 JUNE 2024
b. Re5erv&s policy
It is the pdiey of the Charity to maintain unrestricted fvnds. which are free reserves of the charity at a level which
equaes to approximately six months unrestricted expenditure. This provides sufficient funds to cover
management and administration and support costs and lo respond lo emergency applications for grants which
arise from lime lo time. Unrestrictefj fullds were maintained al least at this level throughout the period.
c. Material irhvesthients policy
The chanty invests rts surplus funds in quoted shares and fix￿ Inte￿$t securities and this portfolio is managed
by Brewin Dolphin. The Tfuslees review Ihe Investment performance on a regular basis.
Structure. governance and management
a. Constitution
The Charity is constrtuted under a twst d*ed 5 October 1972. arKI is a registerd charity. number 264856.
b. Methods of appolntment or electlon of Trustees
The management of the Charity is the responsibility of the Trustees who are elected arnl c¢x)pted under the
lemis of the Trust deed.
c. Oryanisa￿Onal strv¢ture and decision4naking poli¢les
All of the Trustees named on the ftontispiece Se￿ed throughout the year unless olherwse st*ed. The Board has
pwler to appoint ad¢Jitional Trustees as it considers fft to do so.
d. Policies adopted for the Induction and training of Trustees
New Trustees undergo an orientation day lo brief them on their legal obligations urfdép charrty law. the contents
ol the trust deed, the committee and decisi(yn making prctesses. the business plan and re￿￿1 financial
perfomance of the charity. During the induction day they meet key empkjyees and other Trustees. Trustees are
encouraged to attend appiopriate extemal training events where these wll f8cilitate the undertaking of their role.
e. Financlal risk management
The Trustees have assessed the maior risks to ￿lch the Charity is exposed. in particular those related lo the
operations and finances of the Charity. arKI are salisfied th* sjtslems and prfKedures are in place to mitigate
exposure lo the major risks.
Plans forfuture perlods
The trust will conliwe lo fvrther ils charitable oty"ectives by providing grants to worthy causes.
Page 3

THE BRITISH ANTIQUE DEALERS. ASSOCIATM)N CULTURAL & EDUCATIONAL TRUST
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENDED 30 JUNE 2024
Stal&ment of Trustees. responsibilltles
The Trustees are responsible for preparing the Tru51ees' Report and the fina￿la1 slalemenls in accordance with
applicable L7w and United Kingdom Accouniing Standards (United Kingd￿￿ General￿ Accepted Accounting
PTactice).
The law 8pplicable lo chafities in England & Wa￿S requires the Trustees to prepare financial statements for
each financial which gNe a true and fair view of the of affaiis of Ihe Charity and ol ils incoming resources
and application of resources. including rts income and expenditure. for that period. In preparing these financial
slaternenls. the Trustees are required lo..
select suitable accounting policies and then appty them Consistent￿,
observe the methods and principles of the Chariiies SORP IFRS 102).,
make judgments and accounting estimates that are reasonable and prudent."
state whether applicable UK A￿unti￿j Standards IFRS 102) have been folk)wed, subject lo any material
departure5 disclosed and eyplained in the financial statements".
prepare the financial statements on the going txjncem ba515 unless it is inappr(yriae lo presume that the
Chartty will continue in business.
The Trust*s are resporisible for keeping 8(lequate Xe￿nting record5 that are sulficienl lo show and explain
the CharWs tr8nsaclions and dI￿10$e %Mth reasonab￿ accuracy al any tune the financial position of Ihe Charity
and enable them to ensure that the financial ststements comply the Charities Act 2011, the Charity
(Accounts and Reports) Regulations 2￿8 and the pwsions of the Trust deed. They are also responsible for
safeguarding the assets of the Chartty and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
Approved b order of the members of the boar(l of Tfustees and signed on their behalf by..
MJ*li Yi P Lo
Dale." 29 Odober 2025
Page 4

