Charity Reglstration No. 328725
Company Registratlon No. 02499752 (England and Wales)
THE MUSEUM OF EAST ASIAN ART
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

THE MUSEUM OF EAST ASIAN ART
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
C Gore
A Sheph8rd
A Griffiths
S Balmer
J Higgins (resigned 24th March 2025)
Dr T Munford
R Scott
A Perng
B Main (appointed 24th O¢tob8r 2024)
Secr•tary
A Sh8pherd
Charlty number
328725
Company number
02499752
Regi8terod offlce
12 Bennett Street
Bath
BA1 2QJ
W•b81ts
httPS.'Ilmeaa.org.uk
Audltor
Ferguson Maidment & Co.
81h Floor
167 Fleet Street
London
EC4A 2EA
Banker8
Lloyds Bank
47 Milsom Street
Bath
BA1 10N
Investment Managers
Brewin Dolphin Ltd
St James House
St James Square
Cheltenham
GL50 3PR

THE MUSEUM OF EAST ASIAN ART
CONTENTS
Page
Dir8Ctors' report
Statement of Directors, responsibilities
Ind8p8ndent auditorfs report
10-12
Statement of financial activitie5
13
Balance sheet
14
Statement of cash flows
15
Note5 to the financial 51at8menls
16-27

THE MUSEUM OF EAST ASIAN ART
DIRECTORS, REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors are pleased to present their report and the auditèd financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accouniing policies set out in note 1 to the financial
statements and comply with the Museum's Memorandum and Articles of Association, the Companies Act 2006 and the
provisions of the 'Charities SORP IFRS 102) - 'Accounting and Repo￿.ng by Charities.. Statement of Recommended Practice
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS1021' second edition leffeclive 1 January 2019}', the Financial Reporting Standard applicable in th8
UK and Republic of Ireland IFRS 1021.
R•f•rence and Admln18tratlvo Detall•
Legal and administrativè détails are shown at th8 front of the annual r8port, including 8 full list of the directors who served thè
Museum during the period up until the dal8 of the signing of this report.
ObJe¢tlvo9 and actlvlt106 of tho Museum
The 8ims of the Museum a￿ to foster the knowledge and appreciation of East Asian Art. To Ihls end it purchased and
converted Circus Lodge al 12 Bennett Stréét, Bath la listed building) Into The Museum of East Asian Art, which opened Its
doors to the public on 3rd April 1993.
The objects of tho Mu8eum are..
The advancement of edu¢alion of th8 public in the United Kingdom and alsewhere,,
The advancement, promotion and development of and assistsnce with research and education of the public in the
United Kingdom and elsewhere in the field5 of fine art. history and archaeology and the publication of the useful
results of such research.,
Any other purpose or purposes which are charitable according to tha laws of England and Wales.
1}
2)
31
Publlc bènoflt
The directors have carefully reviewed the activities of the Museum and its staff in the light of the Charities Act 2011 and the
guidance thereon issued by the Charity Commission and are satisfi8d that they meet their duties with respect to Section 17
and the public benefit test, that is to say that they advance the knowledge and understanding of the history and culture of
East Asia among children and the gèneral public in Bath and they contribute to the knowledge of East Asian artefacts through
th& medium of the carefully p￿ served and occasionally enhanced collects'on.
The dlrectors have paid du8 regard to guldance issued by the Charity Commission in deciding what activilies the Museum
should undértake.
Structurei governance •nd management
Th8 Museum of East Asian Art is a company limited by guaranlee with Memorandum and Articles of As50¢iatlon and 1$ a
registered charity. There has b88n no change in policy since the last réport. A Management Cornmittee is elected by the
members of the company. The members ofthe Management Committee, who are the directors ofthe limited company. have
the power under the articles to admit any applicant to membership of the company and to appoint any such member to
membership of th8 Management Committee but any person so appointed has to sland for re-election at the succeeding
Annual General Meeting of the company. In exercising such powers, the Management Committee considers car8fully the
balance of skills required by the board for the effective g0Veman￿ of the Museum and any shortfall in those skills when
appointing a director. In addition, the board asses5e5 the personal attributes and profèssional experience of the person
concemed to make a contribution to the pursuit of the objects or the management of the charity. At the year end, the directors
were the members of the Management Committee. Incoming members of the Management Committee are taken Ihrough the
financial affairs of the Museum and given a copy of the Memorandum and Arb'cles of Association and ils forward plan.
The Man8gement Committee appoints the staff and approves the annual budget. exhibitions and forward plan and lakes any
decisions necessary on capital expenditure or major financial matters. Thereafter. the Museum Manager, working wrth the
Staff, takes the decisions on the day to day running of the Museum and routine expenditure so long as that expenditure is
covered by the annual budget and the limits of authority given to the Museum Manager.

THE MUSEUM OF EAST ASIAN ART
DIRECTORS. REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
Achlevemgnts and Porformanco
Stafflng
Some adjustments to staff roles and responsibilities took place during the year. with the internal recruitment and appointment
of the Volunteer & Membership Manager into the role of Exhibition Manager. Further recruitment took place during the
summer for a new Volunteer & Membership Manager, bringing the team up to nine full and part-tiTne members of staff. The
Communications Manager's job title was Changed to Exhibition Design & Communications to reflect the extent of that
particular role.
Imien the Collections Manager was appointed in November 2023 the Museum was not awa￿ of the amount of work that
would be required to bring the backlog of collection care and documentation up to the required stsndard, Once this became
apparent, the post was moved from a fixed-lerm contract to a permanent position,
Tralnlng
A generous tralning budget enabled staff to attend various in*er$on courses or programmes to improve skills and knowledge
including.. the Association of Independent Mus8um's Sparks Leadership programme.. Mus8um-ID's Co-¢reated Museum
training. and Transft)rming Youth Engagemenl in Your Museum study day - both in London., the Collection's Trust
Conferen¢g- Putting Collections Data to Work,, and altending the Museum Association's Conference in Leéds. In addition,
numérous opportunities were taken for training through on-line provision including those offered by the Museum Associatlon
(MAI. Associats'on of Independent Museums (AIM}, Museum Development South West IMDSW) and the South West
Federab'on of Museums {SWFedl. The resource library was augmented by th6 purchase ofa number of books covering
subjects such as interpretation, exhibition design and museum planning.
Exhibltlon8
The Museum hosted three unique exhibitions in 2024.
The landmafk 301h anniversary exhibition 'From Hong Kong to Bath.. A Lifelong Journey of Collecting, f28 June 2023- 22
Jun8 2024) continued to draw audien￿$. This commemorative exhibition gave an extraordlnary insight into the life of the
Museum's foundèr. Brlan McElney OBE, who donated a18rge part of his personal Collection of East and Southeast Asian
objects lo establlsh the Museum in 1993.
'Dragons, Dragons, Dragons, (7 7 January-78 Dgcgmber 2024) mafked the 'Year of th8 Dragon,. This farnily-friendly
oxhibitson explored dragon mythology from across the world through 50 objects from our Collection and included an
interactive 'dragon wall. which, among other things, taught visitors how to 98y 'Dragon' in Chinese, Japanese and Korean.
'Dragons' attracted new audiences and a more consislent visitation by family groups.
'Kimono.' Thg Making of a Cultural Icon, (5 July 2024- 14 December 2024) told the history of the kimono thTough 18
Japanese woodblock prints on loan from the Ezen Foundation, and was complemented by a loan from the Royal Cornwall
Museum of 50 exquisite n8tsuke and inro, Japanese kimono accessories. These extraordinary, intricately carved objects had
never been displayed outside Cornwall before. This popular exhibition showed an increase in 170k in admissions on the
same period in 2023.
Planned closure from late December 2024 to 318t March 2025
The Museum was awarded a capital grant of £25,000 by the Idvest of England Combined Mayoral Authority IWECA} in 2023
to fflake substantial improvements to the ground floor and the creation of a Discovery Room which would act as the
introducb'on to the Museum. In order for this work to take pla￿, and to install new exhibitions, the Museum closed just
before Christmas 2D24 for three months, In the six months leading up to the dosure, meticulous planning took place including
the scheduling of service providers and contractors, commissioning contemporary artists for new exhibition5, and a local
'maker of things, to developing a stylised garden pergola and 'story tree, in the Discovery Room. There were also designing
and producing new wayfinding, signage and interpretation throughout the Museum.

