Charity Registration No, 1062357 THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM LEGAL AND ADMINISTRATIVE INFORMATION Trustees B Borowskl R Kaufma Zvl Nixon Daniel Eilon {appDinted 10 November 2024) Delegatsd Management Danlel Eilon (appolnted 10 November 20241 Charity Nurnber 1062357 Address 16 Great Queen Street LoTrdon WC2B SOG Audltor Harold Everett Wreford LLP Portland Suite Audley House 12-12a Margaret street London WIW 8JQ Bankers Santander UK plc
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM CONTENTS Page Trustees, Report Independent auditor's report. Consolidated Statement of financial actlvltles Statement of flnanclal actlvlties Consolldated Statement of financlal position io Statement of flnanclal posltlon 11 Consolidated Statement of cash flows 12 Notes to the finandal statements 13-24
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The truslees present IheSr annual r8POrt together vAth lh8 consolldated flnandal statements of the charlty
and its subsidi¥rie5 for the year ended 31 March 2024.
Th8 financial statements have been Prepa in accordance wlth the a¢coLinllng pollcies set out in not8 1 to th8
financlal stslemenls and cc*nply wllh the charity's trust deed dated 18th Marth 1997, the Charities Act 2011 arKI
'Accountlng 8nd Reporung by Charllles: Ststèment of Re(x)mmend8d Practice applicable to charities preparing their
financial statements In a(dance wSlh the Flnan¢lal Reporllng Standard applicable in the UK arKI Republlc of
Ireland
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM TRUSfEES' REPORT (CONnNUED) FOR THE YEAR ENDED 31 MARCH 2024 Under Ils Irusl dee¢y Ihe Charfty has the power to make any Irweslrnent In whlch It sees fft. The truslees conslder the retum on investments to be satlsfactory. Risk faetors The tfusieos havo assessed the major rlsks to whlch thg ¢harlty Is exposed, In Part1181 those relaled to Ihe operatlons and finances of the charity gnd are satisfied that systems are In place to mlUgate Its exposure to Ihe rnajor rlsks. A revlew of the rtsks Ihe charfly may face are assessed annually. A key element of financlal rlsk18 the 5eiting of a reserve pollcy an(J Its regu18r revlew by th& truslees. The charlty Intends to contiwe maklng funds 8v8118ble for donation to the worthy cause It supports for Its charllable purposes. Wth thls In rnlnd, the trusl8es are constanlly seeklng lo find means by whlch they are able to Increase the lévèl ol fund8 Ihe charlty18 able lo dlstrlbute. structurol governance and m•nagemonl Tha chaflly Is an unlncorporaled UK registe1 ch8Tily and is govemed by its trust deed. The twsle8s who s8rv8d durlng th8 year wer6: B Borawski R Kauftnan A Noam {retlr8d 1 November 2024) Zvl Nlxon The trust88s ar6 appdntad by tha tharfty's tmsl daed. The tharlty has th& poww to appolnt addlllonal bustees as It considers fit to do so. The charlty Is managed by fis tru8tee3. The charlty Is organised sc thal118 trustee8 m891 regularly lo manage Its affalrs. D Ellon h88 been appdnl8d by the truslees to rn8nage Ihe day to day operBtlons of tha Chaty. There are no r8Strfctlons Imposed by the governlng docum8nt concemlng the wey the ¢harfty Can operate. other than that operatSon8 musl be for the furtherance ol the charity's objects. Statement of tru8tges' rosponslbllltlfts The Irustees are responslble for prepartng the TnJst888' Rèport and the flnanclal statements In accordanc8 wlth appll¢abl8 law and Unhed lfjngdom Acc¢)unlng Standards (Unltgd Klngdom Generally Arcepted Accounllng Pra¢U¢e>. The law appllcable to charitle5 in England arKI Wales requires the trustees to prepare financial staternents for each financial year whlch giv8 a tnje end f8lT vlew of th8 8tgt8 of affairs of the charity and of Ihe incoming fEsources and application of resources of th8 charity for that y6ar. In preparln9 ttr*se flnanclal 5tBtement8, th8 trustees are requlr8d to., - 8elect suitable accounting pollcles and thén apply them ¢th)slsténlly; - obseNe the melhods and prlndples In the Charfles SORP. - make Judgements and estlmates that are reasonable and prudent; slate whelher appllcable acwunting standards have baen followed. subject lo Sny materlal departures dlsdosed and explalned In the financi81 statements,. and prepare the financial statements on Ihe golro ¢oncem basls unless111s Inapproprfate to presume that Ihe charlty wlll continue in operation.