THE 8RITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Independent Examinees Report to the Trustees of The Brillsh Antique Dealets, Asso¢iatlon
Cultural & Educational Trust {Ihe Charity'l
I report lo the charty Tnjstees on my examination of ￿tyjnts of the Charity lor the year ended 30 June
2024.
Responsibilities and Basis of Rgport
As the Trustees of the Chanty you a￿ responsible for the preparalion of the ￿0￿fits ￿ accordance with the
requirements of the Charrties Ad 2011 (Ihe 2011 Ad).
I report in respeel of my examination of the Charitls accounts Ca￿led out undef Section 145 of the 2011 Act and
in carrwng out my examin*ion I have followed the applicable Directions givell by the Charity Commission under
section 14515)Ibl of Ihe 2011 Act.
Independent Examinerfs Statement
Your attention is drawn lo the fact that the Charity has prepare11 the accounts in accordance wth Accounting and
Reporting by Charities.. Stslemenl of Recommended Practice appluble lo chanties preparing their accounts in
accordance with the Financial Reporting Standard applicab￿ in the UK arKI Republic of Ireland IFRS 1021 in
preferen￿ to the Accounting and Reportln9 by Charities.. Statement of Recommended Practice issued on 1 April
2005 which is referred to in the extant regulatk)ns but has been withdrawn.
l understand that Ihis has been done in order for the accounts to provide a Iwue and fair view in xcordance with
the Generally Accepted Accounting Praclice effective for iep(Kting pericxls beginning on or after 1 January 2015.
I have cornpleled my examination. I confirm that no matters have ¢c￿e to my attention in ¢onneclion wf(h the
examination giving me cause lo believe that in any material resp￿1..
accounting reeords were not kept in respe(a of the Charity as required by s&tion 130 of the 2011 Act.. or
the accounts do not &cord with those records.. or
the &counts do not compty the apFdicable reqUiren￿￿5 conceming the fomi and content of
accounts sel out in the Charities (Accounls and ReFOrtsl Regulations 2008 other than any fequiremenl
that the accounts give a 'lrue and fairf view 1$ not a matter ccffisidered a$ part of an independent
examination.
I have no concems have come across no olher matters in connection with the examination lo which
attention should be drawn in this report in order to enable a proper urKlerstanding of the accounts lo be reached.
This report is made sdety lo the Charitys Trustees. as a LX￿. in accordants with Part 4 of the Charities
(Accounts and Reports> Regulations 2CK)8. My work has been undertaken so that I might stale lo the Challly's
Trustees those matters l am required lo state to them in an Inijependent Examine¢s Report and for no other
purF)ose. To the fullest extent pemiitted by law. I do not accept or assume ￿SkKInslb1lty lo anyone other than the
Charity and the Chantys Trust*5 as a bcKly. for my work or for this rep)rL
Signed..
Stephen Sampson
Milton Avls LLP
Pitt House
120 Baker Street
London
W1U 6TU
Daw: 29 October 2025
Page 5

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2024
Restricted Unrestricted
funds
funds
2024
2024
Total
funds
2024
Tolal
funds
2023
Notg
Income from:
Charitsble a¢tiMtE$
3,841
33,329
37,170
36.306
Total income
3.841
33.329
37.170
36,306
Expenditure on..
Charitable activities
4.550
36.80S
41.355
38,883
Total expenditur8
4.550
36,805
41.355
38,883
Net expendrture before net
gainsl{lossesl on investments
Net gainsl(lossesl on investments
(7091
10,527
13,476)
11.598
{4,1851
22,125
(2,5T7)
(4. 181)
Net movement in funds
9.818
8,122
17,940
(6,758)
R4conciliation of funds-
Total funds brought forward
Net movement in funds
132.773
9,818
147.104
8.122
279,877
17,940
286,635
(6. 758)
Totsl funds carried forward
142.591
155.226
297,817
279,877
The Statement of Financial Actmiies includes all gains and k)sses rwnised in the year.
The notes on pages 8 to 18 form part of these ffinanck41 statements.
Pa9e 6

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
BALANCE SHEET
AS AT 30JUNE 2024
2024
2023
Note
Fixed assots
Investments
297.102
267,005
297.102
267,CQ5
Current assets
Debtors.. amounts falling due wilhin one
Cash at bank and in hand
1.990
40,961
35.424
35.479
42.951
Currenl Irabilities
Credtlors.. falling due within fme
year
10
{34,764)
(30.079)
Net Current assets
715
12.872
lotal assets less curr8nt liabilities
297,817
279,8T7
Net assets excluding pen$lon asset
297,817
279.8T7
Total net assets
297.817
279,877
Charity funds
Restricted funds
Un￿Strthd fijnds
11
142.591
155,226
132, 773
147. 104
Totsl funds
297.817
279,877
The financial statements were appioved arKI aulMrised issue by the Trustees and signed on their behalf by..
Trustee:
L4Y
Date". 29 Oct(l)er 2025
The notes on pages 8 to 18 form part ofthese finartial statements.
Page 7