THE MUSEUM OF EAST ASIAN ART
DIRECTORS. REPORT {Continued)
FOR THE YEAR ENDED 31 MARCH 2025
During the closure the following capital works took place.. removing the ala￿n5 and decommissioning a number of display
cases in the ground floor gallery,. removing the decommissioned cases,. removing the hallway carpet and replacing with
bamboo flooring to match existing flooring in the gallery and retail area- undertaking remedial electrical wort( following
removal of ¢a5es', replastering and making good where a number of cases had been removed,, complete redecoration of the
ground floor., installing new signage end wayfinding- commissioning new. permanent railing signage and redesigning the
Website.
Installats'on of the new exhibition 'ln Bloom, (L8unch8d l April- 20 December 2025) took pla￿ once the capital refurbishment
works were complete. Led by the newly appoint8d Exhibition Manager alongside the Exhibition Designer & Communications
Manager, every other member of staff contributed towards its realisation in one way or another - wh8ther helping to select
and arrange objects for display, re-writing, proofreading and mounling new interpretation. The exhibition centfes round the
theme of nature and showcases a number of contemporary artists who created works inspired by objects from the Museum's
co118cts'on, bringing a fresh perspective to the Museum.
Th8 capital grant from WECA was supported by Museum funds to ensure the vision and ambitions of this project could be
achieved. For example, a late addition to the already adVan￿d planning for the d8liv8ry of the WECA-fund8d capital project
was thè agr88ment at the September 2024 Mana9ement Committée meeting to fund the complètè refurbishmenl of the
admissionslrelail area during the plann8d closure. The Rètail Manager approathéd Cre8 Interior Specialists, who have
extensive expèrierncé in working with museum and heritage organisations, who quoted around £30,000 to work with the
Mugeum to design and install bespoke shop fittin9s. Retail is a very important part of the Museum's income generating
activities. so benefi'ts of the refurbishrnenl include an attractive and we114esigned retail area, the unification of the look and
feel of the whole ground floor and a greatly improv8d vlsilor experlence.
During the closure staff found imaginative ways of continuing to engage the Museum's committéd volunteers when many of
the roles they would normally fulfil were not available. 'Volunte8r Voices, invited volunt88rs lo select an object from the
Museum's collection that they were inspired by and record their personal response to it. These stories aff available to visitors
through an interactive device called 'Museum in a Box,. This project helped to consolidate our volunteer base through
collaborative w0￿1ng and developing social engagement, something the Museum plans to expand on next year.
Loarnlng, Engagement & Events
A re-focus on the events programme by the Engagement Manager saw a simllar number of events to 2023. but deliveréd In
mor8 sustainable way. ¢onc8ntrating on regular family activities and high-quality experienc8s. wllh the vision of 'connecling
cultures, running throughout. In 2024-25 the Museum held 15 on-site events attracting 275 vi51tors, 4 off-site events attracting
107 attendees, and 1 online event, attracting 72 attendees. The Museum also delivered one formal off-site educational
activity for 28 participants.
Kimono exhibition events were all over-oversubscribed, with a parbcularly good tumout for the online talk 'Kimono
Chronicles,. Due to limited space within thé Museum, small uniquè. intimate experiences are delivered within the Museum
galleries. The Unwrapping the Kimono event attracted 16 attendées, and the hands-on Nerikiri Japanese sweet-making
workshop. limited to just 8 tickets, also sold out. Japan8se Tea Ceremonies a￿ held regularly and, with each one béing
limited to just 6 participants, also provide an intimate, aulhentic. cultural experience.
Volunteers
The number of volunteers supporting the Museum remained stable at 52, helping with front of house, as gallery guides,
supporting various learning and engagement activities. and writing social media content. A number of separate voluntser
activities were arranged throughout the year including 'Museum Monday. sharing sessions to explore rglgvant subjects of
Interest 2nd increase volunteers. knowledge of East Asian art and culture. Volunteers enjoy a training session programme,
particularly those delivered by the Cuotorial Consultant on understanding the Museum's colle¢tion and contexluali5ing this
with in-depth explorations of the development of Chinese art in relation to the dynasties.
The gap in sUPPOrt for volunteers during Ihe early part of the year, Caus￿ by the shifting of staff roles and difficulty in
recruiting a new Volunteer Manager, saw a reduction in volunteering hours at the Museum compared with the previous year.
In 2024-25 volunteérs contributed 1,064 hours to the Museum with an estimated value of £4,621.

THE MUSEUM OF EAST ASIAN ART
DIRECTORS, REPORT (Continued>
FOR THE YEAR ENDED 31 MARCH 2025
Frlend8 of the Musgum
The Voluntser & Membership Manager worked closely wrth a highly experi8n￿d consultant through the AIM Higher
programme lo review the Friends programme and develop a model which would be simpler to administer while a150
generats'ng more income for the Museum. Friends were notified of the changes ahead of its launch on 181 April 2025, and the
o schémes will run concurrently until all Friends have migrated onto the new scheme.
The new stheme offers individual membership at £35 (previously £181 and a new On8-Plus-One membership for £50. It is
anth'cipaled that. should membership numbers remain similar to the previous year, income should increasè by over 55%. and
there will ba a concerted drive to 8ttract new Friends to the programme to increase support for the Museum.
Collectlon care
The Collections Manager identified that th8 collections management system used by the Muséum was not Spectrum
ompliant - Spectrum is the UK colléction management standard that sets out all the procedures and policies réquired for
clear and tr8nspar8nt management of a collection. For the Museum to reach this standard, details of ev8ry Item in the
collection, ¢urrently stored on iBase, needed lo be migrated to the new system, MODES. During this process numerous
errors and omissions were id8nlified which ar8 being correctsd. Thls is an ongoing, slow and methodical task réquiring
careful attention and the Coll8CtSons Manager has beèn supported on a temporary basls by a volunteer wlth collections
experience.
Storage of the colloctlon
The current storage space for the collection has long been identified as unsuitable.. the spacè is too cramped lo work in and il
has proved impossible to establish environmental conditions that are appropriate for collection storage. Extensive research
had been undertak8n to identify suitable and secure off-site storage lo rent but nothing was available within close pfoximity to
the Museum. With the collection increasingly at risk from the poor environmentsl storage conditions, the directors approved
research into purchasing an off-site facility that could be refitted into a secure storage space,
In November 2024, newly built premises came on thè market, within walking distance of the Museum and, after a number of
sits visits, Buro Happold, consulting engineers. were commissioned to undertake a feasibility Study into the possibility of
onverting it to meet the Museum's need5. On the basis ofthe feasibility study, a fomal offer wa5 made on th8 propety and
Stone King was appointed to handle all legal matters, with completion due in July 2025. Buro Happold will ovérsèe the
tendering process for capital works needed to convert and fit out the building to meet the Museum's specifications and an
applicatson will be mad8 to the Heritsge Lottery Fund to cover these costs.
Dlgltal engagement
During this financial year there were 17,058 unique visits to the Museum's website. rnostly through direct search. The
Museum's main soaal media accounts (Instagram, Facebook and Xl saw an increase in followers from 5,787 in the previous
year to 24,345.
Adml8slons and Openlng Hours
Followng a review of the Museum's admission prices in the previous year. a new. simpler charging structure was introduced
on 1st April 2024. The increase in pricing had little adverse impact. if any. on those wishing to visit, resulting In admissions
income nsing from £11.338 to £15,470, an increase of some 36.10. In anticipats.on of the loss of income during the planned
closure later in the year, the Museum opened an additional day a week on Tuesday5, instead of just Wednesday to Saturday.
However. admission numbers were impacted as a result of the 3-month closure from late Decernber 2024 to 31 gl March 2025
and dropped down frorn 4,480 the previous year to those Similar to 2022-23 at 3,121 visitors, of which 165 were child￿n.

