Charity registration number 295303 IEngl•nd and Wal•s) Company registration numbèr 02057180 THE FAN MUSEUM TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE FAN MUSEUM TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trusts•$ Mrs H E Alexander MBE FRSA T AJ Burnett Mrs L Zeitlin Mrs S Mordaunl Crook RSHarris Dr P Van Der Merwe T Bames Charity numbèr 295303 Company number 02057180 Rggistored offico 12 Crooms Hill Greenwich London SE10 8ER Auditor Aifinia Islratford) 19th Floor 1 Wesffield Avenue London E20 1HZ Bankèrs HSBC Bank PIC 85 Lewisham High Street Lewisham London SE13 6BE Investment manag•r SG Kleinwort Hambros Bank Limited One Bank Street Canary Vvharf London E144SG
THE FAN MUSEUM TRUST CONTENTS Page Report Of The Trustees report Statement of Report of the trustees responsibilities Independent auditor's report Slalement of financial activities Balance sheel ststement of cash flow5 to Notes to the financ¢al statements
THE FAN MUSEUM TRUST REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial slalements for the year ended 31 March 2025. The financial slalemenls have been prepared in accordance with the accounting policies set out in note 1 to the rinancial statemen15 and comply with the Charity's goveming document, the Companies Act 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland and the Charities SORP kcounting and Repcrting by Charities.. Statement of Recommended Pra¢li¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" Objectives and activitias Objectives and aims The principal object of the Chaiity is lo advance the education of the public wf(h partcular regard to fans, fan making and their history and development. Publlc benefit In setting objectives and planning for aclivilies, the Trustees have given due consideration lo general guidance published by the Ch8rity Commi$sion relating to public benefit. including the guidance 'Public berefrt.. running a Charity IPB21' Flnanclal R&vlew Princlpal fundlng sources The Charity's principal ftjnding sources are.. Donation from a trustee - around £66k per annum Donation from Victor Adda Foundation . £30k per annum In¢ome from investments - around £120k per annum. Inv6stment po5icy and objectives The Trustees have considered the most appropriate policy for investing Surplus funds is lo employ the services of SG Kleinwort Hambros Bank Limited as their Investment Manager with direction to structure the inveslrnenl portfolio so that the primary objective is lo deliver an attractive and growing level of income over ts"me. Vvhile capital growth is secondary, the aim is lo grow capital ahead over inflation over the lon9 term. The strategy aims lo generate a real relum ahead of inflation, while a¢cepting a relatively moderate level ol risk Similar to the long- fun historical risks of investing in a blended portfolio of 50% bonds and 50QA equities. Resorves policy The Trustees believe that il is important that when setting the annual Museum budgets that its incorne will exceed its expenditure so that il can accumulate reseNes lo ts¢ililale its growlh and provide il wlh financial stabilty. Thi5 year the Trustees note that the Museum achieved a net deficit before net gainlllossl on inveslrnents of £24k 12024'.Surplus £33kl ay set out in the Slalement of Financial Activitie$. The balance Sheet remained strong with total Nel Assets of £6.3m {2024.' £6.2ml. 11 should be noted that most of the balance sheet is represented by unreslricled funds. The total reserves al the year end were £6.3m 12024.. £6.2ml. The split of these being unieslricled £5.6m 12024." £5.6ml and permanent endowment of £665k12024.' £665kl. The permanent endowment fvnds represent Museum collections and are recognised a5 heritage asset on Balae Sheet. These funds aTC, therefore, excluded from the reserves policy. The Trustees review annually the policy regarding unrestricted liquid fund5 which amounted to £449k12024..£462kl at the end of year. They have decided there is a need for the Trustees to relain sufficient funds to meet any. -accrued and future management costs which cannot be met from existing funds due to an unexpected fall in investment income. xceptional expenditure, for example, repairs & renewals. acquisition of Museum collections or lo fund an opportunity that is too good lo be mlssed as rt wll allow the Trustees lo deliver their mission in a more effective or comprehensive way. The Trustee5 have established a policy whereby the Charity maintains sufficient unrestrided fvnds to cover management and adminislralion and support costs after taking into account the continued support from the Victor Adds Foundation for the year ahead.
