THE BRITISH MUSEUM FRIENDS AED8Z9VG 1S11012025 COMPANIES HOUSE A09
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Annual Report and Financial Statements for the year ended 31 March 2025
The 8rllish Mvseum Friends Limiled Company Registration Number 4133346 Annual Report and Accounts Year Ended 31 March 2025 Contents Page Directors and Trustees Auditors, registered office, bankers Structure, governance, and management Achievements and performance Plans for future periods Grants Public benefit Fundraising Auditors Disclosure of information to Auditors Financial review Statement of Trustees, responsibilities Independent Auditor's report to the Members 10 Statement of financial activities 14 Balance sheet Notes to the accounts 16
The British Museum Friends Limile Company Registration Number 4133346 Annual Report and Accwnls Year Ended 31 Mar¢h 2025 Directors and Trustees The Rt Hon George Osbome CH (Chair) Professor Abhijit V Banerjee Professor Dame Mary Beard DBE, FSA. FBA Dame Elizabeth Corley DBE (resigned 1 October 2024) Dame Tracey Emin DBE, RA Ms Clarissa Farr (resigned 1 October 2024) Lord Daniel Finkelstein OBE (appointed 19 March 2025) Professor Chris Gosden FBA Mr Philipp Hildebrand Mr Tom Holland (appointed 19 March 2025) Dame Vivian Hunt DBE (Deputy Chair) Dr Trffany Jenkins (appointed 19 March 2025) Ms Martha Kearney (appoinled 19 March 2025) The Rt Hon Lord Jonathan Marland of Odstock Sir Charfie Mayfield (Deputy Chair) Mr Mark Pears CBE (resigned 20 February 2025) Sir Paul Ruddock FSA (resigned 1 October 2024) Mr Alejandro Santo Domingo Baroness Minouche Shafik DBE (resigned 9 April 2024) Mr Weijian Shan Ms Priyanka Wadhawan Professor Sir Mark Walport FRCP, FRS, Fmedsci. HonFRSE Mr George Weston Ms Claudia Winkleman (appointed 19 March 2025) Professor Dame Sarah Worthington DBE, KC (Hon), FBA Auditors Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP Registered office The British Museum Friends Great Russell Street London WC1 B 3DG Telephone +44(0)20 7323 8195 friends@britishmuseum.org Bankers National Westminster PO Box 158, 214 High Holborn London WC1V 78X Santander UK 298 Deansgate Manchester M3 4HH
The Brllish Museum Fri•nds Llmited Company Regislraiiort Number 4133346 Annual ReFWrt and A¢counls Year EThJed 31 March 2025 Structure, governance, and management Organ15atlonal structure The British Museum Friends (BMF) is a registered charity (registration number 1086080) and a company limited by guarantee (registration number 4133346). The Board of Trustees of the British Museum, as a body corporate, is the sole company law member of the BMF. The Trustees of the British Museum are, individually, the charity trustees and the company law directors of the BMF. They govern the 8MF in accordance with its Memorandum and Articles of Association. The Board of Trustees is responsible for determining the overall strategy of the BMF. Trustees are appointed automatically on their appointment to the Board of Trustees of the British Museum, for fixed terms of service colerminous with their trusteeship of the British Museum. They are non- executive and unpaid. The Board of Trustees of the British Museum may consist of up to 25 members. of which 15 are appointed by the Prime Minister, one by the Sovereign, four by the Secretary of State on the nominations of Ihe Royal Academy, the British Academy, the Society of Antiquaries of London and the Royal Society, and five by the Museum's Trustees. The Chair is appointed by the Board from its members. Day-to-day management of the BMF is delegated to the Head of Membership who is supported by a team of staff, all of whom are employed by the British Museum. Volunteers are occasionally used to assist with programme delivery,. this can involve working at one of the Member events. assisting with membership recruitment or performing on8-off office tasks. The Board of Trustees is supported by the Advisory Council to the BMF (the "Council"). Elected from amongst the Membership, the Council acts to ensure that the work of the BMF is in line with the interests of the Members as a whole and advises on approaches likely to be of most interest. It provides advice and support to the Head of Membership on the strategic approach to marketing, fundraising, events and communication activities. The Council holds a skills register to record the expertise of Council Members. Vacancies are advertised through the regular membership mailings. The Council Members are then appointed following a selection and interview process led by the Chair of the Council, through the nominations committee. New Council Members have induction meetings with the Chair, Deputy Chair and Head of Membership. Risk management Risk is unavoidable and the resources available for managing risk are finite. The aim of risk management