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM TRUSTEES, REPORT (CONTINUED) K)R TME YEAR ENDED 31 MARCH 2024 Tlw INJleg3 ?rE re?pon8lblp for k¢epln9 wfllclent acwunitng records that dl8doge Wih rooqowble ot ony tlnkS tl]• Ilnancial Wiilon ol ¢liarlly Ihqm to 8rt4ur& thai th¢ Ilnondol iialOmenlA corti)ty vAlh th• .Charfllèg 1 2011, lh8 Charity (Ac¢auni gnd r4Wt8) Rfgulatloné 20c and tho prov181onB of (ho'lrnst Thgy gre ilso rfospon8lb16 for a•f8gucrdlng tho 08$& of .th6 charkly .and he 'fGr tethg r•H¥Qble 8bpg for the prov¢ntk 8nd d8tedlon ol fraud and oth8r IrJw4ul<l& Thè trust¢oÈ' rnwlwaa approv6d by Uiè TN$t6è1. R Kaulmthn Tru$ip Daté.. 30.01.2025 Trustee. Date: 2910112025
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM INDEPENDEiwf AUDrrows REPORT TO THE TRUSTEES OF THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM Opinio We 8udltèd lh6 financlal 8tatemonl8 of Tho BFitish Ffiend8 of the 8ible Land8 Museum Jetwalem (the 'charily') and It8 8ubsl(1gries (the 'gr(P,) fcr the ye8r ended 31 Marth 2024 sel nut on pages 8 to 24. Tho financial roportlng framowork Ihal ha8 boon appliod in thoir preparation is applicable law and UnFted KirrfJdom Accouyting Standards InclLKllng Financlal Repf)rUng Standard 102. the Financial Rewrtinj Slandard applicable in the UK and Ihe Republio of Ireland {United Kin9dorn Gonerally Acrpted Accounting PTdCtice). In our opknlon the fln8nclal $tatements: give 8 inje ond fair view of the state of the group's and Ihe charlvs affalr8 a$ at 31 Marth 2024 and of 118 Incomlng re8crCeS and application of resources, f¢x the year then ended., have been properly prepareil in ord8n(% wllh Unlted Klnudom Generally Accepted ACc(nI1ng Practlce; have been prap8rad in accordance wlth the rwulrements of the Charitle8 Ad 2011. Bas18 for oplnloTr W8 conducted our audit In accordantX4 YAth Inlfimauonal Standard9 on Audltlng (UK) (ISA8 (UK)) and appllcable law. resp0nslbllleS under tho88 standards arg furthor desfflbed In the Audlto¢s regponslblliUe8 for the audil of the financial slatftmonts sectlon of our repTrt Vle an) Indopgndenl of the charity In accordance wlth the ethlc81 requlr6ments that are relevant to our audit of the ftnancial ststements in the UK. Includlro the FRC'S Eihlc*l St8ndard, and we hav8 lulflllod our other elhical re8ponslbllltle8 In 8¢coall wlth requlremen18. We b611eve th81 the audll evldonce wo havo obln0d 18 8ufftclent and appropdate to pr(wide a b8918 for our opinlM. Ctyiclu•lthi8 r•lallng to gdng concam We havè nothlng to report In r8sp8ct of tha foliovhng matter8 In rnlallon to whlch the ISA9 (UK) reqre u8 lo report to you where: Ihe tru8te88' U88 of the golry CceM basis of accounting In the prepa(8llon of flnanclal 8tat8m8nts 18 not approprlats: or the twstees have not dlsdosed In lh& flnanclal stai8m8nls any Identlfied malerial uncertainlles thal may ca8t 8ignlficant doubt 8boul the group's or th8 chartty's abllty to contlnuo to adopl tho wng concgm b8818 01 aco)unttTrg lor a pen'od ol at least kn¢lve months from the date vthen th8 financial statements are auth0ri88d for Issua. Other Inforniatlon The other informatkjn comprfges the Infr)mtIon Included in the annual report, oUr than th8 finand8I8IatTht8 and our audlk)Is report thareon. The tsu8tee8 are r88ponslble for the other infomiation. Our oplnion on tho flnanclal stat8m8nt8 do88 not cover the 0th6r Infomiatlon and, excpt to the extent othse expllryty 6t8ted In oui report, we do nol exprB88 any form ot assurance concluslon there1, tn Conn1¢0 wilh our audll of the ffinancial statements. our reSpc8{bdfy 18 to read Ihe other Ifrfomialion and, n qkmng 80. conslder whether the othor Informatlon18 matefially Incons18tent wllh the finala1 statements or ow kedge obtslned the audit or oth8rwi8e apFears to lje matertally misstated. If wè Identify 8uuh material Incon81818ncl88 or appar8nl mat8rlal rnlsslatements, we are reqUId to delemiine whether there is a material mlsstalernenl in kne finanGial slatemenls or 8 rnatorial rnls8t81ement of the other Infomallon. If, based on the worf( we have performed, we conolude that there18 8 rnaterial mi881atem8nl of thls oth8r Infomation. we ar8 requlr8d to r8POrt Ihat facl. W8 have nothlng to thi5 fBgard.