THE FAN MUSEUM TRUST REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Going concern AtteT making appropriate enquiries, the Trustees gave a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason. they continue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting polices. Prlncipal rlyks and uncertaintles The Trustees are mindful of the risks faced by the Charity. These are recognised as being financial, personnel, health and safely, physical risk and Compliance with the Trustees. statutory responsibilities. These risks are reviewed by the Trustees at Iheii meetings to see they are approprialety addressed, and that relevant policies and procedure5 are maintsined. 11 1$ re¢ognised that this is a Continual process. Flnanclal and rlsk manayemgnt objectlvgs and pollclgs The Trustee$ have assessed the major risks to which the charity is exposed, in particular those related lo the operations and finances of the charity, and are satisfied that systems and procedures are in place lo mits'gale exposure lo the major risks. Structure. gov•rnanc• and manag•m•nt Govèrning document The Fan Museum Trust 15 registered as a charitable company limited by guarantee and 1$ governed by ils Memorandum and Articles ofAssociation daled18th August. 1986 and is registed with the Charty Commission. Recruitment and appointment of new trustees The management of the Charity is the responsibility of the Trustees. The Board of Trustees, which must consist of at least 3 trustees, meets 3 lime5 a year. Trustees are recruited and appointed as appropriate to proVe a range and variety of different skills for the management of the Museum. Usually, the Trustees happen to be trustees ol other unrelated charities and they use their knowledge and experience to fulfil their role and undertake training as and when appropriate. R•latsd parUg$ None of the Trustees received any remuneration or other benefit from their work wlh the Charity. It should be noted that one of the Trustees makes a substantial annual donation throughout Aid lo the Museum. The Charity receives support from the Charitable Funds of The Victor Adda Foundation. Both Mrs. H E Alexander and Mrs. L Zeitlin are trustees of The Victor Adda Foundation. The Museum has full accreditation under Arts Council of England Aecredilalion Sd)eme. The Charity has a 99% owned subsidiary, Fan5 Limited, which was established lo operate the Mmer0a1 fvnctrons of The Museum, such as The Orangery and the Museum's Shop. The charity has continued to malntain indemnity Insurance for trustees. Audltor In accordance with the company's articles. a resolution proposing that Affinia {Slratford) be appointed as auditor of the company will be pul at a General Meeting.
THE FAN MUSEUM TRUST REPORT OF THE TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 The Report of the Iruslees report was approved by the board of Trustee$, and signed on behalf ol Mrs H E Alexander SA Date..
THE FAN MUSEUM TRUST STATEMENT OF REPORT OF THE TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Iruslees (who are also the directors of The Fan Museum Trust for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in a¢cordance wth applicable law and United Kingdom Accounting Slandords {Uniled Kingdom Generally Accepted Accounling Practs'cel. Company law requires the Iruslees lo prepare financial slalements for ea¢h financial year lch give a true and fair view of the slate of affairs of the charitsble company and of the incoming resources and application of resources, including the income and expenditure of the ¢har((able Company for that period. In preparing those financial statements. The trustee5 are required lo select suitable accounting policies and then apply them consistenuy., observe the methods and principles in the Charity SORP,. make judgments and eslimales that are reasonable and prudent.. prepare the financial slalements on the going conceTn basis unle$s il is inappropriate to presume that the charitable company will conts'nue in business. The trustees aTe respcsnsible for keeping proper a¢¢ounling records which disclose wth reasonable accuracy at any lime the financial PL)silion of the charitable Company and to enable them to ensure that the financial ststemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularilie5. In $0 far as the trustees are aware.. there is no relevant audit infomiation of which the charitable company's auditors are unaware. and the Iruslees have taken all steps that they ought lo have taken lo make themselves aware of any relevant audit information and to establish that the auditors are aware of that in formation. Company law requires the Trustees to prepare financial statements for each financial year whlch gfve a Iwe and fair view of the state of affairs of the Charity and of the incoming re50UTces and application of SoUrces, including the in¢ome and expenditure, of the charitable company for that year. In preparing these finan¢ial statements, the Trustees are required lo.. sele¢l suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., State whether applicable UK Accounting Standards have been followed. subject lo any material departures disclosed and explained in the financial slalemenls., and prepare the financial Statements on the going con¢em basis unles8 it is inappiopriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the Charity and enable them lo ensure that the financial statemerrts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and tslher irregularities.
