Charlty Reglstration No. 1062357 THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM LEGAL AND ADMINISTRATIVE INFORMATION Trustees B Borowski R Kaufman Zvi Nixon Daniel Eilon Delegated Management Daniel Eilon Charity Number 1062357 Address 16 Great Queen Street London WC2B 5DG Auditor Harold Everett Wreford LLP Hallswelle House l Hallswelle Road London NWII ODH Bankers Santander UK plc
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM CONTENTS Page Trusteed Report Independent auditorfs report Consolidated Statement of financial activities Statement of financial activities Consolidated Statement of flnanclal position 10 Statement of financial position li Consolidated Statement of cash flows 12 Notes to the financlal statements 13-24
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM TRusfEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report together wilh lh6 consolldated flnanclal statements of the charlty and ils subsidiaries for the year ended 31 March 2025. The financial statements have been prepared In accordance with the accounting policies s8t out in note 1 to the financial statements and comply wlth the charlly's trust deed dat 18th March 1997, the Charities Act 2011 and "Accounllng and Reporting by Charities.. Statement of Recommend8d Practice applicable to charities preparlng thelr financlal statements In aOrdanCe wlth the Financial Reporting Standard applicable in the UK and Republlc of Ireland {FRS 102) leffecilve for accountlng periods from 1st January 2019)." Objectlves and actlvltles The charlty's objects are to hold the trust funds and its income and to apply them for the furtherance of educatlon by supporting the Bible Lands Museum In Jerusalem. The trustees confirm that they have referred to the guldance contained in the Charity Commission's general guldance on public benefit when r8VI@wing th8 charity's aims an objectives. The policies adopted in furtherance of these objects are to dislribut8 lh8 funds 8$ and wh&n the trustees see fil. The aim of the charity is the furtherance of educatlon. There have been no changas in th8 policies during the year. The strategies employed to achleve the charlty's objecfjves were to provide grants to the Blble Lands Museum In Jerusalem which asslsts the charlty In meetlng Its alms. The trustees have paid due regard to guld8nce Issued by Ihe Charfty Commlsslon In decldlng what activitles the charlty should undertake. Donations of £576,000 (2024 - £655,610) were made solely to the Blble Lands Museum In Jerusalem during the year, thls belng the only Inslltutlon that benefits from the grants made by the charity. It has managed to achieve this by recelvlng rental Income from Investment propartles which il owns and from gift aid donations. The trustees, policy is to build their ass8ts to a level whereby th8 trust income from their assets can be maximised and sccrued on a regular, sustainable and increasing level In order lo be able to apply all thls Income to meet the requirements of Ihe charlty's objects. The charity has no plans for any slgnlflcant developments. Achi8vem8nts and performance The tharlty Is satlsfied wlth Its overall achievements and performance during the year and hss conllnued to m88t its objecuves wlth regard to the level of donations made during the year to the Bible Lands Museum in Jerusalem for the furtheran of educational purposes. Flnancial ravlew The group's r6seNes held at 31 March 2025 amounted to £9,059.656 {2024- £6,432,176} which includes revaluatlon reseNe deficit of £3,631.674. The trustees revalued the group's Investrnenl properties to £12,g91,430 In the year ended 31 March 2Q25 which Includes a reduction for unamortlsed lease Incentlves of £43,354. Th6 trustees are not awar8 of any material changes since this valuation. The charity has continued to fulfil its objectives Df making donalions for charitsb18 purpos@s for the furtherance of educalion during the year Reserves policy It is the policy of th8 Gharity lo maintain unrestricted funds. which are the free reserves of th8 charity, at a level whith Ihe trustees think appropriat8 8ft8r considering the future commitments of the charity and the Ilkdy administrative costs of the charity for the forthcomlng year, The INstees are confident that there ar8 sufficient funds available to maintain the running of the charity-
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM TRUSTEES, REpoKf (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Under its trust deed the charity has the power to make any investment in which It sees fit. The trustees consider the return on Investments to be satlsfaclory. Risk factors The trustees have assessed the major risks to which the charity Is exposed, in particular those related to the operatlons and flnances of the charity, and are satisfled that systems are In place to mitigate its exposure to the major rlsks. A revlew of the rlsks the charity may face are assessed annually. A key element of financial risk is the selting of a reseNe policy and its regular review by the trustees. The charlty inlends to contlnue making funds available for donatlon to the worthy cause it supports for its charltable purposes. With this in mind, the trust88s are constantly seeking to find means by which they are able to increase the level of funds the charity 15 able to distribute. Structure, govemance and management The ch81ity is an uninix)rporal8d UK registered charily and is governed by its trust de&J. The trustees who served durlng the year were., B Borowskl R Kaufman Daniel Eilon {appointed 10 November 2024) Zvl Nlxon A Noam (Retlred 1 November 2024) The trustees are appointed by the charity's trust deed, The charlly has the power to appolnl addltlonal trustees as it considers fit to do so. The charity is managed by its trustees. The charity is organised so that its trustees meet regularly to manage Its affalrs, D Ellon has been appolnled by the iruslees to manage day to day operations of the charity. There are no restrictions imposed by the governing document concerning th6 Way Ihe charily can operate, other than that operations must be for the furtherance of the charity's objects. Statement of trustees, responslbllllles The trustees ar8 F8sponsibSe for pr8parir)g the Twstees, Report and the financial statements in accordance with appllcable law 8nd United Klngdom Awounting Standards (Unlted Klngdom Generally Accepted Acwunting Practlce). The law appllcable lo charities in England and Wal8s requlres the trustees lo prepare financlal statements for each flnanc5al year wh5ch give a true and fair view of the state of affairs of the ¢h8rfty and of the Incomlng resources and applicatlon of resources of th8 charity for that y&ar. In preparfng these financial statements. the trustees are requlred to: seleGt sultable accountlng pollcles and Ihen apply them conslstently. - observe the methods and principles in the Ch8rftles SORP., - make Judgements and estlmates thal are reasonable and prudent., State whether applicable accounting standards have been followed, subject to any materi81 departures dlsclosed and explalned In the financlal statemenls. and prepare the financi81 stalements on the going concem basis unless it is in8ppropriat8 to presum8 that the charity will continue in operation.