THE BRITISH FRIEND5 OF THE BIBLE LANDS MUSEUM JERUSALEM INDEPENDENT AUDITOWS REPORT TO THE TRUSTEES OF THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM Matlers on whlch wa ara requlred to report by oxcfrption We have fbothing to report in respecl of Ihg following mattw8 in r81allon iu vthi¢h Chaiitl88 (A(>>)unts and R8P)rt8) Rogulation 2008 requlre8 to port to you If. In ¢)ur oplnlL. Ihe irrf0r1rIioTr giv¥n in ihe Trust8¥¥' R8port kncon818L8nt In any materfal respect wkth th& ftnancl stalements; or sufficient accounting recorxls h8ve not k8Pt; or iho charlllos flnanclal 8lat8m8nls aro not In agreement wllh the acu)unting records and turnS. or have not 811 the Informatlon and explanations we require for our audit. Respon8lbllitl•s ol tru8t••• A8 ex1n more fLdly in the Stalement of Trustees, Respon$lbllS1188, thè trustè8s afe raspon81bla for th8 praparallon the financlal statements and for belng sattsfied that they give a trua and falr vlaw, and for such Intamal ntrOl as tho tru5toes detsrmine18 n6c688ary lo enab16 th8 preparallon of flnanciaS 8talements that are free ffl)m matf>rial mi8Statemeni, whether du8 to fraud or error. In prepari tho ffinandal slatamonts. Ihe tru8toes are rosponslblv for a&8es8ing the fyharity'8 abillty to conunue 88 a golng concem, disclosing, &8 applicable, rnallern related to going concerfi and using the goirKJ ¢onc6m ba818 of accounting unloss tho tru8t8e8 either Intend to C8a88 ¢Jperallons, or have no reRlSslk altemative bLrt to do 80. Auditorfs responsibilities for tho audit of the financlg18tatom•nt8 We have been appolnled as auditor urKlar Sectlon 151 of th8 CharlU08 Act 2011 arnj report In accordance wlth the Act and relovani r(>aulats'ons made or having effecl thereunder. Our oblectlvos aro lo obtain reasonable assurance about whelher the financlal 818temgnts 88 a thole are fr8è frorn matoflal misstalornent, whether Jue to fraud or error, end to 18sue an audltols report thet InGlud86 our oplnl¢)n. Reasunablg gssuran¢e 18 a high lev81 of 888uranc8 bul18 not a guarant Ihal an audit C(dUcted in accordarKé wllh ISA8 (UK) wlll alway8 d818tl 8 malerfal mi88tat8mgnt whon It exls18. Ml8slat6monts can arL8e from fraud error and a ondered mat6rlal If. Inthvldualty or h thè aggr8gat6, thay could rn8nabty b6 expaded to Influence Ihe ecorK)mlc decislon$ of usern taken on ba81s Of the8e flnancld 8tstemerts, IrrogularlUeJ8, Includlng frdud, ar• In8tan¢08 of nOn<0mlanCe wlth law8 and regulatk)n6. We design procedure8 In lkne wlth our reBponElbllitie8, outlln8d abov8, to d8t8Ct mat8rt8l mL88tat8ment8 In r88peGt of Irwularlli86, including fraud. The extend to whlch our pffKedures are ¢ap8ble of detecttng IrregularfU88. Includlw fraud18 detallod behx¥: In Idenllfylng arKI a88888lng rlsks of mai8rlal mlsstqtement in rfrspt of Irregula1th, Indudlr¥J fraud and non- c>1p11anC wlth lavts and ragulatlons, our appr08ch wa8 as follow3: OUT dSscu3ylons with thorye charged with managem8nt 8rKI gOv8Man I1lIng wh8th8r they had krN)wledgè of any actual, su5peGted or ollBged fra., Enqulrtes of management, including obtaining and reWIng SUPPOrt dccumenIatlc, txnc£rnlng tho charty's pollc168 and pmcadure8 rdating to: Idenlfylng, evaluating and cnmptylng wéth lawA end rewlatlon8 and whthr they were aware of any Instsnces Df nOr[1)mpliance, detecdTrJ responding to the rL4k of fraud and ther they have knowledg8 of any actual, 8U8P8Cted ( allw fraud. Inlemal controls e8tablished to mlbgate rf8k8 related to fraud or noTrcompHanca ol law8 and regulation8 C1$s1O8 among the erygement teRm regardlng how and where fraud rnlght cttur In lh8 financ6al 8tstemen18 and any poleniial indicators of fra. The engagernenl teain include5 audit partner and staff have ext&rt81vo oxperfgnce of worklng charlt108 In slmllar 88ciorn and thls experf6nce wa8 relevant to the dlsoJ881orw auL where fraud rfsks might arfse.
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM INDEPENDENT AUDITOWS REPORT TO THE TRUSTEES OF THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM In addltion, we considered provisions of other laws and regulations that do not have a direct effect on the financi81 statements but compliance wllh whth may be fund8mentsl to the company's abolkty lo operate or to avold a materfal pènalty. 8ocau88 of the inherent Ilmllations of 8n 8udit. there Is a rtsk that w8 11 not detect all Irregularftles. Includir those 18ading to a m8t8rlal mi881atemenl In lh8 fin8nclal 8talemen18 or non<ompliance with regulalion. This risk incfea8es the more that cornplianca with a law or ragulabon is removod from the events and Iransacllons refleclcd in the financlal ststements, as wè will be less likoly lo becomo awaro of Inslancos of non-compllanco. The dsk Is also groater regardinq Irregulantses o¢¢urrlng due to fraud father than eiror, as fraud hvolves Intentional concealment. forgery. collusion. omission or misrepresenlalion. We also obtalned an understdnthng of the legal and regulatory framework that the chartty operates In. focusing on provlsions of those laws and regulations that had direcl effect on thu delerTninabon of material amounts and disclosuS In thè flnandal statements. The key laws and regulations we Considered in thls context induded the UK Charltie9 Act. Charttl08 SORP and FRS102. In addltlon. we ¢onsld8red provlslons of other laws and rogulatlons that do not have a dlroct effoct on tho financlal 8tolements but compllance with which may