THE MUSEUM OF EAST ASIAN ART
DIRECTORS. REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
Retsll
Retail plays an important part in both attracting potential audIen￿S into the Musgum and generating much-needed income.
Retail sales from the Museum shop for 2024-25 were £36,952, just slighlly down from the previous year at £38,360 and, like
visitor numbers, a Consequen￿ of the 3-month closure. The Shop is unique in Bath offering a wide selection of cards, books
and gifts with an East and Southeast Asian theme, while supporting local indep8ndent artists and craftspeople. It is hoped
that the refurbishment of the retail area will result in income increaslng yèar on year.
Fundra181ng
The Museum generates funds to support its activities and development work through applications lo various sources
including Trusts and Foundations and specific museUm-fc￿uSéd grant giving bodies. Individual donations are also
encouraged.
In 2024 a grant of £5,000 was received from the Medlock Charitabl8 Trust lo support the work of the Volunteer &
Membership Manager, and £1.000 from B&NES Council's Héritage Services to fund the Volunteer Voices digital engagement
project in the new Dis¢ovèry Room.
An 8pplic4lion to the Museurn Development South West's Smell Open Grant programrne resulted In a grant of £6.500 to
engage consultsnts to develop an Audi8nce Engagement Plan and Mad(eting Strategy. Recruitment started In July and was
completed by the end January 2025. The main challenge the Museum faced was one oftiming. By the time a consultsnt was
appointed, the Museum was already well into its 3-monlh closure in the first quarter of 2025 for refurbishment, a redi5play
and instslling new exhibitions. This meenl some re-priorilisalion of staff workplans and having to opt for a slightly less
collaborats've approach than we would have liked, to ensure the proj'ect was completed on time,
Having completed this project, the Museum 8pplied for the next Small Open Grant award at the end of March 2025 to
undertske a reviéw and updat8 of the Museum's governing document. the Memorandum & Articles of Association. Should
this be SU￿￿$sfUl, work with take place during the summer of 2025.

THE MUSEUM OF EAST ASIAN ART
DIRECTORS, REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
Flnancial Reviow
The Museum's PEF investment funds wer8 recorded at a cost of £6,723,400 {inclusive of dealing cash of £3,873} on 31
March 2025 al which date thè EEF investment fvnds had a market value of £534.988 (inclusive of dealing cash of £3,048).
The dividends and interest generated by the two ET)dowment Funds during th8 year amounted to £345.207. The composibon
of each Endowment Fund at the year4nd is given in the notes to the financial statements attached.
The Museum re￿ived £24,997 from the West of England Combined Authority (WECAI Small Museums Capital Grant for the
development of a Discovery room, £6,500 from Museum Development South West to work with an Audience Development
Consultant, £1,000 from B&NES Council's Heritsge Services for Museum in a Box- Community Vol￿S at the Museum
project and £5,000 from the Medlock Charitable Trust to improve volunteering al the Museum.
During the year, the Museum Teceived £97 in donations for the Reimagining Project, and £192 in g8neral donations through
the donatton box with £1,582 being réclaimed through Gift Aid.
The Pemianent Endowment Fund {PEF) was started in 1995 as a separate charity trust governed by a trust deed. The capital
of the Fund is invested and only the income is 8vailabl& to be paid towards the running expenses of thè Museum. The
investments are managed by the Investment Management Commlttèé. comprising prin¢ipally members ofthe Musèum's
Managemént Committee, who form the trustees of the PEF, in conjunction with Brewin Dolphin, the investment advisers.
Quarterly statements showing any contributions to th8 Fund and a summary of the performan¢è of the Fund are provKled to
the Museum by Brewin Dolphin. The Charity Commission has confirmed thatthe accounts ofthe Permanènt Endowment
Fund can fomi part of the Museum's accounts, so long as the Funds thereof are k8pt separate and this requirement is
adher8d to. Mr John Higgins r8sign8d as a director on 24th March 2025 and ceased to be a member of the Investment
Management Committee. The co-option to the Investment Management Committee of en individual with investment
expertise is being pursued.
During the year, the Mu58um réceived the funds that had b8en escheated to th6 Treasurer of the Stat6 of South Carolina. On
their receipt and payment of minor, local expensès incurred in obtaining these funds, the balancé of the £4,000 retained at
the stsrt of the year was released enabling the Museum to send a further sum of some £203,000 to Brewin Dolphin for
investment as part ofthe PEF. The Emergency Endowment Fund IEEFI was sel up in January 2014 by the Museum, which
has to be kept separate from the existing PEF. Inv6slment decisions are made by the Investment Management Committee,
the members of which will nomally bè ttt8 trustees of th8 PEF. Capital fvnd8 may only be withdrawn by the unanimous vot8
ofth8 Management Commltt88.
At 31 March 2025 the Irust8&s of the PEF. who also conslilute the Investment M8nagèm8nt Committee ovérseeing the
investment of the EEF, a￿ Anthony Griffiths (Chair} and Anne Pemg.
Inveslment powers
Under its Memorandum and Art￿cleS of Association. the Museum has the power to m8ke any investment which the directors
see fit. The policy mandated in the PEF trust deed requires 25Vo of all addits'onal funds paid into the Pemanenl Endowrnent
Fund to be invested in bonds and fixed interest stock when first invested. Beyond that requirement, the trustees of the PEF
and EEF are delegated the authority to manage the investrments and report to the Management Committee.
Reserveg
It is the practice of the Museum that unrestricted funds, which have not béén designated for a specific use, 81ong with any
confirmed available support funds, should nomially be maintained at a level equivalent to not less than b￿￿een Ihree and six
months, expenditu￿. The director5 consider that reserves al Ihis level will ensure that, in the event of a significant drop in
funding, they will be able to continue the Museum's currenl activities while consideration is given to ways in which addibonal
funds may be raised. At 31 &1 March 2025, the directors have taken into account the likely impact of varying rales of inflation in
the coming 12 months lo determino the level of reserves that the Museum should endeavour to have in hand. The directors
are cognisant of the need to have sufficient reserves to meet future capital expenditure that they may wish or need to incur.
In this regard, o?pital expenditu￿ projections are made for years in advance and reviewed annually.
The directors realise the Reimagining Project, anlicipated to require several year5 of planning then implementation, will
involve expending substantial sums of money. It is their intention to apply for grants to fund the greater proportion of and
possibly all this expenditure. They will also endeavour to build up further unrestricted funds as a contribution towards the
sums needed to implement the Reimagining Project