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM TRusfEES' REPORT {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2025 The trustees are responslble for keeplng sufflclent accountlng records that dlsclose wllh reasonable accuracy at any time the financial posilion of the charity and enable them to ensure that the financial statements comply with the Charlties Act 2011. the Charity (Account and Reports} Regulations 2008 and the provisions of lh8 trust deed. They are 8150 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detecllon of fraud and olher Irregularftles. The trustees, report wa5 approved by the Board of Trustees. R Kaufman Trustee Date: 22.01.2026
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM Oplnlon We have audited the financial statements of The Brfiish Frfends of th8 Blb18 LarKJs Museum Jerusalem (the 'chaiity') and its subsidiaries (the'group'} for Ihe year 8nded 31 March 2025 set out on pages 8 lo 24. The financial reporting framework that has bgen applled In thelr praparntlon is applicable law and United Kingdom Accounting Standards including Financial Reporting Stsndard 102., the Flnanclal Reporting Standard applicable in the UK and the Republic of Ireland (United Kingdom Generally Accepted Accounting Practtce). In our oplnlon the fsnancial statements.. give a bue and falr vlew of the state of the group's and the charlty's affalrs as at 31 March 2025 and of its incoming resources and application of rgsourcgs, for the year th8n ended,. have been properly prepared In accordan wth United Kingdom Generally ACpted Accounting Practice,. have been prepared in accordanc& with the raquirements of the Charities Act 2011. Basls for oplnlon We Gonducted our audlt In accordance w5th Intematlonal Standards on Auditing (UK) {ISAs IUK>} and appllcable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. W8 are indep8nd8nt of th8 chariiy in a(xx)rdance with the ethical r8quirem8nls that are relevanl to our audlt of th8 flnanclal statem8nts In tha UK, Includlng tha FRC'S Ethical Standard. and we havo fulfilled our other ethlcal responslbllltles In accordan th these requlrements. We believe that the audit evldence we have obtalned is SLrfFI0nt and appropriate to pVIde a basis for our opinion. Concluslons relatirtg to golng ¢on¢em We have nothing to report in reswct of the followlng Matte In relatlon to whlch the ISAS (UK) requlre us lo report to you where: the trusiees, use of the going concern basis of accounting in the preparation of the financial statemants Is nol appropriale. or the trustees havo not dlsclosad In the financial statements any identified material uncertainties that may cast significant doubt about the group's or the charity'6 ability to continue to adopt the going concem basls of accounting for a period of at least twelve months from the date when the financial statements are authorised for ISSU8. Other Inforniatlon The other infonnation comprises the Information Included In the annual repor( other than the financlal ststements and our auditorfs report thereon. The trusteas ar8 r8sponsibl@ for th6 other informalion. Our oplnlon on the financial statements does not cov&r the other Informath)n and, axcept to tho 8xtent otheNlse expllcitly stated in our report. we do not express any fomi of assurance concluslon thereon. In connectlon wllh our eudlt of the financlal statements, our responslblllty Is to read the other Infomiatlon and. in dolng so, conslder whethor the other information is materially inconsistent with the financial slalements or our knowledge obtained in tho audlt or OtheSe appears to b8 mat8rfally mlsstated. If we identify such material Inconsistsncies or apparent materlal misstatements, we are required to determine whether there is a material misstatement In the financial statemenls or a material misstatement of the other information, If, based on the work we have perfomied, we conclude that there Is a material misstatement of this othgr infonnation. we ar8 requirgd to report that fact. We have nothlng to report In thls regard.