be fundamental lo the charity's ability to operate or to avold a material penalty. Followlng our revlew, we have Idenlfied the followlng are8s whlch are deemed to have the grealest potentlal for fraud or m8terlal mlsststement whlhln the financlal statements due to IrregularfJe$. In¢ludlng fraud: The recognitK)n of r8ntal income fmm freehold Inve8trn8nt prop8rtI88 The valualiori ol e8tlmates In respect of freehold investment propertie8 Th8 own8r8hip of freehold investrnent propertie8 The owner8hip of financial Investmen18 Grants mado dur*ng tho yoar TrHn3actions with relat8d partle8 Non<omplianc8 with Chartty Commisslon guideline¥ Unusual hjumal entrles Our procedur88 to r88pond to risk8 Id8ntlffed above Sncludod the following., Incom8 transactson testing was perfomed to test completeness of Income. This included 8greoing rental Income lo leases in respect ol freehold Investrnenl propertles. Where there was a period of no Income in respoct of froehold investsnenl properties. we rel8rred to Trustees Board minules to 1u6ts.fy the reason for this. We t&sl8d the valuation of esttmates in resp8Ct of freehold inv8sbnenl proporties by r8viewing and leslin9 procedures undert8ken by the trustees lo update thls valuatlon Indudlng conslderation of the use of expert by comparing similar properties in the same area. We verffied the ownefshlp of Ihe Inveslment properties to the land registry $8arche8. ReVIen9 supporting dccufflenlauon for grants madè dudng the yèar, ensurtng the purposo ol grant is in line Wtth charity's objective. Obtained a full list of related partles and verffylng completeness of thls Ilst based on our knowledge. Performlng analylical procedures to identify any unusual Of unexpected relatSonships that may indicate risks of Mateal misstatements due to Iraud. Reading mlnutes of meetlng of those charged vhth govemarK8, and In partlcular Tevlewlng for any unrecognised grant commitments. W8 remained 8ler1 to any indicatlons of fr8ud, material mSwJtai8ment or nonrycompliance wilh lavts and regulations throughout the audit including those relab'ng to Ihe financial statements. Awareness throughout the audit for non-compliance with Charity Commission guidelines Including revl8WiIKJ any correspondence wth the Charity Cornrnisslon. A fvrther description of our responsibllltles for the audit of th8 financlal statementsls located on thé Flnanclal Reporting Counul's web.4ile at: htt '.Ilwww.frc o .ukJauditot5res onsibilities. Thls description forms part of our auditorfs report.
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM INDEPENDENT AUDITOR'S REpoirr TO THE TRUSTEES OF THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM Other matter4 we are required to addre88 Your attenfjon16 ihe f&ct that the charity has prepargd flnanclal 8tatemBnts In accordancc wlth 'Ac¢x)unilng and Repurtlng by Cliarlt1&8: Statement of Recommervled praA4 appllcable lo charili&4 preparing their financhal statomonls In accorddnGe with lh8 Flnanclal Raportlry Standard applicable in th8 UK and Republic of Ireland IFRS 102}', of our report Th18 report rn8de Solely to Ihe charltvg truslefts, BB a y. in aCrdance with part 4 OF tha Charflles {h£o)unts and Raport5) Regulations 2008. Our audit WO has b88n undertaken so Ihat we might stats to the chririty'6 trustees thos8 matter5 we are required tu ¥tste tu Ihtsm In an audllorfs ros>)rt arKI for no other purpose. To the fiJlle.8t extent pemillted by law. we do not accepi or 889w re¥ponslblllty lo anyono cthar than tho chanty and the tharty'8 tNgtep.s as a body, ft our audlt wo, for thls report or for the npinlons we have fcKmod. (X .- 31.01.2025 Harold Everètt Wreford LLP Chartered Accountsnt 8tatut¢ry Audltor Portland Sulte Audloy Hou88 12-128 Marparet Street London W1W8JQ Harold Everelt Wreford LLP15 ellble to as aft *Jdltor In t8rn8 of SOn 1212 of tho comp108 Aci 2008
THE BRMSH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Notes 2024 2023 Income an Donallon8 Inv08tments Other Income 34,610 1,200,228 1,043,550 9,015 12,754 Total Incom• and endowm¥nts 1,243,853 1,056,304 Ex endlture on: Raising funds 114,904 120,038 Charitable activltles 855,442 851,718 Other 12 200,Ig2 161,106 Totsl ro$our¢o8 oxpendgd 970,538 g32,858 Net (lossesygains on investments 13 (4,025,000) Not Income {gxpendlturo> for Ihe yearl Net mtsvemenl in funds Taxatlon (3,751,685) 123,446 (8.229) 120,650) (3,7S7,914) 102.798 Fund balances al 1 Aprll 2023 10,190,090 10,087,294 Fund balancgs al 31 March 2024 6,432,176 10,190,090 The consolldated statement of financlal actlvltiej Includ all gains and k)6s?8 recognlsgd in the year. All Incon and expenditure derive from continulng activtties,
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Income and endowments from: Donations Investment5 Other {Ios5ylncome 104,810 55,000 689,799 517,153 {591,198) 269.857 Total Incorng and gndowmon18 182,611 842,010 ndlture on: Ralslng funds 97,373 114,075 Charllable actlvllSe8 1,179,832 833.894 Olher 12 40,074 44,280 Tolal resource8 expended 1,317.079 792.249 Net {los8esyg8ins on Investmenls 13 {2,445.OOD) Not Incornel(expendlture) for tho yearl Net movemont In funds (3,579,468) 49.761 Fund balances al 1 Aprll 2023 10,010,671 9,960,910 6,431,203 10,010,671 Fund balanc08 al 31 March 2024 e,431,203 10,010,671 The statement of financial activities Includes all galns and losses recognlsed In the year. All Income and expenditure derive from continuing activities.