THE MUSEUM OF EAST ASIAN ART
DIRECTORS. REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
At present the Unrestricted Funds1£254.091) are represented by fixed assets of £78.109, the balance being current net
assets of £175,982. It is the intention of the directors to continue to build up cash reseNes representing a proportion of the
Unrestricted Funds over a p8riod of years from annual surpluses of InGcffie. Surplus cash is invested through the EEF. in
order to generate a gmater amount of additional income for the charity. While the directors would prefer to retain the EEF
(£534.9881 for use on capital expendituff and major refurbishment or repairs of the building as required, they would draw
on that Fund to meet OP8rational outgoings should the n8ed arise. This situats'on enables the directors lo conlinue to
build the general reserves gradually while béing confident they hold adequate funds to m8et operational outgoings of
behveen three and six months..
Surplus cash available for the short-term and usually representsng reserves is deposited in the COIF Dèposit account
operated by the CCLA Investment Management Limited in view of the favourable rates being off8red currently.
Golng concern rovlew
The directors have revièwèd the impact of the level ol inflation rates loccumng and projecledl during 2025 and thèir possible,
gradual reducb'on in 2026 together with changes in the Bank of England base rat& as well as their anticipated continuing
impact, particulady in the financial environment. They believe thé Museum will be able to fvnclion satisfactorily during the
current year to 31 Mar¢h 2026. The level of income from investments increasèd during the year but the directors Cannot be
certain the same lavel of income will be received in the coming finan¢ial year. Income from admissions, retsil sales,
exhibitions and oth8r events overall was higher in the year endèd 31 March 2025 than In the prior year. The Museum is
fortunate to have p051tive unrestricted reserves and, if rèquired, Can utilize th8 Emergency Endowment Fund, to the extent
requir8d. Therefore, the directors have concluded that the Museum is a going concern and will continue to be so for the
foreseeable future.
Rlsk revlew
The risks faced by the charity are reviewed annually and appropriate policies are developed and revised in addition to
suitable pro￿ureS being taken to eliminate or minimise Ihe risks involved by the implementslion of effective internal control
procedures, which ènsure both appropriate authorisation of all transacts'ons and projects and consistent quality of delivery for
all operab'onal aspects of the Gharity. These policies and procedures are periodically reviewed for their continuing
effectiveness.
The Dlrnctors
The directors who have seNed during the y8ar and up to the dat8 of signature of the financial st8tam8nts are,.
Gore
A Shepherd
A Griffith5
S Balmèr
J Higgins (resigned 24th March 20251
Dr T Munford
R Scott
A Perng
B. Main (appointed 24th October 2024)
None of the directors has any benefici81 inter8St in the company. All the directors are mernbers of the company and
guarantee to contribute £1 in the event of a winding up. The directors thank John Higgins for the valuable conlribution
he made to the board and the Museum during his tenure as a director ofthe Museum.

THE MUSEUM OF EAST ASIAN ART
DIRECTORS. REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
Auditor
Messrs Ferguson, M8idment & Co, are the company's auditor and hav8 indicated their willingness to continue to act. They
were reappointed at the Annual General Meeting.
Dlsclo8ure of Informatlon to tho audltor
Each of the directors has confimed that there is no informats'on of whi¢h they are aw8re which is relevant to the audit, which
has not beèn made available to thè auditor. They have further confimed that they havo taken apprtspriate steps to identify
such relevant information and to establish that the auditor is aware of such information.
This confimiats'on is given and should b8 interpreted in accordance with the provisions of $e¢lion 418 of the Companles
Act 2006.
Srn•ll eornpany provl8ltsns
This rèport has bean prepar8d in accordance with the provisions applicablè to compani95 enlllled to the 8m811 companies,
8xemplion,
This director5, annual report was approved on 291h September 2025 and signed on behalf of the board of directors by:
A Shephèrd
Director
Dated..

THE MUSEUM OF EAST ASIAN ART
STATEMENT OF DIRECTOR'S RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2025
Statement of Directors, Rè8ponsibllltle8
The directors ar6 responsible for preparing th8 annual report and the financial statements in accordance wilh applic8bl8 law
and regulah'ons. The directors are requirad to prepare financial statèments for each financial year in accordancè with United
Kingdom Generally AC￿pted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. The financial
statements are reqUI￿d by Saw to give a truè and fair wew of the state of affairs of the charity and of its incoming resour￿$
and the application of resourcas of thé charity for Ihat period. Under company law the directors must not approve the financial
statements unless they ara satisfied that they give a true and fair view of the state of affairs of the charitabl8 company and of
the excess of income over expenditure for that period.
In preparing these fi'nancial statements, the dir8clors are required to..
1)
Select suitable ac¢ounting policies and then 8pply them consistently.,
2}
Make judgments and estimates that are reasonable and prudent.,
3)
State whether applicable UK Accounting Standards have been followed, subject to any material departurès bèing
disclosed and explained in the financial slalements, and
Prepare the financial statem8nts on a going concern basis unless it is in8pproprlats to presume that th8 charity wll
conb'nue in businéss.
4)
The directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the
financial position of the charity and enable them to ensure that th8 finanaal statements 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
of fraud and other irregulariti68.
The directors are responsible for the rnaintsnance and integrity of the corporate and financial information included on the
charitable company's website. Legislation in the UK governing the preparation and dissemination of financial statements may
differ from legislation in other jurisdictions. In addition, the directors confimi that they are happy that the content of the annual
review in pages 1 to 7 of this document meet the requirements of both the Trustees, Annual Report under charity law and the
Directors, Report under company law. They also Confirm that the financial statements have been prepared in accordance with
the accounting policies sel out in the notes to the accounts and comply wilh the charity's governing document. the Charities
Act 2011 and Accounting and Reporting by Charities.. Slatement of Recommended practi￿ applicable to charities preparing
their accounts in accordanGe with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ir8land
published on 16 July 2014,
D18¢10gure of Inforniation to audltOT8
The directors who held office at the date of approval of this direclors, report confirni that, so far as they are each awar8, there
is no 8udit infom8tion of whlch the charity's auditors are unaware.. and all directors havé taken all the Steps that they ought to
have taken as a dir8ctor to make themselves aware of any rélevant audit informatlon and to estsbllsh Ihal the charity's
auditors are aware of that information.

