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$￿1p110nS of £12.380 {2024.' £11.305) and event ir￿orne of £13,79012024". £12.1471. Direct expenditure ￿ charitsble acti￿lIeS during the period amounted to £39.42112024: £41,355). At the year end the charilrfs investments were valued at £299,591 and total funds We￿ £2*,612 12024.. £297,817). The trust ccffitinues lo LE in a healthy financkn￿ position. b. Fundraising actlvlties and income generatlon The charty eams inccffie from subscripts.ons and cwganising events with the aim of raisiThJ funds for the eharity. 11 also receives income from inveslments managed by a fimi of funtl managers. . Developmen( activities and achievements The trustees consKler th* the performan¢* of the charity over the to be sab$f￿tory. Subscription levels fell but the incTrme from lecture and Tours sh￿d 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 Ir￿Teased 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 0￿ratiOnal 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 adOpt￿n of the going concern basis can be found in the accountirvJ pc4Kies. Page 2 THE 6￿TIsH ANTIQUE DEALERS. ASSOCIATION CULTURAL & EDUCATIONAL TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 b. Resebves policy It is the [K￿lcY of the charity to maintain Unrestrict￿ furnls. are free reserves of the charity at a level which equates to approximately six months Unrestr￿t￿l 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. unrest￿te(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 reSpcM￿b11ty 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 fr0ntlspi￿e seThEd thr￿gly)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 T￿S to wthich the Charity is exkX)sed. in particular those relat&J lo the C4)erations and fInan￿S 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 V￿rty causes. Page 3 THE BF￿TISH 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 ap￿ICable 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 a￿1 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 Trust￿9 are responsible for keeping adequate accounting recL¥d5 that afe sufficient lo show and explain the Chantys transact¥)ns and disclose wth Teasc￿ab1e accuracy al any tirne the financial posi(ion of the Charty and enable them lo ensure thal the financial ststernents compty v￿h 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