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM INDEpENDEr AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM Matters on which we are required to report by exceptlon Wa hava nothlng to r8wrt In respect of the following matters in relation to which the Charities (Accounts and Reports) Regulation 2008 requires us to report to you if, in our opinion.. the information given in the Truslees, Repori 18 Inconslstent In any malerlal respecl wlth the flnanclal statements; or $Lrfficient accounfjng records havo not been kept: or the charilie5 financial statements are not in agreement with the a¢ntIng records and rebJms', or wa hava not received all the infomiation and explanations we require for our audit. Responslbllltles of trustees As explainod more fully in the Statement of Trusiee8' Responsibilities, the trustees are responsible for the praparatlon of the financial slatements and for being satisfied that they give a true and fair view, and for such internal control as the trustgas d8tsrmln@ Is necessary to enable the preparation of financial statements Ihal ar8 fr8e from material misstatemen( whether due to fraud or error. In preparing th8 financial statement5, the trustees are responsible for assessing the charity's abilty to continue as a golng concom. dlscloslng, as appllcable, matters related to going concem and using Ihe going concgm basis of accounting unless the trustees either intend to ceasa oparations, or hava no raallstlc alternativo but to do so. Audltor's responsibilities for the audit of the financial sLements We hav8 beon appolntad as audltor under Section 151 of the Chariti8s Act 20118nd raport In a(xardanc8 With the Acl and rdevant regulatlons made or having effect thereundar. Our objectives are to obtain r8asonable assurance aboul whether the financial statements as a whole are free from matèrial mlsstatemant, whathgr dua to fraud or error, and to IS8u8 an auditor'8 r8POrt that includ8s our opinion. Reasonable assurance Is a hlgh level of assuftn¢e but is not a guarantee that an audlt conduct8d In accordance wlth ISA8 (UK) will always detect a material misstatement when It exlsts. Mlsstatements can arfse from fraud or error and are considgr8d mat8rial if, individualty ar in the aggregate, they could reasonably be expected lo influence the economlc dectslons of users taken on Ihe basis of th88e finan(xal 8trdtem8nts. Irregularities, including fraud, are instance5 of non-complian with laws and regulattons. We deslgn procedures In line with our r8spon8ibiliti8S, Outlined above, io dei8Ct malerial misstatements in respect of irregularities, including fraud, The &xtend to whlch our procedures are capabl6 of deteciing irregularities. induding fud is d8t8iEed b810w.' In Identifying and assessing the rlsks of materlal mlssiatement in respect of irregularilies, includlng fraud and non- compliance with18ws and r8gulation8, our approach was as follows: Our discussions with those charged with management and govemance Includlng whether they had knowledge of any actual, susp8ct9d or alleged fraud., Enquirie8 of managemont, including obtaining and reviewing support d(umentatIon, concemlng the charlty's pollcles and procadures relaling to: identifng, evaluatlng and complylng wlth laws and regulations 8nd whethar they were awar@ of any instances of non-compllance, detectiro and responding to th8 rlsk of fraud and whethar th6y have knoodge of any actual, suspected or alleged fraud. internal controls establlshed to mlllgate rfsks related to fraud or non-compllance of laws and regulations Discussions among Ihe engagement team regardlng how and where fraud mlght occur In the flnancial Btatemants and any potential indicators of fraud. The engagement team includes audit partner and staff who have extenslve experlenca of worfiing charlties in similar sactors and this experi6nc6 was relevant to Ihe discusslons about where fraud rfsks mighl arise.
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial ststements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misslalement in the financial statements or non-compliance with regulation. This risk increases the more Ihat compliance Wlth a law or regulation is removed from the events and transactions reflected in the financial statements, as w8 will be less likely to become aware of inslances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud ralher than error, as fraud involves intentional concealment, forgery, collusion, omission or misropresentation. We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Charities Act, Charities SORP and FRS102. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty. Following our review, we have identified the following areas which are deemed to have the greatest potential for fraud or material misstatement within the financial statements due to irregularities, including fraud.. The recognilion of rental income from freehold investrnent properties The valuation of estimates in respect of freehold investment properlies The ownership of freehold investment properties The ownership of financial investments Grants made during the year Transactions with related parties Non-compliance with Charity Commission guidelines Unusual joumal entries Our procedures lo respond to risks identified above included the following- Income transaction testing was perfomed to test completeness of income. This included agreeing rental income to leases in respect of freehold investment properties. Where there was a period of no income in respect of freehold investrnent properties, we referred to Trustees Board minutes to justify the reason for this. We tested the valuation of estimates in respect of fr8ehold inv6strnent properties by reviewing and testing procedures undertaken by the trustees to update this valuation including consideration of the use of èxpert by comparing similar properties in the same area. We verified the ownership of the investment properties to the land registry searches. Reviewing supporting documentation for grants made during the year, ensuring the pUoSe of grant is in line with charity's objective. Obtained a full list of related parties and verifying completeness of this list based on our knowledge. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud. Reading minutes of meeting of those charged with govemance. and in particular reviewing for any unrecognised grant commitments. We remained alert to any indications of fraud, material misstatement or non-compliance with laws and regulations throughoul the audit including those relating to the financial statements. Awareness throughout the audil for non-compliance with Charity Commission guidelines including reviewing any correspondence wilh the Charity Commission. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. htt :IlwNw.frc.or .uk181Jditorsres onsibililies. This description forms part of our auditor's report.