THE MUSEUM OF EAST ASIAN ART
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE MUSEUM OF EAST ASIAN ART
Quallfled oplnion
Vve have 8udil6d the financial statements of The Museum of E8St Asian Art (the 'charity') for the year ended 31 March
2025 which comprise the statement of financial activilies including income and expenditure account, the balance sheet,
the slatement of cash flows and the notes to the financial statements, including a summary of significant accounting
poliaes. The financial reporting framework that has been applied in their preparation is applicable law and Unitéd
Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial R&porting Standard applicable
in the UK and R9publio of Ireland Iunitsd Kingdom Generally Accepted Accounting Practi￿).
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report,
the fi'nancial statements..
give a true and fair vièw of the stale of the charitable company's affairs as at 31 March 2025 and of its
incoming resources and application of resources. for the year then ended..
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿., and
have been prepared in a¢¢ordancè with the requirem8nls of the Companies Act 2006.
Ba518 for quallflgd opinion
As disclosed in note 1 to the finan¢i81 statements. investménts In th8 Pemanent Endowment Fund ale being carried at
cost rather than al market value, which practicE, in our opinion, is not in accordanc6 with United Kingdom Generally
Accepted Accounting Practice. The carrying value of these investrments at 31 March 2025 should be £8,520,085 based
on the market value at that date, Accordingly, investments should be increased by £1,800,558 which will increase the
value of the charity's endowment funds by the same amount.
We ￿ndUcted our audit in accordance with International Standards on Auditing (UK) IISAS IUKI) and applicable law.
Our responsibilities under those standards are further described in th8 Auditorts responsibilities for the audit of the
financial st8tem6nis section of our report. We are independent of the charity in accordance with the ethical requirements
that are relevant to our audit of the accounts in the UK. including the FRC'S Ethical Standard, and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Conclu81ons rolating to golng Concern
We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report
to you where..
the directors, use of th& going conGern basis of accounling in the preparation of the financial statements is not
appropriate., or
the directors have not disclosed in the finanaal statements any identified material uncertainties that may cast
significant doubl about the charity'g ability to continue lo adopt the going con￿rn basis of ac¢ounting for a
period of at least ￿1v6 months from the dat8 when the financial statements ar8 authorised for issue.
othor Informatlon
The directors a￿ osponsSble for the other infomation. The other information comprises the information includèd in the
annual report, other than the financial statements and our auditor's report thgreon. Our opinion on the financial
statement5 does not cover th8 Other InfO￿allOn and, except to the extent otherwlse 8xplicilly stated in our report, we
do not express any fO￿n of assurance wnclusion thereon.
In connection with our audit of the financial stalemenls. our responsibility is to read the other inlomiation and. in doing
so, con5id8r whether the other information is materially inconsistent with the financial statements or our knowledge
obtsined in the audit or otherwise appears to be materially misstated. If we identify such material inconsistancies or
apparent matenal misstatements, we are required to detemiine whether there is a material misstatement in the
financial statements or a material misstatement of the other infomiation. If, based on the work we have perlomied,
W8 condude that there is a material misstatement of this other infomation, we are required to report that fact.
We have nothing lo report in this regard.
io

THE MUSEUM OF EAST ASIAN ART
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE MUSEUM OF EAST ASIAN ART
Oplnlons on other matters prgscribed by the Companies Act 21x16
the information given in the Directors, Report, for the financial year for which th8 financial stalements are
prepared is consistent with the financial statements; and
The Directors, Report has been prepared in accordance with applicable legal requirements.
Mattors on whlch we arè roqulred to report by excoptlon
In the light of the knowledge and understanding of the charity and its environment obtainèd in the Course of th8 audit,
we hav8 not identified material mi5Statements in the Directors, Report.
We have nothing to report in respect of the following matters in relation to which the Compani8s Act 2006
requires us to report to you if, in our opinion=
adequate accounting records have not be8n kept, or returns adequate for our audit havo not been received from
branches not vislted by us,, or
the fin8ncial statem8nts are not in agreement with the accounting records and retums., or
certain disclosures of trustees, r8muneration specified by law are not made., or
we havè not received all the information and explanations we require for our audit,. or
the directors wem not entitled to preparé thè financial slatements in accordan￿ with the small companies
r6gime and take advantsge of the small companies, exemptions in preparing th8 Directors, Report and from the
requiremènt lo prepare a strateglc report.
Re8pon8ibllltlgJ of Dir&ctor8
As explained more fully in the $tatern8nt of directors, respon51biliti'es, the dirgclors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view. and for such
internal control as the directors determine is nec8SS8ry to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the charity's ability to continue as a going
concem, disclosing, as applicable, matters related to going concern and using the going concern basis of aceounling
unless the directors either intend to liquidate the charitable company or to ￿ase operations, or h8ve no realistic alternative
butto do $0.
Audlto¢8 ro8pon•lbllltlo• for tho audlt of tho Ilnanclal 8tatsm•nts
Our objectives are to obtain reasonabl& assurance about whèther the financial statements as a whole are free from maleriaS
misstatement. whether due to fraud or error, and Io issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conduoted in accordance with ISAS (UK) will
always detect a material misstatement when it exists. Misstatsments can anse trom fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of u88rs
taken on ihe basis of these fingncial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedur85 in line with
our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent
to which our procedures are capable of detecting irrégularrties, including fraud is detailed below..
The èxtent to vthlch thè audlt was consldered capable of detecllng Irregularltlo8 In¢luding fraud
We obtained an understanding of the legal and regulatory frameworks within which The Museum of East Asian Art operates,
focusing on those laws and regulalions that have a direct effect on the detemiination of material amounts and disclosures in
the financial ststements.
identiffied the great&sl risk of material impact on the financial statements from irregularities, including fraud, to be the
override of controls by management and inappropriate revenue recognition. Our audit procedures lo respond to Ihese risks
included enquiries of management about their own Identification and asse55ment of the risks of irregularities, sample testing
on the posting of journals, reviewing accounting estimates for biases. corroborating balan￿S recognised to supporting
documentstion on a sample basis and ensuring accounting polioies gre appropriate under the relevant accounting
standards.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulalions are
from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing stsndards also limit
li

THE MUSEUM OF EAST ASIAN ART
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE MUSEUM OF EAST ASIAN ART
the audit proc8dures required to identify non-compliance with laws and regulations to enquiry of the trustees and other
management and the inspection of regulatory and legal corréspondence, if any.
Material misstatements that arise due to fraud can b8 harder to detect than those that arisé from error as they may involve
delibèrat8 concealment or collusion.
A further descripb'on of our responsibility for the audit of the financial statements is locat8d on the Financi81 Reporting
Council's website at.. www.frc.org.ukl8uditorsr6sponsibilities. This d6scripkn.on fomis part of our auditor's report.
U8e of our raport
This report is mad8 solely to the Gharity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies
Act 2006. Our audit work has been undertaken so that we might stste to thé charity's membérs those matters w8 are
required to 5tste to them in an auditor's report and for no other purpose. To the fLJllest extent penritted by law, we do not
accept or a58um8 responsibility to anyone other than the charity and the charity's members as a body, for our audrt work. for
this report, or for the opinions we have fomed.
8th Floor
167 Fleet Slreat
London
EC4A 2EA
Paul Manalo Isenior Statutory Auditor)
For and on behalf of
Ferguson Maidment & Co.
Chartered accountants & statutory auditor
291h September 2025
12

THE MUSEUM OF EAST ASIAN ART
STATEMENT OF FINANCIALACTIVITIES
INCLUDING INCOMEAND EXPENDITUREACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
Unrestrlcted Endowment Restricted
funds
funds
funds
Total
2025
Total
2024
Income from:
Donations and legacies
Notss
1,784
203,982
37.614
243,380
527,056
Charitsble activities
18,546
18,546
14,781
oth8r trading activities
37,192
37,192
38,427
Investments
369,798
369,798
356,206
Total Income
427,320
203,982
37,614
668,916
936.470
enditures on:
Raisin
funds
Notes
Fundraising
3,260
3,260
1,766
Trading costs
34,462
34,482
37,588
Investment managem8nt
1,511
26,617
28,128
24.921
39.233
64,275
Charitable activities
380,570
10,000
390,570
338,314
Totsl resources expended
419.803
10,000
456,420
402,589
Net galnsl{losses) on
investments
12
73,121
73,121
32,793
Net movement in funds
7,517
250,486
27,614
285,617
566,674
Fund balan¢gs at 1 April 2024
246.574
7.896 542
237,321
8,380,437
7,813,763
Fund balances at 31 Ma￿h 2025
254,091
8,147,028
264.935
8,666,054
8,380.437
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditur8
derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account
under the Companies Act 2006.
The notes on pages 16 10 27 form part of the financial ststements.
13