THE BRITISH ANTIQUE DEALERS. ASSOCIAnoN CULTURAL & EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
General infonnation
The Chariiy is fomied under a Trust Deed d*ed on 5th October 1972 and ils principal place of operations
is 21 John Str* London. WC1N 2BF.
A¢counting pollcles
2.1 Basis of preparntlon of financlal statements
The financial slalements have been prepared in 8c£ordance wrth the Charities SORP IFRS 1021-
Accounting and Reporting by Charities-. Ststement of Recommended Pfactice applicable lo charities
preparing Iheir accounts in ￿rdance with the Financial Reports'ng Standard aPpI￿able in the UK
and Republic of Ireland (FRS 1021 (effective l January 2015}, the Financial Reporting Standard
applicable in the UK and Republi¢ of Ireland IFRS 1021 and the Charities Act 2011.
The financial statements ￿ been prepared to gNe a Irue and fail and have departed from
Ihe Charities (Accounts and Reports) Regul*ions 2008 to the extent required to provide a 'true
and fairf view. This departure has invofved fdlowng the Charrties SORP IFRS 102) published on 16
July 2014 rather than the AccountiThJ and Reporting by cha[rt￿s.. Statement of Recommended
Practice effective from 1 April 2005 wh￿h has since b*n wthdrawn.
The British Antique Dealers, Association Cumural & EducalK)nal Trust meets the definftion of a public
benefrt entity under FRS 102. Assets and Ikqbilities are initially recosnised at historical cost or
transaction value unless olhelwise slated in the relevant accounting policy.
2.2 Income
All in¢orne is recognised once the Charity has entitlement to the income, it 18 probable that the
income wll be received and the amount of income receivable can be measured reliably.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive oblKJalion to transfer economic benefft
lo a third party, it is probable that a transfer of econornic benefits will be required in selllement and
the amount of the obligation can be measured ￿lIablY. Expendi(ure is classified by activity. The costs
of each adivity are made up of the total of direct costs and shared costs, including support costs
involved in undertaking each activity. Dired costs attributsble to a single actiwty are a110¢8ted directly
lo that adiviiy. Shared costs whth contribute to more than one aclivrty and support eosls which are
not attributable to a single activty are appOrt￿ned between those activities on a basis con51Stenl with
Ihe use of resource$. Central stsff costs are allc**&J on the basis of time spent. and depreciation
charges alkncat￿ on the portion of the asset's us
Expenditure on charitable adNthes is incurred on direclty undertaking the acaivilies wlich further the
Chartys objectives. as well as any associated support Costs.
All eypeTrJf(ure is indusive of irrecoverable VAT.
Page 8

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEIAENTS
FOR THE YEAR ENDED 30 JUNE 2024
Accounting policies Icontinuedl
2.4 Investments
Fixed asset investments are a fomi of financial instrument arKI are Initial￿ r￿03n1Sed at their
transaction cost and subsequently measured at fair value al the Balance Sheet dale. unles5 the value
cannot be measured reliably in which case rt ts rnea5ured at cost less impairment. Investment gains
and losses, whether realised or unrealised, are combined aiKI presented as 'Gainsl{Lossesl on
investments. in the Slalement of Financial Activitses.
2.5 Debto
Twle and other debtors are recognised at the settlement am(￿nI after any trade dismunl offered.
Prepayments are valued al the amount pwaKI net of any trade discounls due.
26 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highty liqu￿ investments wlh a short maturty
of three monlhs from the date of wuisil#)n or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an Obliga￿¢￿ at Ihe Balance Sh￿1 dale as a ￿sU11 of a past
event. (( is probable that a transfer of econom￿ benefft wll be reyuired in settlement. and the amount
of the settlement can be estsm*ed reliabty.
Liabilities are re￿3niSed at the amount that the Charity anticipates it TrMII pay to settle the debt or the
amount r( has weived as advanced payrynenls for the goods or serwces il musl promde.
Provisions are measured at Ihe best estimate of the aM￿nIS required to $8ttle the obligation. Where
the effect of the time value of money is material, the promsion is based on the presenl value of those
amounts, di$￿￿nIed * the pre-tax discount rate that reflects Ihe risks specrfic lo the liability. The
unwindin9 of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.8 Flnancial instruments
The Charity On￿ has financial assets arKI financi41 Ik8bilities of a kind that qualify as basie financial
inslrumenls. Basic financial instruments are inrtialty r￿nISed * transaction value and subsequently
measured at their settlement value wth the exception of bank k)ans which are svbsequenlly
measured at amc¥lised cost Lbsing the eff&tive interest meth¢)d.
2.9 Fund accounting
General ftjnds are Unrestr￿ted funds which are available for use at the discretion of the Trustees in
furtherance of thfr genetal cbjectives of the Ch￿lty and which have not been desi9nated for other
purposes.
Reslrided funds are funds ￿1¢h are to be us&J in xcordance specffic reslrictions imposed by
donors or wh￿h have been raised by the Charity for particular pU￿ose5. The costs of raising and
administering such funds are charged against the specific fvnd. The airn and use of each restricted
fund is set c*rt in the noles to the financial statements.
Page 9

