Signed copy Charity number: 264856 THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
THE 8RITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST CONTENTS P8ge Reference and Administrntive Details of the Charity, ts Trustees and Advlsgrs Trustees. Report Independent Examinerfs Report Statement of Financial Actlvltios Balance Sheet Notes to the Flnancial Statements 8-18
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED30 JUNE 2025 Trustees F J Phillips MPLevy Charity registered number 264856 Princlpal office 21 John Slreel London WC1N 2BF A¢countants Milion Avis LLP Pitl House 120 Baker SAreet Lonth)n W1U 6TU Page 1
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2025 The Trustees present their annual rewrt tcyJelher with the financi81 statements of the The British Antique Dealers, Association Cultural & EducalKJn81 Trust the year ended 30 June 2025. Objectives and actlvltles a. Policies and objectlves The charity was formed under a trust deed dated S Octobw 1972 the adyancemenl and prcmnotion for the publr benefit of the history and desKJn ol antiques arKI other works of art and lo advance public education in. and development of, the skills and t&hnhques requirej in restoring and conserving antiques and other works of art. The charity is organised so that the Trustees meet regulaty to manage rts affairs. There are hmo part tirne admini%trators who manage the day to day ajministration of Ihe charty and assist in organising fvnd raisin9 aclivi(ies. Achievernents and perfomiancg a. Review of activities During the period under review a lotal of £38.245 (2024". £37.170) was raised with the main income being derived from sub$1p110nS of £12.380 {2024.' £11.305) and event irorne of £13,79012024". £12.1471. Direct expenditure charitsble actilIeS during the period amounted to £39.42112024: £41,355). At the year end the charilrfs investments were valued at £299,591 and total funds We £2,612 12024.. £297,817). The trust ccffitinues lo LE in a healthy financkn position. b. Fundraising actlvlties and income generatlon The charty eams inccffie from subscripts.ons and cwganising events with the aim of raisiThJ funds for the eharity. 11 also receives income from inveslments managed by a fimi of funtl managers. . Developmen( activities and achievements The trustees consKler th the performan¢* of the charity over the to be sab$ftory. Subscription levels fell but the incTrme from lecture and Tours shd an increase compared with the previous year. This together wlh the chantys investment income meant thal the annual scholarship to a Wesl Dean CL4lege Student could be IrTeased Ihts year to witinue the work of antsqve pre5eNation. Financial review . Going concem After making appropriate enquiries, the Trust have a reasonable expectstion that the Charity has adequate resources to Contin in 0ratiOnal existence for the foreseeable future. For this aSOn, they continue to 8dopl the g(yng concem basis in preparing the financial 5tstements. Further details regarding Ihe adOptn of the going concern basis can be found in the accountirvJ pc4Kies. Page 2
THE 6TIsH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 b. Resebves policy It is the [KlcY of the charity to maintain Unrestrict furnls. are free reserves of the charity at a level which equates to approximately six months Unrestrtl expen¢Jiture. This provhles sufficient funds to cover management and administratK)n and support costs and lo respond to emergency applutions for grants which arise from lime lo lime. unrestte(l fvnds were maintained at least at this level throughout Ihe period. c. Materlal invgstments policy The ¢harity invests its surplus funds in quoted shares and fixed interest securities aivj this portfolio is managed by Brewin Dolphin. The Trustees review the Investment perf(*m8nce on a regular basis. Structurei governance and managgment Constitution The Charity is conststuted urxler a tiust dated S Oct(4)er 1972. and is a registerd