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 <FRS 102} (effecllve fof accounting periods frK)m 1st J8nuary 2019)."
Obloctlvos and actlvltks
The charity'5 objects are to hold the trust funds and Ils InftJyn8 8nd lo apply th8m for tho furtherance of education by
supporting th8 Bible Lands Museum In Jerusalem. Th8 truste8s confirm that Ihey have referrwj to the guldance
contaln8d in the Charity Commis5icn's genera5 guldance on public benefit when r6v16wlng Ihe charitfs aims 8nd
obJecllv8s. The policies adopted In furlherance of these objects are to dSstribute Ihe funds as anrj when kn8 trustees
see fit.
The alm of the charity is Ihe furtherance of educatlon,
There have been no chan￿$ In th6 polides during the year.
The slr8teg16s employed to achlev& the charity's objectlves were to provlde grants to the Biblo Lands Museum In
JeNsalem whlch a¥81sts the charlty In rneet1￿ Its alm8.
The Irusie88 have paid due regard lo guldance Issued by the Ch8rity Commlsslm In deddlng vknal actlvllles the
charlly should und6rtak8.
Donafjons of £855,610 (2023 £636,000) wore made solely to the Bible Land8 Museum In JenJs8lem dudng Ihe
year, thls bdng the only Instllutlon Ihal b•n8fits from the granls mede by the ch8rtty. It ha8 managed to achleve th18
by recelvSng rental income from Investrnenl properties whlch It owns, from glft ald dr)nations and frorn interest
recelvable from banks. The trustees, pollcy Is to bulld thelr assels to a lovel whereby the tNst Incorne from thelr
assets Can bé msximised accrued a regular. sustaln8ble and Sncreasln9 level In order to be able to apply all
this Income to meèt tha r8qulrem8nts of the chadty'6 obJact8.
The ch8rity has no plans for any slgnlficant developments.
Achlevements and p•r￿m7&n
The charity is sallsfled wlth Its overall achi8V8rnents and perfoTmanc8 durtng the year and has continued to meei its
objectives with regard to the level of donatlons made durkng the year lo the Blbb8 Lands Museum In Jewsalem for
the further8nce of educallonal purposes.
Flnanclal ravlew
The group's reserves hdd at 31 March 2024 amounted to £6,432,176 {2023 - £10,190,090} which Includes a
valuation reserve defKit of £5,786,e74, The twstees revalued the group's InveslM8nl propertie3 to £10.743,076 in
the year ond8d 31 March 2024 which includes a reductlon for unamort18ed lease incentives of £43,473. The
trustees are not aware of any materlal changes slnce this valuafjon. The charity has cfjntinued to fulfll Its objectfves
of maklng donatlons ft>r charitsbla purposes for the lurtherance of educatlon during Iho year
R68•rv•8 pollcy
It Is th8 polky of charity to rna1ntaln unrestrlcted funds, whlch are Ihe free Trseryes of the ¢harfty, at a level
which Ihe tsuslees thlnk 8ppropri8te after C￿81derIng the future commllment8 of th8 charity the Ilkely
administr8ttve costs of the chaflty for the forth¢omlng year.
The trustees are confSdent that theTr S￿ suffldent funds avauable to malntaln the NnnlrKJ of th8 charity.

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 Part1￿181 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 registe￿1 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 Cha￿ty.
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$￿& of .th6 charkly .and he￿ 'fGr tethg r•H¥Q￿ble 8bpg for the
prov¢ntk￿ 8nd d8tedlon ol fraud and oth8r IrJw4ul&ltl&
Thè trust¢oÈ' rnwlwaa approv6d by Uiè TN$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 Acr￿pted 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 re8c￿rCeS 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.
resp0nslblll￿eS 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¢co￿all￿ wlth requlremen18. We b611eve th81 the audll evldonce wo havo obl￿n0d
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) req￿re u8 lo report to you
where:
Ihe tru8te88' U88 of the golry C￿ceM 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)m￿tIon Included in the annual report, oU￿r than th8 finand8I8Iat￿￿Tht8 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, exc￿pt to the extent oth￿se expllryty 6t8ted In oui report, we do nol exprB88
any form ot assurance concluslon there1￿,
tn Conn￿1¢0￿ wilh our audll of the ffinancial statements. our reSpc￿8{bdfy 18 to read Ihe other Ifrfomialion and, n qkmng 80.
conslder whether the othor Informatlon18 matefially Incons18tent wllh the fina￿la1 statements or ow k￿￿edge obtslned
the audit or oth8rwi8e apFears to lje matertally misstated. If wè Identify 8uuh material Incon81818ncl88 or appar8nl mat8rlal
rnlsslatements, we are reqUI￿d 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 irrf0r1r￿IioTr giv¥n in ihe Trust8¥¥' R8port ￿ kncon818L8nt In any materfal respect wkth th& ftnanc*l 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 ex￿￿1n￿ more fLdly in the Stalement of Trustees, Respon$lbllS1188, thè trustè8s afe raspon81bla for th8 praparallon
the financlal statements and for belng sattsfied that they give a trua and falr vlaw, and for such Intamal ￿ntrOl as tho
tru5toes detsrmine18 n6c688ary lo enab16 th8 preparallon of flnanciaS 8talements that are free ffl)m matf>rial mi8Statemeni,
whether du8 to fraud or error.
In prepari￿ tho ffinandal slatamonts. Ihe tru8toes are rosponslblv for a&8es8ing the fyharity'8 abillty to conunue 88 a golng
concem, disclosing, &8 applicable, rnallern related to going concerfi and using the goirKJ ¢onc6m ba818 of accounting
unloss tho tru8t8e8 either Intend to C8a88 ¢Jperallons, or have no reRlSslk altemative bLrt to do 80.
Auditorfs responsibilities for tho audit of the financlg18tatom•nt8
We have been appolnled as auditor urKlar Sectlon 151 of th8 CharlU08 Act 2011 arnj report In accordance wlth the Act and
relovani r(>aulats'ons made or having effecl thereunder.
Our oblectlvos aro lo obtain reasonable assurance about whelher the financlal 818temgnts 88 a thole are fr8è frorn
matoflal misstalornent, whether Jue to fraud or error, end to 18sue an audltols report thet InGlud86 our oplnl¢)n.
Reasunablg gssuran¢e 18 a high lev81 of 888uranc8 bul18 not a guarant￿ Ihal an audit C(￿dUcted in accordarKé wllh ISA8
(UK) wlll alway8 d818tl 8 malerfal mi88tat8mgnt whon It exls18. Ml8slat6monts can arL8e from fraud ￿ error and a
on￿dered mat6rlal If. Inthvldualty or h thè aggr8gat6, thay could rn8￿nabty b6 expaded to Influence Ihe ecorK)mlc
decislon$ of usern taken on ba81s Of the8e flnancld 8tstemerts,
IrrogularlUeJ8, Includlng frdud, ar• In8tan¢08 of nOn<0m￿lanCe 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 rfrsp￿t of Irregula￿1th, 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￿ I￿1￿lIng wh8th8r they had krN)wledgè of
any actual, su5peGted or ollBged fra￿￿.,
Enqulrtes of management, including obtaining and re￿WIng 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￿$s1O￿8 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 a￿uL
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 disclosu￿S 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.
ReVIe￿n9 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 Mate￿al 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 pra￿￿A4 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 aC￿rdance 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 ell￿ble to as aft *Jdltor In t8rn8 of S￿￿On 1212 of tho comp￿108 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.