within the BMF is therefore to achieve an optimum response to risk, prioritised in accordance wilh an evaluation of the risks. Risk management Is everybody's responsibility and is embedded within the BMF through established business planning processes, which ensure that risks to achieving planned initiatives are idenlified as Ihose initiatives are developed. The Board. the Museum's Internal Controls Comrnittee, and the Audit Risk and Compliance Committee support this through regular review of the risk register. The inherent risks faced by the BMF include reaching membership profit targets, member retention, and managemenl of the Members, room. Each of these is mitigated effectively by a strong system of internal control. Through positive Member engagement and by closely managing costs the Board is optimistic that these risks can be effectively managed over the coming year. Objectives and activities The overall object of the BMF, as laid down in the Memorandum of Association, is "to support and assist the British Museum in maintaining and expanding Its collections and seNices to scholars and
rhe Brilish Mvseum Friertds Llmiled Company Registration Number 4133346 Annual Report and Accounts Year End&Y 31 March 2025 to the general public and to assist other charitable museums to any extent that in the opinion of the Friends might help the British Museum in the aforementioned mannerf. The BMF fuffils this object by granting funds to the British Museum from the surplus generated from membership subscriptions and other activities as part of the membership offer. The BMF also runs fundraising campaigns to generate funds for specific items or projects as requested by the 8ritish Museum. The overall strategy of Ihe BMF is to increase the level of support to the British Museum, Ihrough increasing member numbers and income. whilst providing an excellent quality of seNice to all Members. Achievements and performance 2024125 has been another excellent year for the British Museum Friends. Income from membership subscriptions reached £6.1 m with 79,000 Members. We have seen a very high level of recruitment of new Members this year, delivered thanks to a consistent exhibition programme, with Legion and Silk Roads proving particularly popular with our core audiences. The Members, Room performed exceptionally well this year- benefiting from the increased traffic onsite driven by the exhibition programme. The Member events programme had another excellent year with lectures for adult Members and sleepovers for Young Friends continuing lo be a success. Our priority remains ensuring that Members have an exceptional experience when engaging with the Museum, wherever they a in the world. Achievement and performance against objectives Ensuring the Member events programme is a valued part of the Membership offering, accessible by as many Members as possible 2024125 was a strong year for the Memb8rship events programme. The focus was building the quality of the core programme established the year before, alongside offering new ways for Members to engage creatively with the collection and managing the rising costs of delivering the events. Alongside two sell-out conferences on Silk Roads and Roman Britain, the regular hybrid lecture programme continued to be very popular. with more Members than ever choosing to join events online. 2024125 saw a strong uptake in engagement with workshops and speci81 programming. This included regular yoga and tai chi classes, new workshops on Picasso's printmaking and Michelangelo's drawing, and the growing popularity of Behind the Screens - all of which sold out. In response to feedback, we also continued to offer Members a variety of free ways to engage with Ihe prograrnme, including new LG8TQ+ tours, welcome tours and bimonthly lunchtime talks with curators. We also hosted two of the most popular Members, evenings post-pandemic and a fully booked preview screening of KAOS in collaboration with Nefflix. Sleepovers were cemented as a key benefit for the updated Young Friends scheme and enabled us to programme five sell out sleepovers (with an addilional date added due to demand). Reviewing the staffing of the Membership team, in order to ensure we are best positioned to look after our Members In 2024125 the Museum completed a review of the siaffing of the Membership Engagement team, who oversee Membership events and communications. A new structure has been proposed which