charty. number 264856. b. Methods of appolntment or elgdion of Trustees The management of the Charity is the reSpcMb11ty of the Trustees who are elected and ccyled under the lemis of the Trust de&J. c. Oryanlsatlonal stwdure and decision-making pollcles All oflhe Trust named on the fr0ntlspie seThEd thrgly)ut the yew unless otherwise stated. The Board has power trj appoint addrtional Trustees as it conskJeTs frt to do so. d. Pollcles adopted for the induction and tralnlng of Trustees New Trustees undergo an orientation day to brief them on their legal obligations under charity law, the contents ol the trust deed, the ¢(mittee and decisiC making prctesses. the business plan and recent financial perfomiance of the charity. During Ihe indudion day they meet key employees and other Trustees. Trustees are encouraged lo attend appropriate external Iraining events where these will facilitate the undertaking of their role. . Financial rlsk management The Trustees ha%e assessed Ihe major TS to wthich the Charity is exkX)sed. in particular those relat&J lo the C4)erations and fInanS of the Charity. and are satisfEd that systems and prLxedures are in place to mf(igale exposure to the major risks. Plans for future perlod$ The trust wll continue to further its charrtable 0.tiveS by provKIl grants lo Vrty causes. Page 3
THE BFTISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Statement of Trustee5' responsibilriies The Twstees are responsble fcf preparing the Trustees. Rewt and Ihe financial ststemenls in accordance wlh applicable law and Unrted Kingdom Accounting Standards (uni KiNJdom Generally Accepted Accounting Practice}. The law apICable to charities in England & Wales requires the Trustees to prepare financial ststemenls for each financial which give a true and fair wew of the stste of affairs of Ihe Charity and of its incoming resources and applicatDn ol resources. including its incc¥ne a1 expenditure, for that perK)d. In preparing these financial slatements, the Trustees are required lo.. select surtable aceounting Kdicies and then appty them ccM$islent, observe the methLyJs and prinaples of the Chariti'es SORP IFRS 102): make judgments and accounting estimaies that are reasonab and prudent., state whether applicable UK Accounting Stsndards IFRS 102) have been followEd, subject to any material departures disclosed and explained in the fina¥Kial ststements., prepare the financial slaternenls the going concem basis unless rt is inappropriate lo presume that the Charity wiu continue in business. The Trust9 are responsible for keeping adequate accounting recL¥d5 that afe sufficient lo show and explain the Chantys transact¥)ns and disclose wth Teascab1e accuracy al any tirne the financial posi(ion of the Charty and enable them lo ensure thal the financial ststernents compty vh the Charities Act 2011, the Charty (Accounts and Reports) Regulations 2008 8fKI the provisions of the Trusl deed. They are also responsible for safeguarding the assets of the Charrty and hence for laking reasonab steps for the prevention and detection of fraud and other irregularities. Appro order of the members of the board of Trustees and sh3ned on their behalf by.. Trus P. L<v Date.. 10 July 2026 Page 4
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST INDEPE14DEF EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2025 Independent EXamineS Report to Ihg Trustees of The 8rftlsh Antlque Dealer5. Association Cultural & Educational Trust Ilhe Chaiity'l I report to the ¢harty Trustees my eXinaOn of the nts of the Charity for the year ended 30 June 2025. Responslbllltles and Basls of Report A5 the Trustees of the Charity you are responsible for prwK)n of the nIS in e0rdance wth the requirements of the Charitss Acl 2011 {Ihe 2011 Act'i. I report in respect of my examinal¥)n of the Charitys accounts carried out under section 145 of the 2011 Aet and in carrying wt my examination I have folk)wed the applicable Directions