THE MUSEUM OF EAST ASIAN ART
BALANCE SHEET
AT31 MARCH 2025
2025
2024
Fixed assets
Tangible assets
Investments at
13
966,370
894,001
cost
value
14
6,723,400
534.988
6,481,106
525.614
7,258,388
8,224,758
7,006,720
7,900,721
Currant a888ts
Stocks
Debtors
Cash at bank and in hand
15
16
17
13,674
75,541
470.625
559,840
11,830
48,685
477,016
537,531
Credltors: amount falling due
wlthin ono year
18
Net current assets
Total assets le$$ Current
Ilabilities
441,296
479 716
8,666 054
8 380.437
Income fundg
Restricted fund5
Endowment funds
19
20
264,935
8,147,028
237,321
7,896,542
Unrestri¢led funds
254 091
246,574
8,380.437
8,666,054
The financial statements have been prepared in accordance with section 415A ofthe Companies Ad 2006 relating to
small companles and FRS 102 Section 1A.
Th8 financlal statements were approved and authorised for issue by the board of Dlreclors on
2025 and signed on their behalf by..
September
A Sh8pherd
Dlrector
D1￿ctor
Dated..
Company Reglstration No. 02499752
The notes on pages 16 to 27 form part of the financial statements.
14

THE MUSEUM OF EAST ASIAN ART
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Restrlctedl
Unrastricted
Funds
EEF
PEF
Notes
2025
2024
Net Incomings and {Outgoings)
from Activities
35,131
9,374
241,112
285,617
566,674
Add.. Non-cash item
Depreciation
3,251
3,251
8,395
Less: Donations
Dividends
Adjustm8nt re gains and
other non-cash items
(203.982)
(203,982) {520.000}
(369,798) {356,206)
(369,798)
9,374
23.044
33,600
8,74
Cash used prior to capital
injectson, investmenl and other
activities
332,598
332,598
309 884
Capitsl injection: Legacy, donation
and transfer
876
218,068
218,944
525,967
Cash generated from investment
activity:
Dividends
Sale of investments
Purchase of investments
Fees and outgoings
369,798
369,798
356,206
835,065
1,175,442
(1,073,388) (1,841,506)
31 196
27.966
305,119
529,946
(326,9821 (746.406)
Total
369,798
21,863
247.656
100,279
337.824
Appllcatlon of cash in operational
activities
Purchase of tanglble fixed assels
Decreasel{Increase) in Stock
Decreasel{Increasel in Debtors
In¢reasel(Decrease) in Cr8ditors
(75,620)
11,844)
{26.856)
60,729
13
15
16
18
(75,620)
(1,844)
(26,856)
670
11,408
Total
43,591
43.591
Net (decrease)lin¢rease in cash
(6,391)
(20.987)
(29.588)
(56,966)
{99,502)
Cash at 1" April 2024
477.016
24,035
33,461
534512
634.014
Cash at 31 $1 March 2025
470,625
3,873
477,546
534,512
The notes on pages 16 to 27 form part of the financial statements.
15

THE MUSEUM OF EAST ASIAN ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Accountlng polici88
1. Accounting pollcles
Charity inforniation
The Museum of East Asian Art is a private company limited by guarantee incorporated in England and Wales.
The registered office is 12 Bennett Street. BATH, BA12QJ.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of
Association. 'Charilies SORP (FRS 102) - Accounting and Reporting by Charities.. Stalemenl of Recommended
Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard
appllcable in the UK and Republic of Ireland (FRS 102) second edition (effective 1 January 2019),, the
Financial Reporting Standard applicable in Ihe UK and Republic of Ir8land (FRS 102) and Ihe Companies Act
2006. The ¢harity is a Public Benefrt Enlity as defined by FRS 102.
The financial statements are prepared in slerling. which is the functional currency of thè charity. Monetary
amounts in th8se financial statements ar8 rounded to the nearest £.
The financial statements have been prepared under tha historical cost convention. The principal
accounting policies adopted are sel out below.
and falr ov
rride
The directors of the company and the trustees of the PEF have detemiined that it is appropriate lo depart
from the Unit8d Kingdom General Accepted Accounting Practice of carrying fixed asset investments at
market value because the majority of the investments held by the charity form part of the Permanent
Endowment Fund, only the income of which can be used for the purposes of the charity. The directors of
the company and the truslees of the PEF therefore view carrying the investmants of the PEF at market value
as being misleading since the ass8ts cannot be realised at the value staled for use by the charity and it
misrepresents the net wealth of the charity- Investments in the PEF are instead being held at cost. Note 14 of
the accounts discloses the value at which investments in the PEF would be carried if they were stated at
market value. The directors have therefore decided to adopt a true and fair override and accept the
consequent qualified audit opinion.
at valuatlo
Inves
The directors of the company have decided that the Investments of the EEF should be reported at market value
since they are available for use by the charity.
1.2 Going concern
At Ihe time of approving the financlal statements, the directors have a reasonable expectation that the
harity has adequate resources to continue in operational existence for the foreseeable future. Thus the
dir8Ctors continue to adopt the going concem basi5 of a¢Gounting in preparing the financial statements. The
board of directors is confident that future reserves and future income are more than sufficient to meet cu￿ent
commitments. There are no material uncertainties that impact this assessment
1.3 Charitable funds
Unrestricted fvnds are available for use at the discretion of th8 directors in furtheran￿ of the charitable
objectives unless the funds have been designated for other purposes.
The Permanent Endowment Fund represents those assets which rnust be held permanently by the charity.
Income arising on the Pemianent Endowment Fund can be used in accordance with the objects of the charily
and is included as unrestricted income. The Emergency Endowment Fund investments are those held by the
charity where the directors have discretion to convert funds into income.
16

THE MUSEUM OF EAST ASIAN ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Accounting policies
Restricted funds can only be used for particular restricted purposes within the objects of the charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Expenditure, which meets thes8 criteria, is charged to the fijnds, together with a fair allocation of
management and support costs. Further explanation of the nature and purpose of each fvnd is induded in
the notes to the financial statements.
Endowment funds are Subject to specific conditions by donors that the capital must be maintained by the
charity.
1.4 In¢omlng resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been
met, the amounts can be measured reliably, and il is probable that income will be received.
Cash donations are recognised on rec8lPt. Other donations are recognised once the charity has been
notified of the donatlon, unless performance conditions require deferral of the amount. Income tax
recoverable in relation lo donatlons received under Glft Aid or deeds of covenant is recognised at the time
of the donation.
Grant income is credited lo the Statement of Financial Activities when received or recelvable whichever Is
earlier, unless it relate5 to a specific future period or event. in which case it is deferred.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending
distribution, the amount is known, and receipt is exp8Cted. If the amount is not known, the legacy is treated
as a contingent asset.
Investment income is recognised when notice has been given of receipt by the investmenl manager.
Turnover is measured at tha fair value of the consideration received or receivable and represents amounts
receivable for goods and services provided in the normal course of business, net of discounts, VAT and
other sales related taxes.
1.5 Resource8 expendod
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of
disseminating information in support of the charitable activities. Support costs are Ihose incurred directly in
support of expenditure on the objects of the charily. Management and administration costs are those costs
incurred in connection with the administration of the chartty and compliance with constitutional and statutory
requirements.
Costs of generating ftjnds comprise the costs associated with attracting voluntary income and the costs of
trading for fundraising purposes including the charity's shop.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and
services for its beneficiaries. It includes both costs that can be allocated directly to such activities and
those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements
of the charity and include the audit fees and costs linked to the strategic management of the Gharity.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.
17