THII8Am$M vAeNO8 QVYHt OIOLQ LANDS mWeuMJEftU(em IsrxiDATRg J¥AYMkift Ol PINpiiAL POlITIO>4 IQR TYllYEAR elllJeD a11IIJrfJH X14 I4,f1$ 11 Iv h)) y• IT 121 likn•h• S$1 16 i• 1.&713&S M•l•WII •II• IwJJ• Ib141•1ts w41 tsAJ?.Ii¢
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Not Flxed assets Investment Properties Inveslments 14 15 5,223,076 2,101,578 7,624,603 2,709,297 7.324,654 10,333,900 Current a8set8 Debtors falling dua after on8 year Debtors falling dLEe within one year Cash at bank 17 17 190,0?9 1,322,250 177,188 237,896 1,843,678 290,062 1.689,467 2,371,636 Credftorn: amounts falllng duo thln one year Loans and overdrafts Taxation and soclal securtty Other creditors 18 150.000 35,715 1,561,744 150,000 24,738 1,543,332 19 1,747,459 1,718,070 Not curront a8setsl{Ilabllltlos) {57,992) 653,566 Total ¢t$ leu current Ilabllltles 7,266,682 10,987,466 Cr•dltor8: amounts falllng due after morg llian ono year Loans and overdfafts 18 (835,459) (976,79S) Net a88ets 6,431,203 10.010,671 InccAn• funds Unrestricted fund5 - general 6,431,203 10,010,671 8,431,203 10,010,671 30.01.2025 The accounts were approved by the Trustees on ...,.,........ R Kaufman -Tru8tae Daniel Éllon -Trustee
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Noto• Cash flow8 from oporatlng actlviths Cash absorbed by operations 24 (959,044) {1,042,314) Investlng acllvlllo8 Rent and interest received Purchase of unllsted Snvestments Proceeds of sale of unlisted investments 1,200,228 1,043,550 Net cash lused In)Igenerated from Investing actlvltles 1,200,228 1,043,550 Flnanclng a¢tlvltla8 R9payMl of bank loan {330,000> (330,000) Not cash usod in flnanGlng actlvlllofj {330,QOO) {330,OLYJ) Net InGrea8elldecrea8¢) in cash and cash oqulvalertt 188,816) (328,764) Cash and cash equlvalents at beglnning of year 322,779 651,543 Cash Ind equlvalonts at end of year 233,963 322,779 12
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Acc¢Juntlng policies
Company Inforniallon
The Brlllsh Frlends of the Bible Lands Museum Jenjsalein ss an unlncorporated charity ragistered wlfh the
Charlty Commlsslon In England and Wales. The reglstered public 8ddr8ss Ss 16 Great Queen Streèt. London
WC2B 5DG. The nature of the tharlty's op8ralKJns and actlvllies are detsiled in the Truste65' reporl.The group
consists of the Brlllsh Frfend8 of the Bible LaNJs Museum Jerusalem arml all ol Its sub8id1ari,
1.1 A¢countlng ¢¢nvoThtlon
Th8 financlal stalemenls have been prepared In 8ccDfKlance with the charlty's trusl deod dal@d 18th March
1997. Ihe Charlt485 Act 2011 and, "Accounlng and Reporfjn9 by Charilies: Statement of Recc*nm8nded
Piacuce appllcable to chadties preparlng Iholr accounts In 8
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (contlnued) Invegtmont Income 18 measuraj at the falr value of the conslderebw recelved or recolvable pnd represents arnounls recelvable fn)m le114ng of investment propertle8, dlstrlbutlon from unllsted Invesbnents and bank Interest ngt of dlscoun15, and VAT, Under operaung lease 8greements wh8n tt)8 Trustees provide incentiv88 to Its tenants. the cost of the Incenlives Is recognlsed over the lease term, on a stralght-1Sne basls, as a r8du¢tlon In rental Income. 1.6 Resources expended Exp&TrJitur6 Is 8ccounted for on 8n accrual basls excluslv& of VAT. &)v8rnance wsts are the costs asslad with the govemance arrangements of th8 charity. The86 costs are a5soclated wilh constitullonal Bnd statutory requlrements pr Indude any cosls assocLgled wlth the strategl m8n8gem8nt of the charfly's actlvltles. Other resourcès expended are for108n Inlaro8t payable on the Investrnent propertl8s (Mned by the charlty utllised for ralslng ren[ Infx%n8. 1.7 Inwstmoni propertloB Investmenl propety, whlch 18 propety held to earn r8ntals andlor for capitsl appreclation, Is inlllally recognised al cost, whlch InLJudes the purchase cost and any dlrecdy attributable expenditure. Subsequently it is measured 81 fair value at Ihe portIng end dale. The surplu5 or deficit on revalualion Is (OgnISed In net In¢omel(experKlllure) for the year. Where falr value cannot b6 acNeved wlthout undue cost or 8fforL Investment property18 accxjunted as tangible llxed assets. 1.8 Flxed a88•t Investment8 Flxed asset Investments are Inltlally measured at cost and Subsequenlly measured at CO81 less any accumulated IMpalmnI lossas. The Inveslments are ass8SS8d for IMpalmlI at each r6portlng dale and any Impairment losses or reversals of impairfflent losses are recognised Immediatoly in net Incomel(expendlturel for the year, A 8ub8ldlgry18 an enllly controlled by th8 charity. Control18 the power lo govem the fin8nclal and operatirKJ pollcles of the entity 80 ag to obtain benefits from Its actlvllles. 