given by the Charity Ccmmission under section 145(5)(bl of the 2011 Ad. Independent Examinerfs Statement Your attention is drawn to the fact that the Charity has Preped the accounts in accordance with Accounting and Reporting by Charities. Statement of R&(Knmended Practi appIe to chafities preparing their accounts in accordance wth the Financial Reporting Standard appluble in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Repotb"ThJ by Charilie5". Statement of Reccrfnmended Practice IS$L on l April 2005 which is referred to in the extant regulath)ns but has been Ydrawn. l undefstand that this has been thne in order for the cOUntS to wovide a true and fair Mew in accordance wilh the General Accepted AccounliThJ PractKe effect[ for rewrting Fencds teginning on of after 1 January 2015. I have completed my examw)alion. I confimi that no matters have come to my attention in connection wrth the examination giving me cause to belve that in any material resPt". counting records were not kept in res of the Charity a5 required by section 130 crf the 2011 Act,. or the accounts do not accord wrth those records." or the accounts do not comply with the applKable requirements conwning the form and conlenl of accounts set out in the Charibes (Accounts and Reports) RegUlatS 2008 other than any requirement thal the accounls give a Irue and fail view which is not a matter consKlered as part of an independent examination. I have no contsms and have c(yne across no other Matte in connedion wth the examination lo which attention should be drawn in this report in order to enable a proper undefstsndiTrJ of the accounts to be reached. This report is solety to the Chariws TTUStees, as a body. in atLordance vmh Part 4 of the Charities {A¢counls and Reports) RegulatKJns 2008. My work has been undertaken so that I mwJht stale to the Charitys Trustees those rnatters l am required to state lo them in an Independent Examinerfs Report and for no other purpose. To the fullest exlent pemiitted by law, I do not accept or assume reSpsIbIlity to anyone other than the Chaiity and the Chantys Trust as a bcKly. for my w(k or for thi5 report. Signed.. Dated.. 10 Juty 2026 Stephen Sampson Milton Avis LLP Ptit House 120 Baker Street London W1U6TU Page 5
THE 8RiTISH ANT]QUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST STATEMENT OF FIIANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 202S Unrestricted Restricted funds fund5 2025 Total funds 2025 Total funds 2024 Income from: Charitable altIeS 34.325 3.920 3T,I70 Totsl Income 34,325 3,920 37,170 Expendlture on: Charitable actimlies 35,501 3.920 39.421 41,355 Total 8xpenditure 35,501 3,920 39,421 41,355 Met expenditure before net gainsl(losses) on investrnents Net gainsl{lossesl on investments 11.176 2.331 11,1761 {291 (4. 185) 22.125 (2.360) Met movement in funds 1,155 (2.3601 11.2051 17.940 Reconciliation of funds- Totsl funds brought forward Net movement in funds 155.226 1.155 142.591 (2,360 297.817 11.2051 279,877 17,940 Total funds carrfed forward 156.381 140.231 296.612 297,817 The Statement of Financkgl Ad111$ indudes all gains k)sses reccgnised in the year. The notes on pages 8 to 18 form part dthese financia ststemenls. Page 6
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST BALANCE SHEET AS AT 30 JUNE 2025 2025 2024 Note Fixod assets Investments 299,591 297.102 299,591 297. 102 Current assets Debtors.. amounts falling due %Mthin one year Cash at bank and in hand 55 29,522 35,424 29.5TI 35,479 Current liabillties Creditors.. amounts falling due within one 10 132.556) (34, 764) Net current Ilabllltles l assets 12.979) 715 Total assets less current liabilities 296,612 297,817 Net assets excluding pension asset 296.612 297.817 Total n•t assets 296,612 29T.817 Charltyfund$ Restricted funds Unrestricted funds 140,231 156,381 142,591 155,226 Totsl funds 296.612 297,817 The financial statements were appro¥Ed and aulhoriHI fLY issue by the Trustees and signed on their behaw by.. Dale.. 10 July 2026 The notes on pages 8 10 18 fomi part of these financial slalements. Page 7