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE 8RrrisH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM Other matter5 we are requlred to address Your attention is drawn to the fact that the chadly has prepared financlal statements in aLxordance with 'Accounting and Reportlng by Charltlas.. Statement of Recommended Practice applicable to charities preparlng thalr flnanclal stat8ments In accordance wlth the Flnanclal Raportlng Standard applicable in the UK and Republlc of Ireland (FRS 102r. Use of our report Thls report is made solely to the charlty's trustees, as a body, in accordance wlth part 4 of the Chadtles (Accounts and Reports) Regulattons 2008. Our audit worf( has been undertaken so that we might state to th8 charity's trusts8S those mattars wo aro roquired to state to them in an audltorfs raport and for no othar purposa. To the fvlte8t exlent perniitted by law. we do not accept or assume restx)n$ibllity to anyon8 0th8r than the charlly and the charity's truste8s as a body, for our audit vvork, for this report or for Ihe oplnlons we have fonned. Harold Everett Wreford LLP Chartered Accountants ststutory Auditor 26.01.2026 Ha11swelle House l Hallsw8118 Road London NW11 ODH Harold Everett Wreford LLP is eligible to acl as an auditor in tsrms of Section 1212 of the Companles Act 2006
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Notes 2025 2024 Income and endowments from" Donaliolls Investments Other income 34,610 1,326,339 1,200,228 9,015 Total incom8 and endowments 1,326,339 1,243,853 diture on: Raising funds 49,815 114,904 Charitable activitles 575,601 655,442 Other 12 207,472 200,192 Total resources expended 832,888 970,538 Net (losses)Igains on investments 13 2,155,000 {4,025,000) Net income (expendlture) for the yearl Net movement in funds Taxation 2,648,451 <3,751,685) (20,971) {6,229) 2,627,480 {3,757,914) Fund balances at 1 April 2024 6,432,176 10,190,090 Fund balances at 31 March 2025 9,059,656 6,432,176 The consolldated statement of financial acttvltles includes all gains and losses recognised In tha year. All income and expenditure derive from continuing activities.
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Income and endowments from: Donations Investments Other incomel(loss) 50,000 104,610 791,444 669,799 232,656 (591,798) Total Income and endowments 1,074,100 182,611 enditure on: Raising funds 44,013 97,373 Charitable activities 18,165 1,179,632 Other 12 64.759 40,074 Total resources expended 126.937 1.317,079 Net (losses)Igains on investments 1,145,000 (2,445,000) Net incomel(expenditure) for tho yearl N8t movement in funds 2,092,163 (3,579,468) Fund balances at 1 April 2024 6.431,203 10,010,671 8,523,366 6,431,203 Fund balances at 31 March 2025 8,523,386 6,431,203 The statement of financl81 actlvitles includes all gains and1088es recognised in the year. All income and expendlture derive from continuing activitles.