The Brllish Mvseum Friends Limite(I Company Regislraiion Number 4133346 Annual Report and Accounts Year Ended 31 March 2025 will be introduced in 2025126, and which aims to ensure Ihe Museum's engagement activities have the biggest possible impact on Members and supporters. Growing participation in the Young Friends freemium scheme The Young Friends free to join {"freemium") scheme has continued to go from strength to strength this year, increasing to 16,000 subscribers from 11,000 at the beginning of the financial year (a 45./0 increase). This continued increase in numbers has maintained the popularity of sleepovers. continuing to generate revenue for the Museum despite the scheme itself being free. Maximising the lev81 of grant to the Museum, with a focus on securing donations and Gift Aid declarations With high Member retention rates and recruitment, we have achieved net income of £5.Om excluding grants (2023124.. £4.4m). This includes legacies totalling £0.2m (2023124. £0.2m). This successful financial perfomiance has allowed us, during the year. to approve an unrestricted grant of £4.8m to the British Museum (in 23124 a restricted grant of £4.Sm to the British Museum Trust was approved). Additionally restricted grants We awarded to the British Museum of £62k mostly in respect of a legacy received in BMF but is to be used in The British Museum's Print & Drawings department. Continuing the gr0h of Membership activities in line with our strategy 2024125 has seen the Membership community continue to grow. The consistent strength and variety of the exhibition programme (Legion, Michelangelo.. the last decades, Silk Roads, Hew Locke.. what have we here? and Picasso.. printmaker) delivered high recruitment rates of core audiences. Plans for future periods In 2025126 we will be working to understand the impact of Masterplan on the Museum, how we can ensure to deliver an excellent Membership experience as work commences and conveying to Members how they can support the campaign. We will also be working to ensure all our operations comply with the new Digital Markets. Competition and Consumers Act. Key priorities for the forthcoming financial year are: Ensuring the Member events programme is a valued part of the Membership offering. accessible by as many Members as possible., Reviewing the programme of communications for Members to ensure we deliver excellent content for Members, and good value for the Museum; Understanding the impact of the Digital Markets, Competition and Consumers Act on our programme and operations and ensuring we are operating in a compliant manner., Growing participation in the Young Friends scheme: Maximising the level of grant in support of the Museum, with a focus on securing donations and Gift Aid declarations- Continuing the growth of Membership activities in line with our strategy.
The Brillsh Museum Friends Limited Cornpany Regislralion Number 4133346 Annual Rep)rt and A¢¢ounls Year Endeil 31 March 2025 Grants In 2024125 an unrestricted grant of £4.8m was awarded to the British Museum, with a further £62k restricted grant awarded to the 8ritish Museum. This compares to a total of £4.5m restricted grants awarded to the British Museum Trust in 2023124, and £69k restricted grant awarded to the British Museum in 2023124. Restricted grants made during the year included: The British Museum Appeal towards Scientific Research equipment (£4k) Contribution towards the Museum's research of the collection (£1 k) Contribution towards the Museum's Print & Drawings department {£57k) Restricted grants awarded to the British Museum during the prior financial year included £5k to support the Greece and Rome department, £2k towards the Museum's research of the collection, and £62k towards Scientific Research equipment. Public benefit In setting the BMF'S objectives and planning its activities, the Trustees believe that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. The Trustees demonstrate this through making grants in support of the British Museum for new acqui51tions for the collection, research, building work, and other projects, which will benefit not just Members but also the general public in deepening our understanding of the cultures of the world. The Trustees also deliver public benefit by providing the opportunity for all visitors to the British Museum to become a Member at cost4ffective rat8s', and by providing a set of valued benefits to Members of the BMF (particularly engagement with, and increased accessibility to, the Museum and its collection). Fundraising The 8MF is registered with the Fundraising Regulalor and works according to the Fundraising Promise. No agents are used for fundraising and the staff involved in fundraising are subject to the British Museum Code of Conduct. The BMF has a number of feedback channels and responds to questions from its supporters. Auditors Moore Kingston Smith LLP have expressed their willingness lo continue in office and will be deemed reappointed for the next financial year in accordance with section 487(2) of the Companies Act 2006 unless the company receives notice under section 488(1) of the Companies Act 2006.