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 General inforniation The Charty is fornied under a Trust Deed da 5th OLXr)er 1972 and its principal ple of operations is 21 John Streei Loidon, WC1N 2BF. Accountlng poll¢les 2.1 Basis of PTeparatlon of financlal slatgrnents The financial slalemenls have been prepared in accordance vAth the Charities SORP IFRS 1021 Accounling and Reporting by Charities.. Statent of Recommended Practice applicab lo charities preparin9 their &counts in accordan with the Financial Reporting Stsndard appIable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 20151. the Financial Reporting Sland8rd applicable in the UK and Republ of Ireland {FRS 1021 arKI the Chafities Act 2011. The fin8nck41 statements have teen prepared lo grve a Yrue and fai¢ vi6w and have departed from the Chartties (Accounts and Reports) Regulations 2008 onty lo the extent quired to provide a Irue and fairf view. This departure has invow followrwJ the Charities SORP IFRS 102) published on 16 Juty 2014 rathef than the AecounlirYJ and ReportiThJ by Charrties: Statement of Recommended Pradice eftectNe frcth 1 April 25 which has SI bn wthdrawn. The Bfitish Antique Dealers. A$SclatIon Cultural & Educationa Trust meets the definition of a public benefrt entty under FRS 102. Assets and liabilrties are lnitrd1 re¢LyJnis&J at historical cost or transaction value unless otherwise stated in Ihe levant accounting policy. 2.2 Income All income is rec(onised once the Charity has enliuemenl to the income. il is probable that the income wll be receiv1 and the amount of inc(Mne receivable can be measufe(S reliably. 2.3 Expendlture Expenditure is rwnised once there is a gaI or constnjctwe obligation to transfer economic benefit lo a third party. rt is probable that a transfer of econ¢Jnic benefits wll be required in settlement and Ihe amount of the oblualr)n can be measurwj reliably. Expenditu is classffied by actity. The costs of each actiwty are made up of the total of direct C051s and 5haied costs. including support costs involved in undertaking each actimty. Direct costs attributable lo a single actimty are allwated directly to that aclwity. Shared eosls Vffih cOntribe to more than one actiwty and support costs which are not attributable to a single actiwty are apportioned befyveen those activities on a basi5 consistent with the use of resour. Central staff costs are allocated (J) the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charrtable activitEs is incurfed on direcuy urKlertaking the actitieS which further the Chartys objectives. as well as any as$(tiat support costs. All expenditu is inclusive of I[rO¥erable VAT. Page 8
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Accounting policies (continued) 2.4 Inveslments Fixed asset investments are a fom of ffinanci instrument and are inf(ialty recognised al their transaction cost and subsequenty measurej al fair value at the Balance Sheet date, unless the value Cannot be measured reliably in which case ri is measured al cost less impaimient. Investment gains and losses, whether realis or unrealised, are Combin and presented as 'GainsllLosse51 on invesknents. in the Statement of ActiwtEs. 2.5 Debto Trade and other debtor5 are reccKJnised at Ihe Settl1ent amount after any trade diount offered. Prepayments at the amount prepaKI nel of any trade discounts due. 2.6 Cash at bank and In hand Cash 81 bank and in hand indudes cash sh(y14erni hvJhty IiquKI irwestments w((h a short maturity of thr& months or less from the date of wuisi(h)n or opening of the deposit or similar account. 