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Fixed assots Investment Properties Investments 14 15 12,991,430 10,743,076 12,991,430 10,743.076 Curr8llt assets Debtors falling due 8fter one year Debtors falling due withln one year Cash at bank 17 17 131,889 419,145 101,648 190,029 127,871 233,963 652,682 551,863 Credltors: amounts falling du¢ within one year Loans and overdrafts Taxab'on and soclal securlty Other creditors 18 200,000 65,452 1,571,081 330,000 56,326 1,592,678 19 1,836,533 1,979,004 Net current Ilabllltles {1,183,851} (1,427,141) Total a8SOts le88 current liabilities 11,807.579 9.315.935 Creditors: amoun18 falling due after more than one year Loans and overdrafts 18 2.747,923 2.883.759 (2,747.923) (2.883,759) Net assets 9,059.656 8,432,176 Incom8 funds Unrestricted funds - general 9.059.656 6.432,176 9,059.656 6.432,176 The accounts were approved by the Trustees on 22.01.2026 R Kaufman -Trustee Daniel Eilon -Truste8 10
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notas Fixed assets Investment Propèrties Investments 14 15 6,461,430 2,578,876 5,223,076 2,101,578 9,040,306 7,324,654 Curront assets Debtors falling due after one year Debtors falling due within one year Cash at bank 17 17 131,889 1,813,919 24,116 190,029 1.322,250 177,188 1,969,924 1.689.467 Creditors: amounts falling due within one year Loans and overdrafts Taxation and social Security Other creditors 18 20.000 29.536 1,540.434 150,000 35,715 1,561,744 19 1,589,970 1,747,459 Net current assetsl{Ilablllties) 379,954 {57,992) Total assets less current Ilabllltles 9,420,260 7,266,662 Credltors: amounts falllng due after more than one year Loans and overdrafts 18 {896,894) (835,459) Net asset8 8,523,366 6,431,203 Income funds Unrestricted funds - general 8,523,366 6,431,203 8,523,366 6,431,203 The accounts were approved by the Trustees on 22.01.2026 R Kaufman -Trustee Danlel Eilon-Trustee
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notgs Cash flows from operating activities Cash absorbed by operations 24 (1.141,154) (959,044) Investing activities Rent and interest received Purchase of tangible assets Proceeds of sale of unlisted investments 1,326.339 (50,000) 1,200.228 Net cash (used in)Igenerated from investing activities 1.276,339 1,200.228 Financing activiti88 Repayment of bank loans {267.500) {330.000) Net cash usad in financing activities (267,500) (330,000) Not increasel{decrease) in cash and cash equivalent (132,315) {88,816) Cash and cash equfvalents at beginnlng of year 233,963 322,779 Cash and cash equlvalents at end of year 101,648 233,963 12
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policios Company Information The British Friends of the Bible Lands Museum Jerusalem Is an unlncorporated charity registered with Ihe Charity Commlsslon In England and Wales. The registered public address Is 16 Greal Queen Street, London WC2B 5DG. The nature of the charity's operallons and activilies are detalled in the Trustees, reporL The group conslsts of the British Friends of the Bibl8 Lands Museum Jerusalem and all cf its subsidiaries. 1.1 Accountlng Conventlon The financlal statements have been prepared in accordance with the charity's twst d88d dat8d 18th March 1997. lh8 Charities Act 2011 and, "Accounting and Reporting by Charities.. Statement of Recommended Pracllce applicable to charitles preparing their accounts In accordance wlth the FlnanGlal Reportlng Slandard applicable in the UK and Rapublic of Ireland (FRS102)" {October 2019)- The charity is a Public B8n8fit Entity as defined by FRS 102, The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a true and fair view. Thls departure has involved followlng the Statement of Recommended Practlce for charllles applylng FRS 102 rather than the verslon of the Statement of Recommended Practi(* which is referred to in the Regulations but which has since been withdrawn. The financial slatements are prepar8d in st8rling, which is the functional currency of the charity. Monetary amounts In these financlal statements are rounded to the nearest £. The financial slatements have been prepared under the historical cost convention, modified to include th8 revaluation of freehold properties and to include investment propertles 8nd certaln flnanclal Instruments at falr value. The prlnclpal accounllng pollcles adopted ar8 s8t out b810w. 12 Going Concern The majorlty of the Income received from the Group is investment in¢ame from its investment propertles. The financlal statements have been prepared on the golng concern basls whlch assumes that the Grcup wlll continue in operational 8XlStence for the foreseeable futur8. The validity of this assumption dep8nds on the support of the lenders, It Is for thls reason that the trustees consSder It Is approprlale for the Group financlal ststam8nts to be prepared on the going concern basls. 1.3 Basls of Consolidatlon The Consolidated statem@nt of financial activlties and finanejal pcsition Include the financlal statements of the charity and its subsidiary undertakings made up to 31 March 2025. The r8suIts of subsidi8ri8s sold or acquired are included in the stslement of financi81 acfjvttles up to, or from the dale control passes. InÉra-group turnover and profits are ellminated fully on consolidallon. 