THE FAN MUSEUM TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE FAN MUSEUM TRUST Opinion We have audited the financial statements of The Fan Museum Trust Ithg 'Charity'l for the year ended 31 March 2025 whi¢h compiise the slalement of financial activits'es, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their pieparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandard applicable An the UK and RepublK of lrnland {Un((ed Kingdom Generally Accepted Accounting Practice). In our opinion. the financial slalemenls". give a tru& and lair view of the slate of tho charitable company's affairs as at 31 March 2025 and of ils incoming resources and application of resources, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Ac¢ounling Practi", and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance wth International Standards on Audib'ng (UK) IISAS {UKII and applicable law. Our responsibilities under those stsndards arÈ further described in the Auditors responsibilities for the audit ol the financial statements se¢tion of our report. We are independent of the Charity in accordance with the ethical requirements that are re5evant to c>ur audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We beIve that the audit &viden¢& we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng ¢on¢•rn In auditing the financial statements. we have concluded that the Report of the trustees use of Ihe going ¢on¢ern basis of accounting in the preparation of the financial 5taleTnenls Is appropriate. Based on the work we have performed, we have not idenlffied any material uncertainties relating to events or conditsons that, individually or ¢olle¢lively, may cast significant doubl on th& Charity's ability lo continue as a going concern foi a period of al least twelve months from when the financial statements are aulhorised lor issue. Our SpOnSIbl11tes and the responsibilities ot Ihe Trustees wSlh respecl to going concern are described in the relevant section5 of this report. Oihar infomiation The other information comprises the information induded in the annual report other than the finarKial statements and our auditor's report thereon. The Trustees are responsible for the other informats'on contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of a5suran¢e Conclusion thereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material incon515tencie5 Qr apparent material misstatements, we are required to determine whether this gives rise lo a material rni55talemenl In the finanaal statements themselves. If, based on the work we have performed, we Conclude that there 15 a material misstatement of this other information. we aTe required lo report that fact. We have nothing lo rgport in this regard. Matters on which we are rèqulred to report by ex¢•ptlon We have nothing to report in respect of the following matters in relation lo which the Charities IA¢counls and Reports) Regulations 2008 requires us to report to you if. in our opinion.. the information given in the financral slalements is inconsistent in any malerial lespect with the Report of the Irustees report,. or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting re¢ofds'. or we have not received all the inforrnalion and explanations we require for our audit.
THE FAN MUSEUM TRUST INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF THE FAN MUSEUM TRUST RponsIbIlItieS of Trusto05 A5 explained more fully in the stslemenl of Report of the twslees responsibilities, the Trustees. who aTe also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a Irtje and fair view, and for such intemal control as the Trustees determirie Is necessary lo enable the preparation of financial statements that are tree from material misslalemenl, whether due lo fraud or error. In preparing the financial ststements, the Trustees are responsible for assessing the Charity's ability lo continue as a going concern, ai10$1ng, as applicable, matters related lo going concem and using the going concern basis of a¢counting unless the Trustees either intend to liquidate the charitable company or lo Cease operations, or have no realistic alternatsve but to do so. Auditor's responsibilities for the audit of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations m8de or having effe¢t thereunder. Our objectives are lo obtain reasonable assurance about whether th& financial Statements as a whole are free from malefial misstalemenl, whether due lo fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul 15 riot a guarantee that an audit conducted in accordance with ISAS IUKI wll aayS detect a material misstatement when ff( exists. Misstatements can arise from fraud or error and are considered material rf, Individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stslements. The extent to which ¢ur pro¢eduw$ are ¢3pable ol detecting irregularities. including fraud, is detailed bebw. Our approach to Identifying and assessing tha risks of material misststement in res¢t of Irrogularltl¥s. Includlng fraud and non-compllancg with laws and rogulation5. vRs as follows.. The engagement partner ensured that the engagement learn Collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance wtth applicable laws and regulations., We identified the laws and regulations applicable lo the company through discussions with directors and other management, and from our commercial knoedge and experience of the charity sector,. We focused on specific laws and re9ulalion$ which we considered may have a direct material effect on the financial slalemenls or the operations of the company, inclLbding the Companies Act 2006, taxation legislation, data protection, anti-bribery. employment, environmental and health and safety legislation," Vve assessed the exlenl of compliance vthth the laws and regulations identified above through making enquiries of management and inspecting legal correspondence., and Idenlifie¢J laws and gUlationS were communicated within the audrf( team regularty and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial slalemenls to material mlsslatemenl, induding obtaining an understanding of how fraud might occur, by.. Making enquiries of management as lo where they considered there was susceplibilily to fraud, the knowledge of actual, suspected and alleged fraud,. and Considertng the intemal controls in place to mitigate risks of fraud and non-compliance wth laws and regulations. To addros$ thg rl$k of fraud through managgmant bias and override of Control$. w•: Performed analytical procedures to identify any unusual or unexpected 18b'OnShips., Tested journal entries to identify unusual transactions., Reviewed the internal controls in place, specifically around payroll and bank transath'ons.. and Assessed whether judgements and assurnplions made in detemining the ac¢ounling estr'mates around depreciation were indicative of polentsal bias. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the Se55 likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations lo enquiry of the directors and other management and the inspection L)1 regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to delect than those that arise from error as they may involve deliberate concealment or collusion.
