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 Repc*rting 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 part*cular 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 Bala￿e 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 registe￿d 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 proV￿e 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 beI￿ve
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 ￿SpOnSIbl11t￿es 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
R￿ponsIbIlItieS 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, ai￿10$1ng, as applicable, matters related lo going concem and
using the going concern basis of a¢counting unless the Trustees either intend to liquidate the charitable company or
lo Cease operations, or have no realistic alternatsve but to do so.
Auditor's responsibilities for the audit of the financlal statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the
Act and relevant regulations m8de or having effe¢t thereunder.
Our objectives are lo obtain reasonable assurance about whether th& financial Statements as a whole are free from
malefial misstalemenl, whether due lo fraud or error, and lo issue an auditorfs report that includes our opinion.
Reasonable assurance is a high level of assurance bul 15 riot a guarantee that an audit conducted in accordance
with ISAS IUKI wll a￿ayS detect a material misstatement when ff( exists. Misstatements can arise from fraud or
error and are considered material rf, Individually or in the aggregate. they could reasonably be expected lo influence
the economic decisions of users taken on the basis of these financial stslements.
The extent to which ¢ur pro¢eduw$ 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 kno￿edge 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.uklaudil0rs￿sponslbI[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 d1￿ClOr5 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 0￿ratIng 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 Sou￿8$ 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 reVI￿On effects both current and future periods.
The key source of eslimalion uncertainty that have a $ignnScant effect on the amounts recogni5ed in the
nanclal statements are described below..
Useful lifo and residual value of fixed assets and heritage assets
The useful life and residual value of the assets are estimated initially when the asset is purchased and fomi
the basis of the depreciation calculations. The lives of the asset classes are kept under rewew and adjusted if
considered necessary.
1.2 Golng ¢on¢om
At the lime of approving the financial slalements, the Tru5tee5 have a ￿asOnable expectation that the Charity
has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees
ontinue to adopt the going concem basis of accounting in p￿paring the financial stslements.
1.3 Charltable funds
Unreslllcled funds are available for use at the discretion of the Trustees in fiJrther*nce of their chartsble
objedives.
Reslricled funds are subject to specific Conditions by donors or grantors as to how they may be used. The
purp05e5 and use5 of the reslricled funds are set out in the notes to the financial statements.
Endowment ftJnd$ 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 meaSU￿d 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 serVi￿S 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 d1￿ct costs and shared costs, including $upport costs involved in undertaking each
activity. Direct costs attributable to a single activity are allocated directly to that activity. Slared costs which
contribute to more than one activity and support costs which are not attributable lo a single activity are
apportioned betr￿en those activities on a basis consistent with the use of resources. Central staff costs are
allocated on the basis of time spent, and depreciation charges allocated on the portion of the asseV5 use.
Expenditure on raising fund5 includes all expendrtY￿ incu￿d by the Charity lo raise funds for ils charitable
purposes and includes costs of all fundraising activities events and non-¢haritsble trading.
Expenditure on charilablo activities is incurred on directly undertaking the activities which bJrther the Charity's
objectives, as well as any associated support costs.
1.6 Tan9iblo fixod assets
Tangible fixed assets are initially measured at cost and subsequently measured at Cost or valuation, net of
depreciation and any impaimient losses.
Depreclalion is recognised so as lo wr￿e off the cost or valuation of assets less their residual values over their
useful lives on the following bases..
Fixture$ 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
aCqUi￿d 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$ed al cost. After re￿gnItiOn, under the
cost model, heritage assets are measured at cost less any a¢¢umulaled impairment losses. Expenditure
which in the Trustees, view, is required lo preserve or ¢learfy prevent further deterioration of individual items is
recognised in the Statement of Financial Activities when il is incurred.
Where heritage asset$ 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 ￿$1 to the freeholder has been
taken as the inilial value of the lease and included in the cost figure in the financial statements. The resulting
reserve has been transferred to the General Fund.
The Trust ts responsible for the listed propety at 10-12 Crooms Hill. The Tiustees consider that owng lo the
incomparable nature ol property in its current use and the fact that a conventional valuation approach would
lack sufficient reliability that. even rf a valuation could be obtained, the cost would be onerous compared with
the additional benefits derived by the Museum and user of the financial statements. As a result the value
reported in the financial statements represents ¢osl of long-tem leasehold, cost of improvements and the
value of a legacy by the way of a surrendered underlease.
The building is held by the trustees on behalf of the charty. This is held by Helene Alexander Linda
Zeillin.
The cosl of associated major repairs is reported in the Stslemenl of Financial Activities in the year il is
in¢urred. Having taken professional advr¢e, the Twslees have re¢lassified the bLtilding as an inalienable
a5sel, dep￿cIation has not been provided on the building as this is Considered to have an indefinite life.
Museum colle¢tlons
These include Museum acquisitions, The Trustees do not consider that a reliable cost or valuation information
Can be obtained for the vast majority of rtems without the Trust incurring cost which Would be disproportionate
in compari$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 meaSu￿d 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 p￿sented as non-current liabilities. Trade creditors are recognised initially al
transaction price and subsequently measured at amortised cost using the effe¢tive interest method.
De￿cognItion 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[de￿d 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
ex￿ndIt￿re 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 Un￿StriCted 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$a¢tlons
During the year the following related party transactions took place..
a. The Fan Museum Trust Charged Fan5 Ltd, ivs 990h siJbs?diary, £7,00012024." £6,324) for the rosl of shared
staff and other operating overheads. As al 31 March 2025 Fans Ltd owed £30,271 12024." £24,410) lo the
charity.
b. During the year, Mrs H E Alexander, one of the trustees, made a gift aid donation of £68,000 12024..
£68,000), this has been included in the income of the Museum under restricted funds as there were no
specffic conditions attached to this gift other than the standard conditions applying to Registered Museums.
The Charity receivod storage chargos of £6.00012024'. £6,000) from Mrs H E Alexander for storag9 of fans.
¢. During the year. the Charity received donations of £30.000 12024.. £33,000) from VictOT Adda Foundath'on.
This Foundation is related through shared trustees.
24 Mem￿1$, 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-