1.4 Charitable fvnds Unrestricted funds are avai18ble for use at the dlscrellon of the trustees In furtherance of their charitable objectlves unless Ihe funds have b8en deslgnated for oth8r pUoses. 1.5 Incomlng resources Income is recognised when the charlty Is legally entitled to It after any performance condlllons hav8 bean met, the amounts can be measured reliably, and it is probable that income will be received. Cash donatlons are rewgnised on receipL Other donations are r8cognised once th8 aharity has been notified of the donallon, unless perf¢)miance conditions require 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 2025 Accountlng pollclos (contlnued) Investment income is measured at the fair value of the conslderafjon received or receivable and represents amounts recelvable from lettlng of Investment properties, distribution from unllsled Investrnents and bank Interesl net of dlscounts. and VAT. Under operating lease agreements when the Trustees provide incentives to Ils tenants, the cost of the incentives is recognised over the lease lerm, on a straight-llne basis, as a reduction in rental income. 1.6 Rosources oxpendod Expenditure is 8ccounted for on an accrual basls exclusive of VAT, Govemance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirem8nts and indude any costs associated with the strategic management of the charity's activ5tles. Other resources expended are for loan interest payable on the Investment propertles owned by the charlty utilised for ralslng rental Income. 1.7 Investment propertles Investment property, whith is prop8rly held to earn rentals andlor for capital appreciation, is initially recognised at cost, whlch includes the purchase cost and any directly atlributable expenditure. Subsequently It Is measured at falr value at the reporting end date. The surplus or deficit on revaluation is recognised in n81 Incom81(exp6nditure) for the year. Where fair value cannot be achieved wilhout undue cost or 8ffort. inveslment property is 8C(x)unted for as tangible fixed assets. 1 A Fixed a85at investments Flxed asset Invesknents are Inlllally measured at Gost and subsequently measured at cost less any accumulated impairment Ioss8s. The investments are assessed for impairment at each reporting dat8 and any impairment losses or reversals of impalnment losses are recognised Immedlately In net Incomellexpenditure) for the year. A subsidiary is an entity controlled by the charlly. Control is the power to govern the flnanclal and operating policles of the entity so as to obtaln beneflts from Its actlvltles. 1.9 Cash and cash equivalents Cash and cash equlvalents Include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within bom?wings In current liabilities. 1.10 Financlal Instruments The group has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sectlon 12 'Other Financlal Instruments Issues, of FRS 102 to all of Its financlal Instruments, Financial instrument5 are recognlsed In the group's statement of flnanclal posltlon when the group becomes paty to Éhe contractual provlslons of the Instrument. Financlal assets and Ilabililles are offset. with the net amounts presented In the flnanclal statements, when there is a l@gally enforceable right to set off Ihe recognised amounts and there is an interbtion to sellle on net basis or lo realise the asset and setlle the liabillty slmultaneously. Baslc flnanclal assets Basic financial assel, which include debtors and cash and bank balances, are Inltlally measured at transaction prlce including transactlon costs and are subsequently carried at amortised cost using the effective interest method unless the arrangem8nt constitut8s a financing transaction, where the transaction Is measured at the present value of the fure recelpts discounted at a market rate of interest. Flnanclal assets classlfled as recelvable wlthin on8 year ar8 not amortised. 14
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 AcGounllng pollcles Icontlnued) Baslc financial liablllties Basic financial Ilabilities, Including credltors and bank loans ar6 initially r8COgnised at transaction price unl&gs the arrangement constitutes a financlng transactlon, where the debl Instrument Is measured at the present value of Ihe future recelpts diOUnted at a market rate of interest. Flnancial liabilities classlfied as payable within on8 year are not amortised. Debt instruments are subsequently carried at amortlsed cost, uslng the effecilve Interest rate method. Trade credltors are obligations to pay for goods or service5 that have been acquired in the ordinary course of operations from suppllers. Amounts payable are classified as current liabilitie5 If panent is due wlthln one year or less. If not, th6y are presented as nonwcurrenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortlsed cost uslng the effectlve Interest method. Derecognltlon of flnanclal Ilablllties Flnancial liabiliti8s ar& derecognised when the chartty's contractual obligations expire or are discharg8d or c2ncelled. 