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Income from Charitable Activities
Restrlcted Unrestricted
funds
funds
2024
2024
Total
funds
2024
Total
funds
2023
C&E Trust
DkvKJends
Annual SUb￿riptIon
Sundry Donations & Lega
3.841
3.251
150
7.092
150
3.024
150
3,024
578
C&E Trust- Total Income
BADA Friends
Annual Subscription
Sundry Donations
Dvwjends
3,841
6.425
10.266
8.316
11.155
752
1.092
1.678
12.147
80
11.155
752
1,092
1,678
12,147
10,805
1.035
1. 199
1.935
12,948
68
I￿orne Tax
LerAures and Tours
Bank Interest
Total 2024
3.841
33,329
37.170
36.306
Page 10

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCAMONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30JUNE 2024
Direct and governance costs
Restricted Unrestrlcted
funds
funds
2024
2024
Total
funds
2024
Tolal
funds
2023
C&E Trnsl
West Oean Student Schdarship
Harold Davis Prize lo Sludenl
Geofftey Moss PrEe
Independent Examination
BADA Art Prize
1.450
6.000
400
400
2.640
4CKI
2,640
1.000
2,640
1.000
4,550
5.890
10.440
10.440
8ADA Friends
Salaries
Poslaje, printing and stationary
Advertising and PR
Travel
Event Expenses
Bank Charges
Sundry Expenses
Charitable Donati¢)n5
19.477
1.558
448
24
19.477
1,558
18,277
1,384
463
224
T,394
115
24
8,728
130
8,728
130
86
SC
Total 2024
4.550
36.805
41.355
38,883
Total 2023
32.883
38,883
Independent examinerf$ remunerati(
In 2024 the accounts were subj&t to an indepeThlenl wew fee due to the independent reviewers.
Page11

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Staff costs
2024
2023
Wages and salaries
19.477
18.278
19.477
18,276
The average nUM￿r ol persc￿S employed by Charity during the year was as folk￿5..
2024
Employees
No employee receiv*J remurberation amounting to more than £60.Tr)O in erther ￿ar.
Trustees. remuneratlon and expenses
During the year, no Trustees received any remuneration or other bellefits (2023- £NIL).
During the year ended 30 June 2024. no Trustee expenses have been incurred {2023- £NILJ.
Fixed asset investments
Trade
Inv8$tments
Cost or valuation
At 30 June 2024
297,102
Net book value
AI 30 June 2024
297,102
AI 30jU￿ 2023
267,005
Valuation
The ma￿et Values of Investments have been delemiined from the repLyt ofthe Fund Managers.
Page 12

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Flxed asset Investments- continued
2024
2023
Investments
Narrow Range
Alianz UK & Eur- Strat￿3￿ Borbd
Cohesler Mumi-str Glthl
Fil Inv 5VC
GAM Star Fnd Credit
Insight Inv Discrfy UK Gov
iShares111 PLC UCITS ETF GBP
Janus HendetsonF(J Mgml Fxd Int
Jupiter UT MNGRS Bond
Man Fxd Int GLG Corp
Muf(i Units Luxemb UK Govt Bd
UK Govt Bds 20314%
UK Go)rt Bds 2036 4.25%
UK Gov 8ds 2040 4.2511A
Vanguard IW SER US Gov Bond
Wide Range
Artemis INV FDS IC Artemis US
Baillie Gfftird OSEAS BG Japanese
Baillie Grftord American W1
BB Heatthcare Twst
Blackrock Con Eurp Inc Fnd
Blackrock ISHS Env & Lo Ca
BNY Mdlon US Eqty In
Brcwi Adv Fnds US Sust
Cordkn7nt Digrtal 1 ord C SHS NPV
Evenload Inwne Fund C Dis
F￿elty UCITS ICA
First Sentier Invr Stewart
GQG Global Units US Equty Fund
HG Caprtal Trust PLC
Hipgnosis Songs
Impax Enviro Mkts
Int Public Partner Ord GBPO.0001
Invesco Eq Nasdaq 100 UCITS
Ishare Physral M ISHS
Ishares Core FTSE11)O UCITS EfF
Ishares M￿1 Wd Energy Sector EfF Euro Dis
JP l¥%)rgan GBL Emerg Ord GBPO.01
2.686
4.088
2,188
2.382
3.958
2, 142
2.OT9
2, 169
3,048
2.182
5,269
4,265
2,533
5, 142
4,209
2. 156
2.t14
3,299
3,664
3.173
3.186
3.965
2,933
2,884
2,886
1.928
6,002
1.949
&221
3.482
1.774
6,381
1.967
10.251
5,899
1.721
6.580
19,905
5,833
7,025
2,134
1,925
14,250
5.330
2. 779
1. 720
2.0&)
2.173
1.940
7.689
2.865
6.192
2.313
2,353
5.727
2,032
2.858
Page 13