1.9 Cash and cagh equivalent9 Cash and equivalents Includ8 cash In hand, deposlts held at c411 wlth banks, oth8r short4erm Ilquld Investments wSth orlglnal malurltSes of Ihrae months or le38, and bank overdrafls. 88nk overdraft5 are shown vhthin borrovdngs Sn current Ilablllt168. 1.10 Flnanclal Instruments The group ha5 eler.ted to apply the provi81ons of Section 11 '8aslc Financlal Instruments. 8nd S8cllon 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial Instsumenls. Financlal Instruments are recognised In the group's 5tat8m8nl of flnancial positson Wh the gr¢Jup bec<)mes party to the conlractU81 provisions of the instrumenL Flnanclal a&sets gnd liabililes are offsgt, wllh thè net amounts presented in the IlnanGIg1 stalem8nts, there 58 8 legally enforable dghl lo set off the recognlsed amounls and thefe Is an Intenllon to setlE6 on a not basis or to reallse tha ass8t and settle the IlabS1ity simultaneously. 8aslc Ilnanclal assets Basic flnanci81 asset, which Include debtors and Cash and bank balanc, are initially measured at Iransactlon Pflce Includlng Iransacuon rx)stS 8nd are subsequently c8rrled at arnOrsed cost uslng the 8ff8ctrve int8rost rn8lhod unl8SS the arrangement constitutes a financlng transaction, where the transaction is measured at the present value of the future receipts dlscounted at a market rale of InteresL Flnanclal essets dassified a$ rè¢aiv8ble wiihin one year *8 r1 amortise(l. 14
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polk108 Icontlnu•d) Bask fflnanclal Ilabllities Basic finanoal liabilities, including creditors and bank IDan5 are initially recognlsed at transaction prlc8 unlo88 the arrangement constilules a financlng transacilon, where th& d8bt instrument18 measured at Ihe presenl value of the future recelpts discoun18d at a market rale of interest. Financi81 liabilities classified as payable within on8 y6ar ar8 not amortised. Debt Instruments are subsoquenlly can1ad al amortSsed c%>st, using the effecllve Interest rats meihod. Trade crjItorS Bre obligat1S io pay for goods Dr seNlce8 that have b8en acquired In the ordlnary course of operallons from suppllers. Amounts payable are classified as cueThI liabulties If p8ymoTrt Is due wlthln o year or 18ss. If not. Ih8y are presented as non-current Ilabllltles. Tr8d8 creditors are recognlsed Inlll8lly at transacuon prlce and 8ubsequentJy m88sured 8t 8morUsed cosl uslng the effeclive int6resl fflethod. lkn¢ognlélon of flnonclaj 118bllltleg Flnanclal Ilabililles are d6recognlsed when the charfty's contractual obligatlons explrp or are dlscharg¢d OT cancdled. 1.11 Fund 8tructuYo All fijnds held are unrestrlcted Incorn8 funds. Crttlcal accountlng oStlmato$ and Judg•monts In Ihe appllcallon of It tharlV8 ountIng policJ8s, the trustees are requlred to make 5udgemenis, esllmates and assumptions about the carrying 8mounl of assets arKI liabilities thai are not readlly appar8nt from other sourc85. The 85tlrnates and 8ssixl8ted assumpllons are based on historic41 expOrnCe and other factors Ihat are consldered to be relevanl. Actual r8suIts may dlffer from these estlmates. The estlmal68 and underlylng assumpt4(S ar• reviewod on an ongolng basls. Revlslons to acc4untJng oslimates ar8 r8cognls8d in th& perlod In whlch the esthnale Is revlsed where the revlslon aff¢Gts only that perlcKI, or the perlod of the revision and futuro perlcés where the revlsion affects both current and fulure perfcKJs. The maln areas of uiKertalnty are ihe valuaoon of Inveslment properlles and Impalrment of fixed assat InvÈstnients. Donatlons Group Charlty 2024 2023 2024 2023 Don8tlons and glfts 34,610 104.810 55,000 15
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investm8nt8 Group Charlty 2024 2023 2024 2023 Rental income 1,200,228 1,043,550 669,799 517,153 1,200,228 1,043,550 669,799 517,153 Rent81 Income arls8s from Inveslment propertles hgld In the Unlted KlrKJdom, othor Incomè Group Charity 2024 2023 2024 2023 Nei (loss)Ilncome due from a subsldlary LLP Insurance commi8slon (699,401) 7,803 258,313 11,544 9,01e 12,754 9.015 12,754 (591,798) 269,857 Ra131Trg funds Group Charlty 2024 2023 2024 2023 rl ns Agents, fees and property relaled expenses 114,9)4 120,036 97.373 114,075 114,904 120,036 97,373 114,075 16