The British Museum Friend5 Llmited Company Regislraiic4) Numb8r 4133346 Annual Report and Accounts Year Ended 31 March 2025 Disclosure of information to Auditors So far as the Trustees are aware, there is no relevant audit information of which BMF'S auditors are unaware. The Trustees believe that Ihey have taken all the steps that they ought io have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that 8MF's auditors are aware of that information. Financial review Income and expenditure (excluding grants) Total incoming resources of £6.9m were generated this year, an increase of 12./0 Cofnpared to 2023124 {£6.2m). Income from charitable activities increased to £6.5m, frorn £5.8m in 2023124. Donations and legacies were in line with 2023124, at £0.3m. The BMF incurred expenditure (excluding grants) of £1.9 million in the year, an increase of 70/0 compared to 2023124. Balance sheel Total funds at 31 March 2025 were £1.9 million, all of which is unrestricted. The cash position remains satisfactory. Reserves policy The reserves policy is to retain three to six months, expenditure (excluding grants and exceptional items), to provide financial stability and to act as a safeguard against unforeseen expenditure and lower than expected income. This represents £0.5m - £1.Om. As at 31 March 2025, the BMF held unrestricted reserves of £1.9 million, all of which are general reseNes. This is in excess of the amount required by the policy. The Trustees wish to mitigate against the potential negalive impact on membership retention of the closure of lecture and gallery space in the coming years, as a result of the Maslerplan. Small companles exemptlon This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. George Osborne CH Chair The British Museum Friends 3 July 2025
The British Mvseum Friends Limited Company Registration Number 4133346 Annual Rert and Accounts Year Ended 31 March 2025 Statement of Trustees, responsibilities The Trustees (who are also directors of The British Museum Friends for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with United Kingdom Accounting Standards and applicable18ws (FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006). Company law requires trustees to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the charitable company and of its income and expenditure for the financial year. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards including FRS102 have been followed, subject to any material departures disclosed and explained in the financial statements., state whether a Statement of Recommended Practice applies and has been followed, subject to any material departures which are explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees a responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Brttlsh Museum Ffiend5 Limilgd Company Registration Number 4133346 Annual Report and Accounts Year Ended 31 March 2025 Independent Auditor's report to the Members of the British Museum Friends Opinion We have audited the financial ststements of The British Museum Friends ('the company,) for the year ended 31 March 2025. which comprise the Statement of Financial Activities, the Balance Sheet. and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable In the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalements: give a true and fair view of the state of the charitsble company's affairs as at 31 March 2025 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditof s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these r8quir8ments. We believe that the audit evidence we have oblained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial staternents. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any rnaterial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other informatlon The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The Tnjstees are responsible for the other infomation contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 10
The Brilish Mvseum Friends Liffmled Company Registration Number 4133346 Annual Report and Accounls Year Ended 31 2025 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstalement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, annual report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Trustees, annual report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and retums. or certain disclosures of Trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit,. or the Trustees were not entitled to prepare the financial statements in accordance with the srnall companies regime and take advantage of the small companies exemption in preparing the Trustees, annual report and from preparing a strategic report. Responsibilities of Trustees As explained more fully in the Truslees, responsibilities statement set out on page 9, the Trustees (who are also the directors of Ihe charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable ompany's ability to continue as a going concern, disclosing, as applicable, matters relaled to going Goncem and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an audito¢s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstaiement when it exists. Misstatements can arise from fraud or error and are considered