1.11 Fund structur8 All funds held are unrestrfcled incame funds. Crltlcal accounting ostimates and judgoments In the application of the charity's accounting policies, the truslees are required to make ludgements, esllmates and assumptlons abcut the carrylng amount of ass8ts and liabillties that are nol readlly apparent from other sources. The estimales and associated assumptions are based on historical experience and other factors that are consldered to be relevant. Actual results may differ from Ihese estimates. Th8 estimates and underlying assumptions are revi8W8d on an ongoing basis. R8visions to accounting estimates are recognised In the perfcKI In whlch the eslfjmate Is revlsed where the reVIon affects only that perlod, or In Ihe period of the r&vision and future periods )fither8 the r8vision affects both current 8nd fulure periods. The main areas of uncertainly are the valuation of investment propertses and Smpalnnent of fixed asset invesbnents. Donatlons Group Charity 2025 2024 2025 2024 Donatlons and gifts 34,610 50,000 104,610 15
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investments Group Charity 2025 2024 2025 2024 Rental income Income from unllsted investments 1,275,690 50,649 1,200,228 740,795 50,649 669,799 1,326,339 1.200,228 791,444 669,799 Rental income arlses from Investment propertles and unllsted Investments held In the Unlted Kingdom. Other Income Group Charlty 2025 2024 2025 2024 Net {loss}fincome due from a subsidiary LLP Insurance commission 232,656 (599,401) 7,603 9,015 9,015 232,656 (591,798) Ralsing funds Group Charlty 2025 2024 2025 2024 Investment ro erties, ex enses Agents, fees and properties. related expenses 49,815 114,904 44,013 97,373 49,815 114,904 44,013 97,373 16
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitablè activities Group Chartty 2025 2024 2025 2024 Depreciation and impairmenu (reversal) Grant funding of activities (see note 8) Governance costs (see note 9) 1545,000) S76,0 <12,835) 545,000 655,610 (20,978) 576,000 {399) 655,610 (168) 575,601 655.442 18,165 1,179,632 Grants payable Charitable aclivities include grants of £576,000 (2024 £655.610) paid overseas to the Bible Lands Museum, Jerusalem, the only institution that benefits from the grants made by the charity. Support Cosls Group Charity 2025 2024 2025 2024 Governance Governance Governance Governance Basls of Costs Costs Costs Costs allocatlon Amortlsed lease Incentlves Audit and accountancy fees Legal and professlonal Bank charges {43.354) 27,825 14,119 1,011 (43,473} 22,950 19,319 1,036 (43,354) 16,700 12,851 968 (43,473) Governance 12,600 Governance 8,924 Governance 971 Governancg (399) {168) (12,835) (20,978} Analysed between charitable activities (399) (168) {12,835) (20,978) There are no speclfic 8UPPOrt costs. 10 Audltor's remuneratlon The analysis of auditor's remuneration is as follows.. Group Fees payable to the charlty's auditor and assoclates: Charlty 2025 2024 2025 2024 Audit of the charity's annual accounls 15,450 12,450 9,000 6.000 q1 Employees There were no employees during the year. 17
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Other Group Charfty 2025 2024 2025 2024 Financing costs 207,472 200,192 64,759 40,074 207,472 200,192 64,759 40,074 13 Net (lossesygalns on Inveskn8nts Group Char]ty 2025 2025 2024 2024 Ravaluation of Inv8stm8nts proporties: The Brftish Friends of the Bible Lands Museum Jewsalem 1,145,000 (2.445,000) 1,145,000 {2.445,000> Gilgam88h (Broxbourn8 & Portslade) Llmltad 1,010.000 (780.000) Gllgamesh Hull LLP 1800,000) 2,155,000 (4,025,000) 1,145,000 (2,445,000) 14 Investment properties Group 2025 Charlty 2025 Falr value At 1 April 2024 Addition Unamortised tease incentive8 Net galns through falr valua adlustm8nls 10,743,076 50,OtJ) 43,354 2,155,0(K) 5,223,076 50,000 43,354 1,145,000 Ai 31 March 2025 12,991,430 6,461,430 Investment propertles comprise of freehold propartlas. The falr valua of tha group's Invastment ppertIeS at 31st March 2025 is £12,991,430 (2024- £10,743,076>. The fair values of Barlborough, Bournemouth, Castlegate and Hull properties have been arrived at on the basls of valuations carried out at 31 March 2025 by a property management company, Landswood de Coy LLP, who are not professlonally quallfied valuer6. The valuations were arrived at by r8ferenca to marf(et evldenc@ of Irdnsaction prfces for simllar properties in its locations and tske into a¢¢ount the slate of the rental market In the area where the properties are situated, Accordlngly, the trusiees have adopted these valuations at the balance Sheet dale. If Investment properties were stated on an hlstorlcal cost basls rathar than a falr valua basis. the amounts would have been Included as follows: 18
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Investment PTQPerties (continue(l) Group Charlty 2025 2024 2025 2024 Cost 16,811,675 16,761,675 9,362,142 9,312,142 Accumulatad d8preci81ion Carrying amount 16,811,675 16,761,675 9,362,142 9,312,142 15 Flxed asset investments Group Charlty 2025 2024 2025 2024 Notes Investments in subsidiaries Loans to subsidiaries Unlisled investments 22 2,578,873 2,101.575 2.578,876 2,101,578 Movement in fixgd asset invostmonts Group Shares Total Cost or valuatbon At 31 March 2024 At 31 March 2025 Carrying amount At 31 March 2025 At 31 March 2024 Movement In fixed asset Investments Charily Loans Share8 Total Cost or valuation At 31 March 2024 Valuatlon changes Repald In the year 2,101,575 545,000 (67,702) 2,101,578 545,000 (67,702) At 31 March 2025 2,578,873 2,578,876 19