THE MUSEUM OF EAST ASIAN ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Accounting pollcle5
Depreciation is recognised so as to write off the cost or valuation of assets le5S thelr residual values over
their useful lives on the following bases..
Freehold land and buildings
Freehold buildings - no depreciation is provided on the
grounds the asset has a very long useful life, a high residual
value, is subject to a programm8 of maintenance and
accordingly. annual deprecialion would not be material.
Freehold land is not depreciated
Depreciation was provided on the non-structural elements at
rates varying between 100A and 200h of cost until such items
were fully depreciated.
Fixtures and fittings
Ba￿een 2010 and 200h per annum of cost
Library
Not depreciated
The gain or loss arising on the disposal of an asset is detemined as the difference be￿een the sale
proceeds and the carrying value of the asset, and is recognised in net Incomel(expenditure) for the year.
1.7 Heritage assets
The charity has taken advantage of 18.14 of the Charitles SORP (FRS 1021 and not recognised heritage
assets at valuation. The museum's collection is predominately made up of donations of long held assels of
donors. The assets are excluded from the balance sheet as significant costs would be involved in the
reconstruction of past accounling records and valuations, which are onerous cornpared with the additional
benefit derived by users of the accounts.
1.8 Fixed asset investments
Fixed asset investments are stated at cost less any provision for impairment at the balance sheet dale.
The SOFA include5 the net realised gains and10sses arising on disposals throughoul the year.
1.9 Impairment of flxed assets
Al each reporting end date, the charity reviews the carrying amounts of its tangible assels to determine
whether there Is any indication that those assets have suffered an impaimient loss. If any such indication
exists, the recoverable amount of the asset Is estimated in order lo determine the extent of the impairment
loss (if any).
Intangible a55e15 Wlth indefinite useful lives and intangible assets not yet available for use are tested for
impaimient annually, and whenever there is an indication that the asset may be impaired.
1.10 stocks
Stocks are slated at the lower of cost and estimated selling price less costs to Complete and sell. Cost
comprises th e cost of direct materials and, where applicable. direct labour costs and those overheads that
have been incurred in bringing the stocks to their present location and condition. Items held for distribution
at no or nominal consideration are measured at the lower of replacement Cost and cost.
Nel realisable value is the estimated selling price less all estimated costs of completion and costs to be
inCUr￿d in marketing, selling and distribution.
1.11 Cash and ca8h equivalents
Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-term liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are
shown within borrowings in current liabilities.
1.12 Financlal Instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Other Financial Instruments Issues. of FRS 102 to all its financial instruments.
Financial instruments are recognised in the charity's balance sheel when Ihe charity becomes party to the
contractual provisions of Ihe instrument. Financial assets and liabililies are offset, with the net amounts
Assets under construction
18

THE MUSEUM OF EAST ASIAN ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Accounting polici8S
presented in the financial statements, when there is a legally enforceable right to set off the re¢ognised
amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability
simultaneously.
Basic financlal assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaclion price including transaction costs and are subsequently carried at amortised cost using the
effective interest method unless the arrangement constitutes a financing transaction, where the transaction
is measured al the present value of the future receipts discounted at a market rate of interest. Financial
assets classified as receivable wlthin one y8ar are not amortlS8d.
Basic flnan¢lal Ilabllltles
Baslc financial liabilities, including creditors and bank loans are inilially recognised at transaction price
unless the arrangement constitutes a financing transaclion. where the debt instrument is measured at the
present value of the future payments discounted at a market rate of interest. Financial liabilities classified
as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, uslng the effective inlerest rate method.
Trade creditors are obligations to pay for goods or services Ihal have been acquired in the ordinary course
of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within
one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially
at transaction price and subsequently measured al amortised cosl using the effective interesl method.
Derecognltlon of flnancial liablllties
Financial liabilities are derecognised when the charity's contractual obligations expire or ar8 discharged or
cancelled.
1.13 Employee beneflts
The cost of any unused holiday entitlement is recognised in the period In which the employee's services
are r8ceived.
Temination benefits ar8 recognised immediately as an expense when the charity is demonstrably
committed to terminate the employm8nt of an employee or to provide termination benefits.
1.14 Retlrem•nt beneflts
Payments to defined contrlbutlon retirement benefit schemes are charged as an expense as Ihey fall due.
Critical a¢¢ountlng estimatss and Judgements
In the application of the charity s accounting policies. the directors are required to make judgements. estimates
and assumptions about the carrying amount of assets and liabilities thal are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors
that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.
19

THE MUSEUM OF EAST ASIAN ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Donations and legacTOS
Unre8tr1cted Endowment
funds
funds
deslgnated
Restricted
funds
Total
2025
Total
2024
Donatlons and gifts
Legacies
1,784
37,614
39,398
203,982
243 380
7,056
520,000
527,056
203,982
203,982
37,614
For the year ended
31 Ma￿h 2024
520,000
5.361
527,056
Charltable activltles
2025
2024
Admission Charges
Events
Education
Membershlp subscriptions
15,470
2,071
11,338
1,728
95
1,620
14,781
18,546
Other tradlng activitie8
2025
2024
Shop income
Image copyrighl sales
Other income
Other trading activities
36,065
240
887
37,192
36,676
232
Inve8lJnents
2025
2024
Income from listed
investments
Interest receivable
345,207
24,591
369,798
338,857
17,349
20

THE MUSEUM OF EAST ASIAN ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Raising funds
Unrestricted Endowment Restrlcted
funds
funds
funds
Totsl
2025
Totsl
2024
Fundraisin
Staff costs
Fundraising equipment
and Publicit
3,009
251
3,009
251
1,766
3,260
3,260
1,766
Tradin
¢osts
Other trading activities
Staff costs
21,877
12.585
34.462
21,877
12,585
34.462
20,567
17,021
37.588
tment mana
em
1.511
26,617
28.128
24,921
39,233
26,617
65.850
64.275
For the year ended 31 March 2024
Fundraising and public#ty
Trading costs
Investment management
1,766
37,588
1.432
33.838
1,766
37,588
24.921
64,275
23,489
23,489
Charitable a¢tivities
2025
2024
staff costs
Depreciation
Advertising and PR
Collection care
Propety costs
Travel and expenses
Legal and professional
Subscriptions
Training and Consultancy
Office costs
Bank charges
Education
Exhibition
Artefact insurance and storage
269,118
3,251
5,003
6,371
40,141
1,927
1,698
379
9,887
18.681
75
2.692
8,393
18,782
386,395
219,166
8,395
3,979
21,554
26,786
4,339
1,345
533
1,940
14,683
83
4,135
8.696
18,200
333,834
Share of governance costs
(see note 9)
390,570
338,314
21

THE MUSEUM OF EAST ASIAN ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Support costs
Support Governance
Costs
Costs
2025
2024
Basis of
allocation
Audit fees
Analysed between Charitsble
activities
4,175
4.175
4,175
4,480
Govemance
10 Dlrectors
During the year, no director received any remuneration (2024.. £NII). No direcior recelved
reimbursement of expenses (2024.. £Nil).
11 Employees
Number of employees
2025
Number
2024
Numbor
Employment costs
2025
2024
Wages and salaries
Social security costs
Other pension costs
241,740
17,740
12,212
271692
200,217
12,483
9.711
222.411
No employee received employee beneflts of mor8 than £60,000 {2024'. £Nil).
22