The 8ritssh Museum Friends Limiled Company Regislralion Number 4133346 Annual Report and Accounts Year Ended 31 March 2025 material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of Ihese financial statements. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism Ihroughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtsin audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions. misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the aSonablenesS of accounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, rf such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company lo cease to continue as a going concern. Evaluate the overall presentalion, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We cornmunicate with those charged with governance regarding, among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of detecting irregularities. including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. 12
The Brilish Museum Friends Limited Company Registration Number 4133346 Annual Report and Accounts Year Ended 31 March 2025 Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Councill We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance. We assessed the risk of material misstaternent of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged wilh governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included rnaking enquiries of management and those charged with govemance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting frorn error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresenlations. or through collusion. Use of our report This report is made solely to the charitable company's members, as a body, in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report. or for the opinions we have formed. James Cross (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP. Statutory Auditor 61h Floor 9 Appold Street London EC2A 2AP Dale.. 11 July 2025 13
The Fnonds Cofftp8ny Rry¥rnlron Num)Jf4Y33340 Annu•lAort indA¢COuAI$ Y•arEndsOJl ¥07? Statem•nt of flnanclal actlvltles lincludlng Income and èxpendlturn account) for tho year ended 31 March 2025 Unroslrlcled Funds 2025 £'oo) ReS1ricd Fund$ 2025 £'Cp)O TOTAL Unr88irlcied Funds 2024 R¢slricied Funds 2024 £'ooo TOTAL 2D25 f'ooo 2024 £000 Incom• from.. Don81ions 8nd legac Ch8nl8ble 8Cllwlies In¥e¥tmonls 200 6,498 122 62 262 187 S,777 134 69 256 5,777 134 122 Tot•1 6,820 8,88Z 6.098 69 8,167 Exp•ndltur• on.. R8isifvJ lunLI$ Char$ble aciivtties. embers, 8Cllvilk98 Giant makin9 181 11.9121 14,8QOI 11.ot21 14,8621 11.7801 14,5891 14,5001 Total •xp•ndltur• 6,718 62 6,285 69 6,3Y N•t InGom• I l•xp•ndltur•l 102 102 Tr•n•f•r b•tsv••n 13 N•1 mov•m•nt In fvTrdi 102 102 187 187 R•Gonelllotlon of lundi.. Total funds broughl I08rd 1.797 1,797 1.984 1.964 TOMI lund• ¢•rrl•d I00rd 1,819 1,809 1.797 1.791 All aclivilie8 am dodved from coniinuing opÉralion$. The Slaiemgnl of Financial Acli¥ilie¥ Gonlains 811 gain5 ond 108588 In Ihe ye8r The notes en pB9es 16 10 25 form part of these accounits. 14
The 8rilish Museum Friends Limiled Comparjy Registfalion Number 4133346 Annual Report andAccounls Year Ended 31 March 2025 Balance sheet as at 31 March 2025 Noto 2025 £'ooo 2024 £'ooo Current assets Deblors Inveslments Cash at bank and in hand 1.029 823 2,579 1,479 10 1,522 2,551 4.881 Liabilities Creditors.. amounts falling due within one year (652) {3.084) Net current assels 1,899 1,797 Total assets less curront liabilltles 1.899 1,797 Total n•t assets 1,899 1,797 Represented by: Designated unrestricted funds General unreslricled funds 13-14 13-14 1,899 1,797 Total charity funds 1.899 1,797 The notes on pages 16 to 25 form part of these accounls. These financial slalements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies, the Statement of Recommended Practice, Accounting & Reporting by Charities (SORP FRS 102), and applicable accounting standards. The financial statements were approved at a Board meeting on 3 July 2025 and signed on ils behalf by.. George Osbome CH Chair The Brilish Museum Friends 15
The 8rilish Museum Friends Limited Compary Registration Number 4133346 Annual Report and Accounts Year Ended 31 March 2025 Notes to the accounts for the year ended 31 March 2025 1. Accounting policles Basis of accounting The financial statements comply with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland., the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (Charities SORP (FRS 102)).