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 a￿OrdanCe 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 AC￿pted 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 SLrfF￿I0nt and appropriate to p￿VIde 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 Othe￿Se 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
INDEpENDE￿r 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 sL*ements
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 f￿ud 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, susp8ct*9d or alleged fraud.,
Enquirie8 of managemont, including obtaining and reviewing support d(￿umentatIon, concemlng the charlty's
pollcles and procadures relaling to:
identif￿ng, 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 kno￿odge 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 pU￿oSe 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 pU￿oses.
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 fu￿re 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 di￿OUnted 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 pa￿nent 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 reVI￿on 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 p￿pertIeS 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