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
8. Fixed asset Investments- continued
JP Morgan Fund ICVC JPM US EQ INC C2
JP Morgan Global Macro Opps'E" Net
Jupiler JPN INC FD
Franklin Templeton F Clrbgd
LF Gresham House UK Mulb. Cap Inccrfne Fund
Man UK lCVC￿an Inc
Mayfair Capital In Prop Inc Trust For Charitie
M&G 5nvestmenl Man Charifund Inc
M&G Investment Man Japan Sterling
Mercantile Investment Ord GBPO.25
Middlefield Can IT Red Pig Prf Shs GBP NPV
MSIM Fund
Milon Trust Mrton Income Insu Inc
Perpetual Growth
Neuberger BER INV US
Ninety One FD Mgrs UK Eqty
North American Inctxne Ord CBPO.25
Ninety one FD MGRS
Pantheon Intem'l PLC
Personal Assets TR ORD
P￿et Asset Mgmt Robotics
Hiscox Ins Pyolio R Inc NAV)
Sdircxler Inv Fund Co European Recovery
Sd)rc%ler Asian In Fnd Ine
Syncona Ltd Ord NPV
Ternplelon Emerging Mkls
The ￿newable5
Vanguard Funds PLC
Tritsx
JOAN EYLES Fund
COIF Charrties Investment Fund
7.117
7,604
2,217
4.690
2,385
2,220
2,270
2.443
7.873
1.7S2
1,875
7,448
4,663
5,429
4.530
2,318
2,490
10,080
4,110
2,354
5,029
2,566
2,981
2. 754
2,097
2,42T
3,308
3,927
5.366
1, 727
2,603
4,208
2.531
9.240
2.982
3.305
2,233
2.640
4.114
5.874
2.381
2.118
10,312
1,853
1,986
10.941
1.494
73,655
68,099
297.102
267,005
Debtors
2024
2023
Due within one year
Other debtors
1,990
Page 14

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDEO 30 JUNE 2024
10. Creditors: Amounts falling due withln one year
2024
2023
Other creditors
Acwals arKI deferred income
29,484
5,280
24, 799
5,280
34,764
30.079
Page 15

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11. SL*ernent ol funds
Statement of funds- Current year
Balance at
30 June
2024
Balance at 1
July 2023
Gainsl
(Losses)
Inwne Expenditure
Unrestrlcted Funds
Unrestricted Funds
Investment Reserves
79.661
33.329
136,8051
76,185
79,041
11.598
147.104
33.329
136.805)
11.598
155.226
Restrlcted funds
Reslri¢ied Investment FurKI
132.m
3,841
14,550)
10.527
142,591
Totsl of funds
279.877
37,170
141.3551
22.125
297,817
Page 16

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
NOTES TO THE FINAMCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11. Statement of fvnds Icontinuedl
Statement of fun(ts - prlor year
Balance al
30 June
2023
Balan￿ al
l July 2022
GaAnsl
(Losses)
Im)me Expenditu
Unrestricted funds
Unrestricted Funds
Investment ReseNes
,255
71,816
32.289
(32.883)
79.661
67,443
(4,373)
152.071
32.289
(32,883)
(4.373)
147. 104
Restrlcted Fund$
Restricted Investment FuThJ
134.564
4.017
(6,CWJ
192
132, 773
Total of funds
286,635
36.306
(38,883)
{4, 181)
279.877
12. Analysis of net assets between funds
Analysis of net assets between lunds- current year
Restricted Unrestricted
funds
funds
2024
2024
Total
funds
2024
Trade investments
Current assets
Creditors due within one year
140,689
1.902
156,413
33,577
(34,764}
297.102
35,479
134.7841
Total
142,591
155.226
297,817
Page17

THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Analysis of net assets betW8en funds (contlnuedl
Anatysis of net assets between funds- prior year
Restricted Unrestricted
fvnds
lunds
2023
2023
Totgl
funds
2023
Trade investments
Cufrent assets
Creditors due within one ￿ar
127, 770
139,235
37,948
{30,079J
267.005
42,951
{30,079J
Total
132, 773
147, 104
279,8T7
Page 18