- and the Companies AGI 2006. The financial statements are prepared under the historical cost convention and are presented in sterling (£) which is the functional currency of the charitable company. Monetary amounts are rounded to the nearest thousand. Thé financial statements have been prepared on a going concern basis. Th8 Trustees have considered possible events or conditions that might cast significant doubt on the ability of the British Museum Friends to continue as a going concern. The Trustees have a reasonable expectation that the organisation has adequate resources to continue in operational existence for the foreseeable future. The principal accounting policies adopted in the preparation of the financial statements are as follows- a) Income In general, income is accounted for when a transaction or other event results in an increase in the BMF'S assets or a reduction in its liabilities. Subscriptions are recognised on a receipts basis as the charity is entitled lo the subscription income once a member has paid. Membership extensions are only granted in exceptional circumstances. Publication and paid events income is recognised as income to the extent that the BMF has provided the associated goods or services. Where income is received in advance and the BMF does not have entitlement to these resources until the goods or services have been provided, the income is deferred. Income from donations is recognised in the SOFA when there is evidence of entillement (for example, when the conditions for their receipt have been metl, receipt is probable and its amount can be reliably measured. Calering income is recognised based on the net profit generaled during the year by the catering provider. Any catering losses are recognised as costs incurred during the year. Legaoes are recognised as income when there has been grant of probate, there are sufficient assets in the estate, evidence of entitlement has been received from the executor and the amount receivable can be measured with sufficient accuracy. b) Expenditure Expenditure is recognised in the financial statements when a present legal or constructive obligation exists, it is more likely than not that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured or estimated reliably. Resources expended are classified in the SOFA under the principal categories of expendilure on raising funds and on charitable activities. Costs of raising funds are those incurred in seeking voluntary conlributions for the BMF. Costs of chanlable activities are those incurred in supporting the membership and include the governance costs incurred to ensure compliance with constitutional and statutory requirements. Support costs are assigned to the SOFA headings in the same proportion as directly attributsble staff costs. 16
The British Museum Friends Limited Company Regis1rati Number 4133346 Annual Rewrt and Accounts Year End&J 31 Mah 2025 c) Fixed assets and depreciation Tangible assets with an economic life of more than one year and value greater than £5.000 are capitalised. Depreciation is provided on these tangible assets, at rates calculated to write off Ihe value of each asset evenly over its expected useful economic life (see below) with no residual value assumed. Furniture, fil out and equipment- 2 to 20 years Depreciation is charged evenly over the life of the asset, to the nearest month. Impaimient reviews are carried out at the end of each reporting period lo ensure that the carrying values of the assets do not exceed their recoverable amounts. No assets of a depreciating nalure are currently held. d) Investments All investments are stal8d al fair value at year end. Valuations for investments with an active rnarket are based on published quoted prices al or close to the balance sheet date. Valuations for investments where there is no active market have been estimated with reference to recent valuation reports. The SOFA includes any realised and unrealised investment gains and losses arising on revaluation and disposals throughout the year. Investments that are intended to produce a return. but which are placed in deposits of less than six months, duration, are treated as current assets. All other inveslmenls, which are intended to produce long-lerm return and not intended lo be spent within the next year, are Irealed as fixed assets. e) Irrocoverable VAT Irrecoverable VAT is treated as a support cost and is apportioned over the activities of the 8MF as described in Note 6. fj Grants Grants payable are recognised when the criteria for a constructive obligation are mel, payment is probable, values can be measured Teliably. and there are no conditions allached lo paymenl Ihal limit recognition. g) Funds structure The BMF has the following categories of funds.. Unrestricted funds.. these are available for use at the discretion of the Trustees in furtherance of the general objectives of the BMF. These include designated funds, which are set aside al the discretion of the Trustees for specific purposes.. Restricled funds: these funds are subject to specific restrictions imposed by donors. The major funds comprising each calegory, the summary results for the year and a description of the movements between the funds are set out in Note 13. h) Financial Instruments The 8MF only has financial assets and liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at Iransaction value and subsequently measured al their settlement value. i) Cash at bank and in hand Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather Ihan for investment purposes. 17