THE FAN MUSEUM TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE FAN MUSEUM TRUST The extent to which our procedures are capable of detecting irregularitses, including fraud. is detsiled bel¢)W. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 vtyrn.frc.org.uklaudil0rssponslbI[ltle$. This descripts'on fomis part of our audrtovs report. Use of our rgport This report is made solely to the charity's Iruslees, as a body, in accordance wlh part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body. for our audit work, for this report, or for the opinions we have formed. Oliver Whits For and on behalf of Affinia Istratfordl, Statutory Auditor Chartered Accounlanls 19th Floor 1 Wesffield Avenue London E20 1HZ. Oate..
THE FAN MUSEUM TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrictsd Endowmtrnt funds fund$ 2025 2025 Totsl Total 2025 2024 Notes Donations and legacies Charitable activilies Investments Other income 123,244 11,449 157,681 34,908 123,244 11,449 157,681 34,908 125.462 11,488 149,315 34.844 Total Income 327,282 327,282 321,109 Charitable activities 351,123 351,123 288,323 Net gainsl(lossesl on investments 11 75.420 75,420 81,910 Not incomo for tho yoarl Net movement In lunds 51.579 51,579 114,696 Fund balances at l April 2024 5,572,411 665,141 6,237,552 6.122,856 Fund balances at 31 March 2025 5,623.990 665,141 6,289.131 6.237.552 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activitses. The statement of finan¢ial adivities also ¢omplies wrth the requiiements for an income and expenditure accoltnl under the Companie$Act 2006.
THE FAN MUSEUM TRUST BALANCE SHEET ASAT 31 MARCH 2025 2025 2024 Notss Fixed assets Tangible assets Heritage assets Investments 13 14 1S 34,122 2,356,607 3,479,357 41,790 2.356,606 3.404,921 5,870,086 5,803,817 Current assats Debtors Cash and cash equivalent 16 64.838 383,636 56,216 405.773 448,474 461,989 Creditorn: amounts falllng due withln ont year 17 129,4291 (27,7541 Nel current assets 419.045 434,235 Totsl a$$ets le8$ ¢urrgnt liabllltles 6.289.131 6.237,552 Capital funds Endowment fund5- geneTal Incom¢ funds Unrestricted funds 19 665,141 665,141 5,623,990 5,572,411 6,289,131 6,237,552 The d1ClOr5 acknowledge their responsibilities for complying wth the requirements of the Companies Act 2006 wth respect lo a¢UntIng cordS and the preparation of financial statements. The financial state a-...o..l.-2oJ6 were approved by the Trustee$ on ... MTS H E Alexan Trustee FRSA Company registration number 02057180
THE FAN MUSEUM TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notss Cash flows from 0ratIng a¢tlvltl&s Cash absorbed by operations 25 1174.8841 196,6251 Inv•stlng actlvltlgs Purchase of tangible fixed assets Proceeds from disposal of inveslrnenls Investment income receive 15,9161 984 157,681 13,831 149,315 Ngt cash gonaratgd from invgsting activitios 152,749 163,146 Net ¢a$h gen•ratgd from flnancing actlvltlo$ Ntst Idecreaselllncroasè In ¢a$h and cash •quivalents 122,1351 66,521 Cash and cash equivalen15 al beginning of year 405,773 339.251 Cash and ¢ash equlval8nts at end of year 383,638 405.772 10-
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting polici8S Chartty Information The Fan Museum Trust is a private company limited by guarantee incorptsraled in England and Wales. The registered office is 12 Crooms Hill, London, SE10 8ER. 1.1 Ac¢ounttng convontlon The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reportin9 Stsndard applicable In the UK and Republic of Ireland. and the Charities SORP "Accounting and Reporting by Charrties." Slatement of Recommended Practice applicable to charities preparing their accounts in a¢cordan¢e with the Financial Reporting Stsndard applicable in the UK and Repub5ic of Ireland IFRS 1021" The Charity 15 a Public Benefit Entity as thfined by FRS 102. The financial statements are prepared in sterling, which is the ftjnctional currency of the Charity. Monetary amounts in these financial statements are rounded lo the nearest t. The finan¢ial slalemenls have been prepared under the historical cost convention. Modrfied lo include the revaluation of freehold properties and to include investment properties and certain financial inslrLmenls at fair value. The prinapal aecounling policies adopted are set out below. Critical a¢¢ountlng ludg&m¢nts and koy Sou8$ of astlmatlon unc&rtainty In preparing the financial ststements. trustees are required to make judgements, eslimales and assumptions which affect reported income. expenses. asset and liabilities. Use of available information and application of judgement are inherent in the formation of estimates. Together with past experience and expectations of Future events that are believed to be reasonable under the circumstances. A¢tU81 results in the future could differ from such estimates. The estimate and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is Vised if the revision effects only that period, or in the period of the revision and future periods if the reVIOn effects both current and future periods. The key source of eslimalion uncertainty that have a $ignnScant effect on the amounts recogni5ed in the nanclal statements are described below.. Useful lifo and residual value of fixed assets and heritage assets The useful life and residual value of the assets are estimated initially when the asset is purchased and fomi the basis of the depreciation calculations. The lives of the asset classes are kept under rewew and adjusted if considered necessary. 