2.7 Liabilities and provislons Liabilihes are reccgnised wthen there 15 an c)liga1 * the Balance Sheet date as a result of a past event, il 15 probable th a transfer of economie befft will be required in settlement, and the amount of the settlernenl be estimated relkabty. Liabilthes are recoJnised at the amount that the Charity anticipates it pay to settle the ¢Jebt or the amount it has received as alvanced paentS for the gofyjs or services rt rnusl provide. ProMsKJns are measured at the besl estimate of the amounls required lo sewe the oblwJation. Where the effect of the time value of money is materi81. the proMsion is based on the presenl value of those amounts. discounted al the pre-tax discount rale th81 refieds Ihe risks specific lo the liability. The um¥inding of the discount is recojnised in the Ststemenl of Financial Actimties as a finance cost. 2.8 Flnanclal IDslruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financkgl inslrumenls are inib.alty reCoanis at transaction value and subsequently measured at their seltlernent value vthh the expIlo of bank bans vthich are subsequently measured at amortised cost usirg the effective interesl methoJ. 2.9 Fund accounting General funds are unrestrKted funds whKh are available for use at the discretion of the Trustees in furtherance of the general obiectwes of the Chaiity and which have not been designated for other purposes. ReStrted funds are funds whh are lo be used in xcordanee vh spe¢rf restrictions imposed by donois or whh have been raised by the Charity for particular purpose5. The costs of raising and adinini5tering such funds are charged wJainst the Specif fund. The aim and use of each restricled fund is set out in the notes to the financial staternts. Page 9
THE BRITISH Ap¥llouE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2025 Income frorn Charitable Actlvllles Unreytrfcted Restrlcled funds funds 2025 2025 Total funds 2025 Tot81 funds 2024 C&E Trust Dividend$ Annual Subscription Sundry Donations & Leg&ies 3.312 3.920 7.232 7.092 150 3,024 448 C&E Trust- Total Income BADA Friends Lectures and Tours Annual Subscription Sundry Donation5 D¢vidends Inccxne Tax Recovwab Interesl (Grft Aid) 3.810 3.920 7.730 10,266 13.Tr) 12.330 1.515 1.113 1.743 24 13,790 12,330 1.515 1.113 1,743 24 12, 147 11,155 752 1,092 1,678 Total 2025 34.325 3.920 38.245 37,170 Page 10
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST NOTES TO THE F114ANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Dlrect and governance costs Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 C&E Trust West Dean Student Scholarship Harold DalS Prize to Sludenl Geoffrey Moss Prvze Independent Examination BADA Art Prize 3.920 400 400 2,640 2.640 2,640 1.000 6.520 3,920 10,440 70,440 BADA Frlends Salaries Postage. printin9 and stationary AdvertisirrfJ and PR Travel Event Expenses Bank Charges Sundry ExFenses Charitable Donations 20.850 1,074 20,850 1.074 19,477 448 24 8. 728 130 246 6.113 125 73 6,113 125 73 Total 2025 35.501 3.920 39.421 41,355 Indep8nd8nt examinerfs remuneratlon In 2025 the xcounts were sutr4.ect to an indepeTrJent revw fee due to the independent reviewers. Page11
THE BRITISH ANTIQUE DEALERS. ASSOCIATIOII CULTURAL & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMEPKS FOR THE YEAR ENDED 30 JUNE 2025 Staff costs 2025 2024 Wages and salaries 20.850 t9,477 20,850 19.477 The average number of pers¢J)s employed bythe Charity tlurirvJ the year vms as folkiws.. 2025 2024 Employees No ernployee recwved remuneration amounting to more than £60.000 in either year. Trustees. remuneration and expenses During the year. no Trust ieceived any remuneratw or rAher benefits (2024- £NIL). During the year ended 30 June 2025. no Trustee exrenses have been incurred {2024- £NILJ. Fixed asset investments Trade Investments Cost orvaluation At 30 June 2025 299.591 Net book value At 30 June 2025 299.591 At 30 June 2024 2g7, 102 Valuation The Mark&t Values of Investrnents have been determined from the report of the Fund Managers. Page 12