THE MUSEUM OF EAST ASIAN ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
12 Net galnslllossesl on inveslments
2025
2024
Gainl(loss) on sale of
investments
PEF
EEF
63,747
28,982
24,588
{4,2381
Unrealised
gainsl(losses)
EEF
19.6081
73.121
13 Tangible flxed assets
Freehold
land and
buildings
Assets under Flxtur08 and
con8trucllon
flttlng8
Library
Total
Cost
At 1 April 2024
Acquisitions
Disposals
Reclassification by
resolution
224,239
668,638
568,462
75.620
(29,923)
51,250
1,512,589
75,620
129,923)
612 772
55,866
At 31 March 2025
837011
614 159
51.250
1,502 420
Dopreclatlon and Impalrment
At 1 April 2024
Disposals
Depreciation charged
in the year
Reclassification by
resolution
55,866
562,722
(29,923)
618,588
(29,923)
3,251
3,251
55,866
55,866
At 31 March 2025
Carrying amount
At 31 March 2025
837011
78.109
966 370
At 31 March 2024
224,239
612.772
5.740
51,250
902.396
Not included in the above is the Museum's collection of artefacts. The collection, due to ils nature, is of most
value in terms of its cultural signrficance and as such no reliable monetary value can be plac8d upon it.
The directors resolved during the year to transfer the carrying amount of Assets Under Construction to
Freehold Land and Buildings because the asset repres8nt8d improvements to the building undertaken in the
early years of the Museum's existence that enhanced its residual value and the provision of such depreciation
as was appropriate had been completed several years earlier. The directors consider that this treatment
reflects more accuratety the proper presentation of the Museum's fixed assets.
23

THE MUSEUM OF EAST ASIAN ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14 Flxed asset investments
Listed
inveslment8
Cash In
portfolio
Total
Pemianent Endowmènt Fund at cost
At 1 April 2024
6,447.645
33,461
6,481,106
Incoming resources
218,068
218,068
Additions
746,406
(746.406)
Sales proceeds
(529,946)
529,946
Gainsl (Losses)
55,422
55,422
Fees and outgoings
31,196
At 31 March 2025
6 719.527
6 723 400
At 31 March 2024
6,447,645
33.461
6481 106
Emergen¢y Endowment Fund at market value
At 1 April 2024
501,579
24,035
525,614
Incoming resources
876
876
Addttions
Sales proceeds
326,982
(305,119)
(326,982)
305,119
Realised Gainsl {Losses)
28,105
28,105
Fees and outgoings
Un￿alised gainsl (Losses)
19,607
19.607
At 31 March 2025
531.940
634,988
At 31 March 2024
501,579
24.035
525,614
Incoming resources of th8 Pemianent Endowment Fund comprise a further legacy payment from the Johanna
Austin Estate. and reimbursement of the VAT element of PEF management fees.
Fixed asset investments for the Permanent Endowment Fund are carried at wst rather than market
value. The reasons for this treatment are disclosed in note 1 of the financial statem8nts.
The market valu8 of the Permanent Endowment Fund inveslments at 31 March 2025 was £8,520,085
(2024.. £8,204,910)
24

THE MUSEUM OF EAST ASIAN ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
15 Sto¢k8
2026
2024
Finished goods and goods for resale
Less.. Provision for obsolete stock
13,674
11,830
11,830
16 Debtor8
2025
2024
Amount falllng due withln one year:
Trade debtors
Other debtors
Prepayments and accrued income
120
51,312
24,109
24.901
23.784
48.685
17 Cash at Bank and In Hand
2025
2024
Balance al Bank
Balance with CCL4 on COIF
deposit
25,625
32,016
445,CQO
470 625
445 000
477 016
18 Creditor8
2025
2024
Amount falling due within one year:
Trade creditors
Social Se¢urily and Oiher Taxes
Accruals and deferred income
other Creditors
84,843
7,510
25,479
712
118,544
25,430
27,706
4.679
57,815
25

THE MUSEUM OF EAST ASIAN ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
19 Restricted funds
The income funds of the charity includ8 r8Stricted funds comprising the following unexpended balances of
donations and grants held on trust for specific purposes..
Balanc• at Incomlng
1 Aprll 2024 Rosources
Resources
Expended
Transfers Balan¢• at
31 March
2025
MEAA M8talware conservation project
24,353
24,353
The Reimaging Project fund
206.512
117
2,656
209,285
L.G Harris Trust Security
Enhancem8nts
722
(722)
L.G Harris Trust Photography of
collection
3,800
3,800
Museum Founder Brian McElney
Memorial fund
1,934
(1,934)
WECA Small Museum Capital grant
Discovery Room
24,997
24,997
Museum Development South West
Audience Development Consultant
6,5C
(6.500)
B&NES Herltage seTvice$ Community
Vol￿S at MEAA
1,000
(1,000)
Medlock Charltable Trust Empowerlng
Volunteer
5,000
2,500
2.500
237,321
37,614
10,000
264.935
The Reimagining Project fund for the redevelopment of whole Museum.
West of England Combined Authority Small Museum Capital Grant for Discovery room.
Museum Dev81opment South West Small Grants scheme for Audience Development Consultant.
B&NES Heritage Services for Museum in a Box - Community Voices at MEAA project
26

THE MUSEUM OF EAST ASIAN ART
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
20
Endowment fund8
The Endowment funds, which are material to the charity's activities, are made up as follows..
Movement In funds
Balance at
31 March
2025
Balance at
Incoming Resources
1 April 2024 Resources Expended
Transfers
Revaluatlons
galnsllosses
Pemianent Endowment fund
Gift from Franklin Tsu's Estate
Special capital reserve
Emergenw Endowment fund
6,476,955
884,620
9,352
525,615
7,896,542
203,982
{26,61n
63.747
6,718,C67
884.620
9.352
534 989
8,147.028
9.374
73,121
203.982
26.617
Incoming Resources of the Permanent Endowment Fund of £203,982 represents a further legacy payment
from the Johanna Austin Estate.
The Permanent Endowment Fund exists as a separate charity. The capital of this fund Is invested and only
the income is available to pay lowards th8 running expenses of the Museum. The investments are managed
by a sub-committee of the Museum's Management Committee in conjunction with Brewin Dolphin the
investment advisers. Copies of the quarterly statement showing the contributions to the Permanent
Endowment Fund and the investments held by it are circulated quarterly to the sub-committee. The Charity
Commission h a s confirmed that the accounts of the Permanent Endowment Fund can form part of the
accounts so long as the funds are kept separate.
21 Analysls of net assots between funds
General
funds
Restrlcted Endowment
fundg
funds
Totsl
Fund balances at 31 March 2025 are
represénted by..
Tangible assets
Investments
Current assetsl(Ilabilities>
78,109
888,261
7,258,388
379
968,370
7,258,388
441,296
175.982
264,935
254.091
264.935
8,147,028
8,666,054
The Restricted Funds balance consists entirely of ¢urrenl assetsniabilitie5. The Unrestricted Funds of
£254,091 consis1 offixed assets of£78,109 and net current assets of £175,982.
22 Related party trangactlons
Transactlons with related partles
During the year the charity entered into no transactions with related parties.
27