1.2 Golng ¢on¢om At the lime of approving the financial slalements, the Tru5tee5 have a asOnable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees ontinue to adopt the going concem basis of accounting in pparing the financial stslements. 1.3 Charltable funds Unreslllcled funds are available for use at the discretion of the Trustees in fiJrther*nce of their chartsble objedives. Reslricled funds are subject to specific Conditions by donors or grantors as to how they may be used. The purp05e5 and use5 of the reslricled funds are set out in the notes to the financial statements. Endowment ftJnd$ are subject lo specific conditions by donors that the capital musl be maintsined by the Charity. 11
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting poli¢10$ Iconllnuodl 1.4 In¢omè Where the donated good is a fixed asset, il is meaSUd al fair value, unless il is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is re¢ognis&d as in¢ome from donations and a Go[SpOnding amount is included in the appropriate fixed asset class and depre¢iat¢d over the useftjl economic life in acwrdance with the Charity's a¢¢ounling policies. On receipt. donated professional serViS and facilities a re¢ognised on the basis of he value of the gift to the Charity whi¢h is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount is th&n recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the time of donation. Other income is recognised in the period in which il is receivable and to the extent the goods have been provided or on completion of the service. 1.5 Expenditure Expenditure 1$ recogni5ed once there is a legal or constructive obligation lo transfer economic benefit to a third paty, rt is probable that a transfer of economic benefits will be required in settlement and the amount of the r)bligalion can be measured reliably. Expenditure is classified by activity. The costs of each activity are mado up of th¢ lotsl of d1ct costs and shared costs, including $upport costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Slared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned betren those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asseV5 use. Expenditure on raising fund5 includes all expendrtY incud by the Charity lo raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-¢haritsble trading. Expenditure on charilablo activities is incurred on directly undertaking the activities which bJrther the Charity's objectives, as well as any associated support costs. 1.6 Tan9iblo fixod assets Tangible fixed assets are initially measured at cost and subsequently measured at Cost or valuation, net of depreciation and any impaimient losses. Depreclalion is recognised so as lo wre off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixture$ and fittings 12.5% on cost Tangible fixed assets are initially recognised at cost. Alter recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tsngible fixed asset into its intended working condition should be included in the measurement of cost. The assets, residual values, useful lives and depreciation methods are reviewed, and adjusted prospectsvely rf appropriate, or if there 1$ an indication of a significant change since the last reporting date. 12-
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcl•8 Icontinuedl 1.7 Herltage assets The Company holds a diverse collection of heritage assets which are held in support of its primary objective of education of the public with parttcular regard lo fans, fan making and history thereof. The majority of the heritage assets are not valued on the Balance Sheet on the basis that a valuation does not exist and could not be oblained-al a proportionate c05t. A small number of heritage as5e15 have been aCqUid in the past and, in the case of these asse15, the cost tsf purchase is known. The aggregate ¢ost of these assets is shown on the balance sheet. he heritage assets have been purchased. they are initially re¢ogni$ed al cost. After regnItiOn, under the cost model, heritage assets are measured at cost less any a¢¢umulaled impairment losses. Expenditure which in the Trustees, view, is required lo preserve or ¢learfy prevent further deterioration of individual items is recognised in the Statement of Financial Activities when il is incurred. Where heritage asset$ havg been donated, the initial valuats'on at fair value has been treated al deemed cost. After recognition, in