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Flxod assèt Investments (contlnued) The charity's investment in its subsidiaries represents the cost of the called up ordinary share capital of the following enlltles registered in England and Wales: Gilgamesh Hull LLP- £2 Gllgamesh (Broxbourn6 & Portslade) Limited - £1 16 Flnanclal Instruments Group Charlty 2025 2024 2025 2024 Carrying amount of financial assots Debt instruments measured at amorlised cost 551,034 Equity instruments measured at cost less impairment 317,900 4.524,681 3.613,854 Carrying amounl of financial liabilities Measured al amortised cost 4,519.004 4,806,437 2,457,328 2,547.203 17 Debtors Group Charity 2025 2024 2025 2024 Amounts falling due within one year: Olher debtors 419.145 127.871 383.808 124.795 Amounts due from subsidiary undertaking 1,430.111 1,197,455 419,145 127,871 1,813,919 1,322,250 Group Charlty Amounts falling due after more than one 2025 2024 2025 2024 year. Other debtors 131,889 190,029 131.889 190.029 Total debtors 551,034 317,900 1,945,808 1,512,279 Trade debtors disclosed above are dassified as loans and receivables and are therefore measured at amortised cost. Tolal other debtors include unamortised lease incentives amounting to £188.571 {2024 - £231,925). 20
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Loans and overdrafts Group Charity 2025 2024 2025 2024 Bank loans Unamortised flnance Costs 2,962,500 3,230,000 927,500 {14,577) (16,241) (10,606) 987,500 {2,041) 2,947,923 3,213,759 916,894 985,459 Payable within one year Payable after one year 200,000 2,747,923 330,000 2,883,759 20,000 896,894 150,000 835,459 The bank loans are secured by fixed charges over the freehold properties. The long-term loans bear interest which is the aggregate of the base rate plus a margin of 2.310 per annum and are repayable in full by 26 June 2027 for the charity after being renegotiated by the trustees for another 3 years from 26 June 2024, 5 March 2026 (at the fixed ratg of 0.74% above a margin of 2.50/0 per annum} for Gilgamesh (Broxboume & Portslade) Limited and 2 June 2026 (at variable rate plus a margin of 2.6% per annum) for Gilgamesh Hull LLP, the subsidiaries of the charity. The unamortised finance costs are charged to the profit and loss ac(x)unt over the fijll term of th8 bank loans. 19 Croditors: amounts falling due within one yaar Group Charity 2025 2024 2025 2024 Other creditors Accruals and deferred incom8 1.380,438 190,643 1.382,808 1,379.958 209,870 160.476 1.382,808 178,936 1,571,081 1,592,678 1,540,434 1,561,744 21
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 20 Trustoas, oxpanses and remuneration and related party transaclions Trustees are not remunerated. The trust deed includes a professional charging clause permitting remuneration of trustees who are solicilors. accountants and other professionals. The following were outstanding at the reporting end date.. Charity and Group 2025 2024 Other related parlies 1,379.958 1,382.808 At Ihe balance sheel - date the Charity owed interest free unsecured loaris of £989.741 (2024- £989,741) to Gilgamesh Properties Limited, a company registered in Israel and £390,217 (2024- £393.067) to Gilgamesh Properties Limited, a company registered in the UK. Both compsnles are controlled by Mrs. B. Borowski. a Trustee of the Charity. Both loans are repayable on demsnd. 21 Control The charity is controlled by its trustees. 22 Subsidiari8s Details of the charity's subsidiaries at 31 March 2025 sre as follows.. Nama of undertaking and country of incorporation or residency Nature of buslness Class of Shareholdlng % Held Dlrect Gllgamesh Hull LLP- Uniled Kingdom Gilgamesh (Broxbourne & Portslade) Limited- United Klngdom Property Investment Ordlnary 100.00 Property Investment Ordinary 100.IX) At 31 March 2025 the aggregafe of the share capltal and reserves amounted as follows.. Gilgamesh Hull LLP- £1,430.113 surplus Gilgamesh (Broxbourne & Portslade) Llmited- £536,292 surplus 22
THE BRITISH FRIENDS OF THE BIBLE LANDS MUSEUM JERUSALEM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 23 Net income of subsidiaries The charity has two who11y owned investment subsidiaries incorporaled in the United Kingdom which own investment properties. A summary of the subsidiaries trading results for the year are given below. Gilgamesh Hull LLP 2025 2024 Income Adminislrative expenses. 363,744 361.214 (131,088) {960,616) Profitl(loss) for the year 232.656 {599.402) Gilgamesh (Broxbouma & Portslade) Limited Income Administrative expenses Increasel(decrease} in fair value of investment properties Corporation tax 171,151 170,627 (7g,863) (107,843) 1,010,000 (780,000) (20,971) (6,229) ProfiV{Loss) for the year 1,080,317 (723,445} 24 Cash generated from operatlons 2025 2024 {DeficitySurplus for the year 2,627,480 (3,757,914) Adjustments for: Investment income recognlsed in profrt or loss Fair value lossesl(gains) on investment properties Unamortised lease incent6ves (1,328,339) (1,200,228) (2,155,000) 4,025,000 {43,354) {43,473} Movements in working capital.. (Increase)IDecre8se in debtors Increasel{Decrease) in creditors (233,135) {19,102) (10,806) 36,673 Cash absorbed by oporatlon8 {1,141.154) (959,044) 23