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable acllvltle8 Group Charfty 2024 2023 2024 2023 DeprlatIOn and impairnient Grant funding of aclivities {8ee note 8> Governance costs (see note 91 545,000 655,810 (20,978) 855.610 636.0(M) (168) 15,716 636,000 (2,106> 655,442 651,716 1,179,632 633,894 Grants payablo Charitable actlvlties ilude graiits of £655,810 (2023 - £638,000) pald ovgrseas to the Bibl8 Lands Museum, Jerusalem. the only Institution th8t ben@f8 from tho grant8 made by the charlty. Support Costs Group Charlly 2024 2023 2024 2023 Govornance Gov•rnanrA Governance Governance Bas1$ of Cosls Cosls Costs Cost8 allocatlon Amorlised lease incenlfves Audil and accountancy fees Legal and professional Bank charges {43,473) 22,950 19,319 1,036 143,354) 22,951 34,797 1.322 (43,473> 12,600 8,924 971 143,354) Governance 12.61X) Governance 27.521 Govèrnance 1,127 Governance (188> 15,718 (20,978) {2,106) Analysed between charitable aclivilies (168) 15,716 (20,978) <2,108) Th•Ye are no sp•crflc support Costs. 10 Audltor's remun•ratlon The 8nalysTS of auditof 8 remuneratlon Is as follows: Group FeeB payablo to the charlty'5 audltor and assoclates.. Charlty 2024 2023 2024 2023 Audit of the charity's annual account8 12,450 12,451 6,000 6,000 11 Employees There were no employeès during the year. 17
THE BRMSH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Oth¢f Grovp Charfty 2024 2023 2024 2023 FlnanGlng $18 2CQ,192 181.106 40.074 44.2 21X),1g2 161.106 40.074 44.280 13 Net Ilossesllgalns on Invo81ments Group Charlty 2024 2024 2023 2023 Revaluati of inveslvTK>nts properties.. The Britlsh Frlend8 of the Blbl6 Land¥ Mu8eurn Jtsrusalem (2,445,000) (2,446,000) Gllg8me8h {Broxboume & Port8lade) Llmlted <780,000) Gllg8me8h Hull LLP {8CQ,QOO) (4.025.000) {2,445,000) 14 I•trn•nt prop•rtl•• Group 2024 Charlty 2024 Falr value Ai 1 Aprtl 2023 Un8mortl8ed18888 Inc8ntiv88 Nal loss through falr value adlustnients 14,724,603 43,473 (4,025,000) 7,624.603 43.473 12,445.000} At 31 March 2024 10,743.078 5,223,076 InVe8thnI prop8rt168 mpriSO of fro&hold propertles. The falr valu6 of the gr<xip'8 investrnent properties at 31st March 2024 is £10,743,076 <202d £14,724,IY)3). The trustee. belng aware of the Casljegate and Bournemouth propertie8' v8IuAtions datsd 13 February 2024 and 8 April 2024 resFedivdy, prepared by Lambart Smith Hampion, proféssionally qualified valuer, at ihe requf161 of tha compai¥ys' banker8, con8i(ierBd that thesg valuatlons, although nol addr88S8d to tho subsldlary company and charlty, accurately r611ect Ihe Value8 of Iho assots. The fair values of BarfbDrough and Hull Dpert have boon aftlv8d at on the basi8 of valuations carrfed out at 31 March 2024 by a propety managemenl company, Landswood de Coy LLP, 8re not professic)nally quali1d valu6rs. The valuations wore arrivod at by reference to market evidence of Irdnsacts'on prices foi slmilar propertie8 In Its locat(ons and take into accCnI the 8tate of the rentsl mabl<el in the 8reH where the praperfdes are situated, Accordlngly. the trustees have adopted Ihe8e v8lu8tions at the balan sheet date. If Investment properttes were stated on an hlstoricd cost bas58 rather than 8 falrvalu8 basls, thè aM(nIS jId hav8 boen include(i as follow8.. 18
THE BRMSH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 InveBtmeTrt propertles Icontlnued) Group Charfty 2024 2023 2024 2023 Cost 16,761,675 16.761,675 9.312.142 9,312,142 umulat8d dépraclallon Ca19 amount 16,781,675 16.761,675 9.312,142 9.312,142 15 Flx¢d assth Inv8stment8 Group Charfty 2024 2023 2024 2023 Nota8 Investments In Bubslélarles Loans to subsldiaries Unlisted Invesiments 22 2,101,575 2,709,294 2.101,678 2,709,297 Movomont In flxod a85Ot Inv¢8tmont• Group Sharos Total C08t or valuatlon At 31 March 2023 At 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023 M0Ment In fixed a88•t Investments Charlly Loan¥ Sharos Total Co81 or valuatlon At 31 March 2023 A4Jdition8 Rèpayments 2,709,294 2,709,297 (62.719) {62.7191 At 31 March 2024 2,646,575 2,646,578 19
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Flxed asset Investments Icontlnued) Loans Shares Total Impalrmont At 1 April 2023 Impairment fA5,000 545,000 Al 31 Mah 2024 545,000 545,000 Carrylng amount At 31 March 2024 2,101,575 2,101,578 At 31 March 2023 2.709.294 2,709,297 The charlty recognlses an Impaliment loss of £545,000 In respoct of loan to Gllgam8sh {Broxbourne & Portslade) Limited. At the year-end, Information h8S emerged that the subsldl8ry to which the charlty lent funds is 8xperienclng tough economlc conditlon8. It Is now felt thai a provlslon be made for a proportion of loan which may not be recoverable, The charity's investmenl In Its subs*dSaries represents the cost of tho called up ordlnary share capit81 of the following entities registe In England and Wales: Gllgame5h Hull LLP - £2 Gilgamesh (Broxbourne & Portslade) Llrnlted - £1 16 Flnanclal In$trumonts Group Charlty 2024 2023 2024 2023 Carrylng amount of flnanclal assots Debt Instruments measured at amortised cost 317,WO Equlty Instrument8 measured at C08t less Impairmenl 298,798 3,613,854 4,790,868 C8rrylng amount of flnanclal Ilabllltles Measured at amortised cost 3,423,629 3,711,439 2,S47,203 2.670,127 17 Debtors Group Charlty 2024 2023 2024 2023 Amounts falllng dua wlthln one ygar: Other deblors 127,871 60,902 124,795 48,822 Arnounts due from subsldlary undertaklng 1.197.455 1,796.856 127,871 60,902 1,322,250 1,843,678 20