this situation. the assets are measured at deemed cost less accumulated depreciation and any accumulated impairment losses. Where heritage assets have been donated. they should initially be recognised then subsequently measured al fair value. Any reliable valuation technique to estimate the fair value of a heritage asset may be used., however, rt mu51 reflect any particular historic or heritsge qualities inherent in the asset being valued, meaning that depreciated replacement cost may not be an applicable te¢hnique in all circumstsnces. Buildlng The charitable company holds a 999 year lease from 25 March 1988 of ils Museum premises al 1(Y 12 Crooms Hill, Greenwch, from The Victor Adda Foundation which had paid £352,820 for the freehold. As the lease was granted al no cost lo the ¢harilable company. a sum equal to $1 to the freeholder has been taken as the inilial value of the lease and included in the cost figure in the financial statements. The resulting reserve has been transferred to the General Fund. The Trust ts responsible for the listed propety at 10-12 Crooms Hill. The Tiustees consider that owng lo the incomparable nature ol property in its current use and the fact that a conventional valuation approach would lack sufficient reliability that. even rf a valuation could be obtained, the cost would be onerous compared with the additional benefits derived by the Museum and user of the financial statements. As a result the value reported in the financial statements represents ¢osl of long-tem leasehold, cost of improvements and the value of a legacy by the way of a surrendered underlease. The building is held by the trustees on behalf of the charty. This is held by Helene Alexander Linda Zeillin. The cosl of associated major repairs is reported in the Stslemenl of Financial Activities in the year il is in¢urred. Having taken professional advr¢e, the Twslees have re¢lassified the bLtilding as an inalienable a5sel, depcIation has not been provided on the building as this is Considered to have an indefinite life. Museum colle¢tlons These include Museum acquisitions, The Trustees do not consider that a reliable cost or valuation information Can be obtained for the vast majority of rtems without the Trust incurring cost which Would be disproportionate in compari$on to the benefits derived by the Museum and user of the accounts. This is because of the diverse nature of the items held, Ihelr high volume and lack of Comparable market values. The Museum also recognises that the Trustees do not consider il appropriate lo charge depreciation. 13-
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.8 Fixad asset investments Fixed asset investments are initially measured at transaction priee exduding transaction costs, and are subsequently measured at fair value at each reporting dale. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.9 Impairment of fixed assets Al each reporting end dale, the Charity vIewS the carrying amounts of its tangible assets to determin& whether there is any indication that those assets have suffered an impaimient loss. If any SLLch indrcation exists, the recoverable amount of the asset is estimated in order lo determine the extent of the impaimient loss lif any). 1.10 Cash and cash •qulvalonts Cash and cash equivalents include cash in hand, dèposits held al call wlh banks, other short-lerm liquid investments wlh original maturities of three months or less, and bank overdraft5. Bank overdrafts are shown within borrowngs in current liabilities. 1.11 Financial instrum8nts The Charity has elected to apply the provision5 of Section 11 '8asic Financial Inslrumenls, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of rts financial Instruments. Flnancial instruments are recognised in the Charity's balance sheet when the Chaiity becomes party to the onlra¢tual provisions ol the inslfument. Financial assets and liabilities are offset, with the net arnounts presented in the financial stalernents. when there is a legally enforceable right to set off the recognised amounts and there 15 an intention lo settle on a nel basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al arnortised cost using the effective interest method unless the arrangement conslitules a financing Iransaclion, where the transaction 15 measured at the present value of the future receipts discounted al a market rale of Interest. Financial a59els classified as Teceivable within one year are not amort15ed. Basic financial liabilities Basic financial liabilities, including creditors and bank loans a initially recognised at transaction price unless the arrangement conslitules a financing transaction, where the debt instrument is meaSud at the present value of the future payments discounted at a market rale of interest Financial liabilities classffied as payable wlhbn one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the gffective inte¥&st ratg method. Trade credilois are oblig81ions to pay for goods or Services that have been acquired in the ordinary Course of operations from suppliers. Amounts payable are classified as Current liabilities rf payment is due within one year or less. If not, they are psented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequently measured at amortised cost using the effe¢tive interest method. DecognItion of financial liabilities Financial liabilities are dere¢ognised when the Charity's ¢onlra¢lual obligation$ expire or are dis¢harg8d or cancelled. 14-