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IsrxiDATRg J¥AY*Mkift Ol PINpi*iAL POlITIO>4
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I4,f￿1$
11
Iv
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y•
IT
121￿*
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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
R9payM￿l 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<xordance with the Flnanclal Reporling Standard
applicabl8 in the UK and Republic of Ireland (FRS102)' (Octob6r 2019). The charrty Is 8 Publlc Benefit Entlty
85 defined by FRS 102.
The Ilnanclal stalemants have departed from the Charllles {AGcounts and R8POrtsl R8gulattons 2008 only to
the extent requlred to provide a true and falr vlew. Thls departure has Invofved followlng the Statement ol
Recomm&nded Practlce for LharStles applylng FRS 102 rather than the verslon of the Slat%wn8nt of
R￿mended Pracllce whlch Is referred ta in the Re9￿allOnS but whlch has &inc8 been wllhdrawn.
The flnanclal staternènts ar6 prepared In 3terllng, whSch Is the functk)nal ¢xrrenoy of the charlty. Mongtary
8mount8 In these Iln£nclal stBt8mènts are rounded to the nearesl £.
The financlal st3tements have bean pr8P8red und8r the hISt￿l¢al cost conventlon. modlfled to Include the
revaluauon of fr8ehold prop8rtie5 and to Include Investmenl properties and certaln Ilnancial InsiNments at falr
value. The princlpal accounting polkies adopted are 8&t out below.
1.2 Golng Concern
The malorlty of the Income rècolved from the Group is Investment Income from Its Investmont propertle$
whlch are let lo commerdal tenants. The GrDUP has contlnued to rnC8iV8 thls Inccthe desplte dlsruptlon$ to
the e(x)nomy caused by COVID-19.
As a wsull. lh8 tW6te88 hav8 a reasonable expectation that the Group has adequale r880urc8s to C4)ntinue In
operallonal exlslence for the foreseeable future and therefore confjnue to 8dopt the golng Goncern basls ol
accounllng In preparing kh8 annual CA)n8011d8ted flrvdncial 8tatements.
1.3 Bas18 of Consolldatlon
The con5011daled slatament of financlal acllvltlgs and financial position indude the fin8n¢sal statèments of the
charlly antj Its subsSdl8ry undertsklngs made up to 31 March 2024. The results of subsidlaries sold or
acqulred are Included In the slalemont of fin8nclal activities up 10, or from tho date control passes. Intra-group
lurnov6r and profils are ellmln8ted fijlly on consolldatjon.
1.4 Charltablo funds
Unfestrlcted funds arn avallable for use at Ihe dlscretion of the trustees In lurlh8rance of thelr tharftsble
obj8CtIV85 unles5 the funds have been deslgnated for other purpo868.
1.5 Incomlng resources
Income is recognised when the charity 15 legally entitled to It after any perfom)anc8 conditions have been rnet,
the amounts can be measured reliably, and11 Is probable that Income will b8 received.
Cash donatlons are re¢ognlsed on ￿¢alpt. Other donations are recognised once the ¢*arlty has be6n rK>tified
of th8 donation, unless performance conditAons requlre deferral of the amount.
13

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 ass￿la￿d 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 IMpalm￿nI lossas. The Inveslments are ass8SS8d for IMpalm￿lI 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 enfor￿able 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 arnOr￿sed 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 r￿1 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 cr￿jItorS Bre obligat1￿S io pay for goods Dr seNlce8 that have b8en acquired In the ordlnary course of
operallons from suppllers. Amounts payable are classified as cu￿eThI 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 expOr￿nCe 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
Depr￿latIOn 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 i￿lude graiits of £655,810 (2023 - £638,000) pald ovgrseas to the Bibl8 Lands
Museum, Jerusalem. the only Institution th8t ben@f￿8 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
InVe8th￿nI 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
quali1￿d 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 accC￿nI 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
Ca￿1￿9 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
M0￿Ment 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 Ma￿h 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 r￿W 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 f￿8d 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
2￿24
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