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Debtors {contlnued) Group Charlty Amounts falllng due after more than on• 2024 2023 2024 2023 year. Other d8blor8 190.029 237,896 190,029 237.896 Tolal debtors 317.) 298.7Q8 1,512.279 2,081,574 Trad8 debtors disclosed abovo are L'lassified as loans and receivables and are thereftre measure 81 amoriised cost. Total other debtor$ Indude unamortlsed lease Incentfves arnountirwJ to £231,925 (2023 - £275,398). 18 Loan8 and ovordrafts Group Charfty 2024 2023 2024 202.3 Bank loans Unamortlsed flnance costs 3,230,CQO (16,241) 3,S60,000 987,50a (35,135) (2,041) 1,137,500 (10,705) 3,213,759 3,524,865 985,459 1,128,79.5 Payable wlthln one year payab after one year 330,000 330,OCM) 150,000 2,883,759 3,194,865 835,459 150,000 978,795 The bank loans are secu by flxed charges over Ihe freehold properbes. The long-term loans bear Interest at the rate of 2.5% above SONIA (prevlously LIBOR) per annurn and are repayable In full by 26 June 2024 for the charily whlch has rW b88n renegotiated wittri the Charty's bank by the Trustees and extended for another 3 years now fully repayable on 26 June 2027 , 5 March 2026 {8t the f8d rate of 0.74% al)ove a margin of 2,5% per annum) for Gilgamesh (Broxbourne & Portslad8) Llmllod and 2 June 2026 (8t 8 varlable rat8 plus a margln of 2.89/0 per annum) for Gllgamesh Hull LLP, the subsldlarles of the chafity. 19 Creditors: amountg falllng du8 wilhln ono yoar Group Charlty 2024 2023 2024 2023 Oth6r credltors A¢¢ruals and deferred income 1.382,808 209,870 1,396,818 1,382,808 175,547 178,938 1,385,791 157,541 1.592,678 1.572.365 1.581,744 1,543,332 21
THE BRI'fisH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Tru8toe8' expen888 and remunora140n and rolatod party trnn8actlon8 Tru8lees are not remunerated. The trugt deed includes 8 profe88ional chargin9 clause pemiÉtting remuneration of trustees who arg solicitors. accountants and other professionals. A Noam, a trustee who reslgned on 1 Novernber 2024 is a director of Novest Limited lch provides property advlse lo the charlty's property invostmont subsidiary, Gilgamosh (Broxbourne & Porislade) Limited al a c08t of £Nil12023- £6,600), The following wor8 Outstanding at th& reporting end date: Charlty and Group 224 2023 Other related partlès 1,382,808 1,385,791 At thg balance she8t date the Charity owed Interest free unsecured loans of £98g,741 (2023 - £989,741) to Gilgamesh Propertle6 Limiled, a company registered In Israel arKI £393.067 (2023 - £396,050) to Gilgame8h Propertle6 Limiled, a cornpany r8gistered In th8 UK. Both companles are controlled by Mr8. B. Borowski, a Trustee of the Charity. Both loans are repayable on demand. 21 Conirol The charlty Is controlled by Ils trustees. 22 Sub8ldlarl68 D8ta118 of the charty'8 subsldlarles at 31 March 2024 are aB follow8: Namg of undortaklng and country of Incorpoyatlon or r•8ldency Wature of buglno$• ClaB• of Shareholdlng % Held Dlrect Gllgamesh Hull LLP- Unlted Klfigdom Gilgsmesh (Broxbourne & Port81ade) Llmlted- Unlted Klngdom Property Inve8trnt>nt Ordinary 100.00 Property Investment Ordinary 100.00 At 31 March 2024 Ihe aggregate of Ihe share captt81 and reserves amounled as follovvs". Gilgamesh Hull LLP - £1,997,458 surplus Gilgamesh (Broxbourne & Portslade) Limltgd - (£544,025) doftclt 22
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Net incomo of 8ubsidiario8 The charity has two whcAly owned Investm6nt subsSdlarles Incorporated In the Untted Klngdom whl own inveslment properties. A 8urnmary of the 8ubsKliaries tradlng results for the year are given below. Ollgamegh Hull LLP 2024 2023 Income Adminislrab've expenses 361,214 356,980 (980.616) (98.867) (Lossvsurplus for the year (599.402) 258,313 Gilgam¢sh (Broxbourno & Portslado) Limited Incom8 Admlnistralive expenses Increasel(decroas8) in falr value of Investment propertles Corp¢xation tax 170,627 170.627 <107,843) (96,942) <780,000) (6,229) {20,650) {LossySurplu8 for the year (723,445) 53,035 24 Cash generated from operatlon8 2024 2023 (Deficitysurplus for the year (3,757,914) 102,796 Adjustments for: Investment Income recognised in profit or1089 Fair value lossesl(galn8} on invostment propertles Unamortised lease Incentlves (1,200,228) (1,043,550) 4,025,000 (43,473) (43,354> Movern8nts in worklng capltal: {Increa8eyDecrease In deblors Increasel{Decrease) in creditor8 (19,102) 228,118 36,673 (286,324> Cash absorbed by opera15on8 <959,0441 (1,042,314) 23