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountlng pollcl•$ (Continued) 1.12 Employee benefits The cost of any unused holiday enlitlemenl 1$ recognised in the period in whl¢h the employee's services are received. Termination benefits are re¢ognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide lerminalion benefts. 1.13 Ponsion costs and other postwrotiroment benefits The charitable Company operates a defined benefit contribution pension Scheme. Contributions payable to the charitable companies pension scheme are charged lo the Stslemenl of Financial Activ"e9 in the penod lo which they relate. Hire purchase and loasing commitmonts Rentals paid under operatsng leases are charged to the Statement ol Financial Aclivilie5 on a slraighl line basis over the period of the lease. 1.14 Forglgn 8xchango Assets and liabilities in foreign currencies are translated Into sterfing at the rates of exchange ruling al the balance sheet dale. Transactions in forelgn currencies are translated into sterlin9 al the rate of exchange ruling at the dale of Iransa¢lion. Exchange differences are taken into a¢¢o(tnt in arriving at the operating result. Critical accountlng estlmatss and judgoments In the application of the Charity's accounting policies, the TNslees are iequired to make judgements, estimate5 and assumption5 about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumpb'ons are based on historical experience and other f8clors that are cons[ded to be relevant. Actual results may differ from these eslimales. The estimates and undtsrtying assumptions aro r&viewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Incom• from d¢nation$ and lega¢ie$ Unrestricted fund$ 2025 Unrèstricted fvnd$ 2024 Donats'ons and gift8 123,244 125.462 Donatlons and glfts Donations Covenants and Gift aid 35.338 87,906 34,414 91,048 123,244 125,462 15-
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Charltsbl8 activitias Income fromlncome from charitable charitable activities activities 2025 2024 Museum admissions 11,449 11.488 Investments Unrastrlct8d Unrostrictod funds funds 202S 2024 Income from investments Deposit account interest 145.835 12,046 136,779 12,536 157,681 149,315 other income Unrestricted Unrestricted fund5 funds 2025 2024 Sundry receipts Rental income 7,326 27,582 7,499 27,577 35.076 32,347 16-
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expnditur• on charitsblo activities Charltsble Charltsblè exndItre expondltur• 2025 2024 Direct costs Staff costs Telephone Investment management fee Telephone Museum expenses Printr'ng, postage & stationery Advertising & staff recruitment Travelling Hire of Equipment Legal & professional fees Staff welfare Subscriptions Computer costs Other Charitable expenditure 91,938 99,759 13,585 902 3.557 3,219 5,042 966 1,609 29,772 270 4,826 3,703 191,733 14,723 761 5.885 4,644 6,167 647 1,609 25,871 482 4,203 1,730 121,862 351,123 288,323 Auditor's remuneration Fees payable lo the charity's auditor and a5sociates'. 2025 2024 For audit $8rvic Audit of the financial statement5 of the charity 5,940 4,600 Trusts8s There We no tru$tees' remuneration or other benefits for the year ended 31 March 2025. nor for the year end 31 March 2024. Tru$tsas' Expansgs Th&re were no trustees, expenses paid for the year ended 31 March 2025, ntsr for the year end 31 2024. 17-
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Engaged in charitable activf(ies Adminislralion Total Employment costs 2025 2024 Wages and salaries Social Security Gosls Other pension costs 86,367 3,301 2,270 93,432 3,445 2,882 91,938 99,759 There We no employees whose annual remuneration was more than £60,000. 11 Nét gainsl{lossesl on investments Unro$trlctsd Unrgstrlctod funds funds 2025 2024 Gainllloss) on sale of investments 75.420 81,910 12 Taxadon The charty is exempt from taxation on its activib'es because all ils income Is applied for charitsble purposes. 18-
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Tangible fixad assets Flxtur88 and fftt6ng8 Cost At l Aprsl 2024 Additions 143,661 5,916 At 31 March 2025 149,577 Depreciation and impairnlont Al 1 April 2024 Depreciation charged in the year 101,870 13,585 At 31 March 2025 115,455 Carrying amount At 31 March 2025 34,122 Al 31 March 2024 41.790 14 Heritage assets At 1 Aprll 2024 and at 31 Alarch 2025 2,356,607 15 Flxod a$$et Invg$tm9nts Listed investments Cost or valuatlon At 1 April 2024 Valuation changes 3,404,921 74,436 At 31 March 2025 3,479,357 Carylng amount At 31 M8rch 2025 3,479,357 At 31 March 2024 3,404,921 19-