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Flxed asset investments- continued 2025 2024 Investments Narrow Range ianz UK & Eur- sIr*eg Bond Colhesler Mutti&r Global Fil Inv svc GAM Star Fnd Credit iShares111 PLC UCITS ETF GBP Janus HendersonFd Mgml Fxd Int Jupiter UT MNGRS Bond Man Fxd Inl GLG Corp UK Gort Bds 20314% UK Govt Bd5 2036 4.25% UK Gov Bds 2040 4.25% Vanguard INV SER US Gov Bond Wide Range Baillie Grfford Arneran W1 BB Healthcare Trust Blackrock Con Eurp Inc Fnd Blaekroek ISHS Env & Lo Carb BNY Mellon US Eqty Inc Brn Adv Fnd5 US Sust Coidiant Digital 1 ord C SHS NPV Evenload Income Fund C Dis Fidelty UCITS ICA First Sentier Invr Stevrart GQG Gk)b81 Units US Equtty Furnl HG Capital Trust PLC Impax Enviro Mkts Int Publi¢ Partner Ord GBPO.OC01 Invesco Eq Nasdaq 1 UCITS Ishare Physical M ISHS Ishares CL¥e FTSE100 ucrrs ETF Ishares Msci Wld Energy Sedor EtF Euro Dis JP Morgan Fund ICVC JPM US EQ INC C2 Jupiter JPN INC FO LF Gresham House UK MU1 Cap Income Fund Lionlrust Special Situations GBP Dis Man UK ICVC-Man Inc Mayfair Capital In Prop IrK Trust For Chaiilie 2,686 4.088 2.188 2,382 2, 182 5,269 4.265 2.533 3,299 3.664 3.173 3. 186 8,288 2.481 3,474 6,059 2.634 3.301 5,013 5.192 3.227 4,266 1,497 8.461 2.421 10.765 6,023 2,197 9.850 19,789 5.402 6.120 2.266 1,865 3,482 I, T74 6.381 1,967 10,251 5.899 1,121 6,580 19,905 5.833 7,025 2, 134 1,940 2,640 7.689 2,865 6,t92 2,313 7,117 2,210 2,443 5.245 4.892 7.603 2,056 7,278 2,432 4.994 2.730 8.479 1,792 7,873 1. 752 Page 13
THE BRITISH ANTIQUE DEALERS, ASSOCIATION CULTURAL & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 8. Flxed asset Investments- continued M&G Irivestment Man Japan SterfiThJ mercanti Inveslment Ord GBPO.25 MSIM Fund Murray Income TST Neuberger BER INV US Ninetyone FD MgTS UK Eqty Ninetyone FD MGRS Pantheoll Inlern'l PLC Pictel Asset Mgmt RoLMAic5 Polar Capital Fund Gthal Insurar Schr(¥Jer Inv Fund Co Eurwn Recovery schse[ Asian In Fnd Inc Templeton Emerging Mkts The renewables Vanguard Funds PLC Tritsx JOAN EYLES Fund COIF Charitss Investment Fund 4.802 3,584 2,945 4,193 2,423 4.663 5,429 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 3,037 2,327 2,277 2,908 6,057 7,029 2,752 1,954 10,692 1,7PA 70.297 73.655 299.591 297, 102 Page 14
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Debtors 2025 2024 Due wlthin ono year Other deblors 55 10. Creditors: Amounts falllng due within one year 2025 2024 Other ueditors Accruals defer1 inu)me 27,276 5,280 29,484 &280 32,556 34,764 Page15
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Statement of funds Statement of funds- current year Balancg at 30 June 2025 Balance at 1 Juty 2024 Galnsl {Losses) Income Expendltu Unrestricted Funds Unrestricted Funds 76,185 79,041 34.325 (35,501 } 75,009 81,372 Investrnent Reser¥e5 2.331 155,226 34,325 {35.501 } 2.331 156.381 R8Stricted funds Restrted Investment Fund 142.591 3.920 13.920) 12.360) 140.231 Total of funds 297.817 (39.421) 1291 296,612 Page 16
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 11. SL*ement of funds (contlnued) Statement of funds- prioryear Balance al 30 June 2024 Balan al l July 2023 Gain (Losses) lrn ExnditU Unrestrthd fvnds Unrestricted Funds Investment Reserves 79.661 67,443 33.329 (36.805) 76. 185 79,041 11,598 147. 104 33.329 (36.5} 11,598 155,226 Restricted funds RestrKted Investment Fund 132.773 3.841 (4.) 10,527 142,591 Total of funds 279.877 37.170 (41,355) 22, 125 297.817 12. Analysls of net assets between funds Analysis of net assets between funds- CUTrent year Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Trade investments Current assets Credrtors due vthhin one sear 160,491 28,446 (32.5561 139.1 1,131 299.591 29.577 132,5561 Total 1SS,381 140,231 296,612 Page 17
THE BRITISH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 12. Analysls of n8t assets between funds {conllnued) Analysis of net assets between funds- prior year Unrnsti7Ct8d Restiicled fvnds lunds 2024 2024 Tot81 funds 2024 Trade investments Current assets Creditors due within one r 156,413 33.577 (34. T64) 140.689 1,902 297. 102 3&479 (34, 764) Total 155.226 142.591 297,817 Page 18