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Fixed asset investments (Continuèd) 202S 2024 Investments at fair value comprise.. 8ond holdings Equities holdings Altemalives and related holdings 1.112,695 2,044,891 328,180 11.048.087) 11,917,1621 439,572 3,485,766 3,404,821 16 Dobto 2025 2024 Amounts falllng due wtthin one year.. Amounts owed by fellow group undertaklngs Other debtors Prepayments and accrued income 30.271 21.954 12.613 24.410 22,144 9,662 64,838 56,216 17 Creditors: amounts falling due wlthin ona year 2025 2024 Notes Other taxation and so¢ial security Deferred income Trade creditors A¢¢ruals 2,715 1,134 10,843 14,737 1,956 1,134 5,038 19,626 29,429 27,754 18 Retirement bènefit schemes 2025 2024 Deftned Contrlbutlon s¢h•m•$ Charge lo profit or loss in respect of defined contribution schemes 2,270 2.882 The Charity operates a defined contTibution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charty in an independently administered fvnd. -20-
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Endovnnont funds Endowment funds represent assets which must be held pemianently by the Charity. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted inwme. Any ¢apilal gains or losses arising on the assets form part of the fund. At l April At 31 March 2024 202S Permanent endowments 865.141 685,141 Pravlous yoar: At 1 April At 31 March 2023 2024 Pamianent endowTnonts 665,141 665,141 20 Unrestri¢ted funds The unreslricled funds of the ¢harily comprise the unexpended balances of donations and grants which are not subject lo specific condits.ons by donorg and grantors as lo how they may be used. These include designated funds which have been sel aside out of UnStriCted funds by the trustees for specrfic purposes At 1 April 2024 Incoming resources Resourcè expended Gains and At 31 March losses 2025 General fvnds 5,572,411 327,282 1351,1231 75,420 5,623,990 Previous year: At 1 Aprll 2023 Incoming re$ource8 Resource$ oxp¥nded Galn$ and At 31 March los80$ 2024 General funds 5,457.715 321,109 1288,3231 81,910 5,572,411 21
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Analysis of net assets bètween funds Unrestricted EndowTnent funds funds 2025 202S Total Unrestricted Endowment fund$ funds 2024 2024 Total 2025 2024 Fund balances at 31 March 2025 are represented by.. Tangible assets Heritage assets Investments Current asselsllliabililiesl 34,122 2,356,607 3.479,357 419,045 34,122 2,356,607 3,479,357 419,045 41.790 2,356.606 3.404,921 434.235 41.790 2,356,606 3,404.921 434,235 6,289.131 6,289,131 6,237,552 6,237.552 22 Contlngent Llabllltle$ A grant lotslling £90,000 from the Heritage Lottery Fund would become repayable any time before 2084 if any of the terms of the grant are breached. In 2016, an Elizabethan Fan was purchased. The Henlage Lottery Fund and Arts Foundation gave grants lotalling £25,000 towards this purchase on condith'on that rf this fan was lo be sold wthout prior approval of these bodies or the Fan Museum was to be declared bankrupt the grants would become repayable. 23 Related party tran$a¢tlons During the year the following related party transactions took place.. a. The Fan Museum Trust Charged Fan5 Ltd, ivs 990h siJbs?diary, £7,00012024." £6,324) for the rosl of shared staff and other operating overheads. As al 31 March 2025 Fans Ltd owed £30,271 12024." £24,410) lo the charity. b. During the year, Mrs H E Alexander, one of the trustees, made a gift aid donation of £68,000 12024.. £68,000), this has been included in the income of the Museum under restricted funds as there were no specffic conditions attached to this gift other than the standard conditions applying to Registered Museums. The Charity receivod storage chargos of £6.00012024'. £6,000) from Mrs H E Alexander for storag9 of fans. ¢. During the year. the Charity received donations of £30.000 12024.. £33,000) from VictOT Adda Foundath'on. This Foundation is related through shared trustees. 24 Mem1$, Llablllty Each member of the charitable company undertakes lo contribute to the assets of the company in the event ol it being wound up while helshe is a member, or within one year after helshe ceases to be a member, such amount as may be required, not exceeding ill for the debts and liabilities contracted before he15he ceases to be a member. -22-
THE FAN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 25 Cash absorbed by operations 2025 2024 Surplus for the year 51,579 114,696 Adlutstm•nts for: Investment income recognised in statement ol financial activities Gain on disposal of investments Depreciation and impairment of tsngible fixed assets 1157,6811 175,4201 13,585 1149,3151 {81,9101 13,460 Movements in working capital: Ilncreaselldecrease in debtors I¢8$e in creditors 18,6221 1,675 2,654 3.790 Cash absorljed by operations 1174,8841 196.625} 23-