The Brilish MLtseum Friends Limile Company Re9istralion Numt*r 4133346 Annual Report and Accounts Year Ended 31 March 2025 Significant judgements and estimates All judgements applied in preparing the financial statements are disclosed in the accounting policies above. No material eslimates have been applied. Disclosure exemptions As a qualifying subsidiary of the British Museum, the BMF has taken advantage of some of the disclosure exemptions available under FRS 102. These are.. A statement of cash flows. Detailed disclosures relating to financial instruments (equivalent disclosures are included in the Museum's consolidated accounlsl., and Disclosure of total remuneralion of key management personnel (reference is made in note 6e to the equivalenl disclosures included in the consolidated accounts) The British Museum's consolidated financial statements are available to view at: http'.Ilwww.brits'shmuseum.orglabout_uslmanagemenVannual reports and_accounts.aspx. 2. Donatlon8 and legacies 2025 £'ooo 2024 £'ooo Unrestricted Legacies Donations 164 30 160 27 Total unrestricted 200 187 Reslrlcted Legacies Scienlific Research Townley 57 02 Total reslricled Tolal unreslricted and restricted 62 262 69 256 3. Charltable activities 2025 £'ooo 2024 £'ooo Membership subscripiions Paid events and catering Publications 6,054 360 84 5,387 307 83 6,498 5,777 18
The 8ritish Museum Friend5 Limiled Company Registration Number 4133346 Annual Report and Accounts Yeaf Ended 31 March 2025 4. Income from investments 2025 £'ooo 2024 £'ooo Interest income receivable 122 134 5. Cost of ralsing funds 2025 £'ooo 2024 £'ooo Fundraising costs 6. Members, actlvitios Directly attributable costs Staff Others £'ooo £'ooo Support Costs Note 6 la) £'ooo Total Tolal 2025 £'ooo 2024 £'ooo Member promotion Memb8rshlp seThices Pald events and catering Publlcalions 196 474 216 30 18 444 166 132 50 122 56 264 1.040 438 170 288 978 351 163 916 760 236 1,912 1,780 6. (a) Support costs 2025 2024 £'ooo £'ooo External audit fee Current year Under provision in previous year Council expenses Directors,, Officers. and Trustees, liability insurance 11 10 Total governance Costs 13 13 Staff costs Other non-slaff costs 92 131 86 135 236 234 Support costs have been allocated to charitable activities in the same proportion as directly attributable staff costs. 19
The British fvluseum Friends Linited Company Regisllalion NUM1 4133346 Annual Repjrt and A¢U Year Ended 31 March 2025 6. (b) Staff costs 2025 £'ooo 2024 £'ooo Wages and salaries Social security costs Pension costs Agency staff costs 588 63 144 211 579 64 124 175 1.006 942 Permanent staff are employed by the British Museum, who recharge these costs lo the BMF. Agency staff are contracted directly by the BMF. 6. {cl The average number of full-time equivalent employees excluding agency staff during 2024125 was 16.1 (2023124, 15.9). Including agency staff, 22.1 full time equivalent were employed in 2024125 (2023124.. 21.4 FTE). The average head count during the year excluding agency staff was 21 (2023124.. 20) 6. (d) No employees recéived employee benefits (excluding employer pension costs) of more than £60,00012023124.' 0> 6. (e) The British Museum employs senior management that oversees the BMF. Remuneration of the British Museum's key managemenl personnel is disclosed in their financial statements, available lo view al.. http.'Ilwww.britishmuseum.orglaboul_uslmanagemenVannual reports_and_accounts.aspx 7. Trustees The Trustees neither received nor waived any emolum8nts or other benefits from the 8MF in the year (2023124. £0). All Trustees are enlilled lo reimbursement for reasonable travel and Subsisten expenses incurred in the performance of their duties. In 2024125, no travel and subsistence expenses were paid to Trustees or directly to third parties on their behalf {2023124'. £0}. During the year, the BMF purchased charity Trustees, liability insurance at a premium of £623 (2023124. £645). 8. Grant making 2025 £'ooo 2024 £'ooo Donalions from unrestricted donats'ons Donations from restricted funds 4.800 62 4,500 69 Total grants 4,862 4,569 A £4.8m unrestricted grant was made to the British Museum, and £62k of restricted grants were made lo the British Museum. (In the prior year. a £4.5m grant was made to the Brilish Museum Trust, restricted for Ihe British Museum's Masterplan, and £69k of restricted grants were made to the British Museum). Details of grants can be found on page 7. 20
The British Mvsgum Friends Limited Company Regislratity) Number 4133346 Annual Report and Accounts Year Ended 31 March 2025 9. Debtors 2025 £'ooo 2024 £'ooo Trade debtors Less- Provision for bad debts 79 14) 75 32 (4) 28 Other debtors= The British Museum The British Museum Company HM Revenue & Customs Prepayments and accrued income 820 88 713 78 1,029 823 10. Current asset Investments 2025 £'ooo 2024 £'ooo Currenl asset investments 2,579 21
The British Museurn Friends Limited Company Registration Number 4133346 Annual Reporl and A¢unt$ Year Ended 31 March 2025 11. Creditors: amounts falling due within one year 2025 £'ooo 2024 £'ooo Trade creditors The British Museum Accruals. deferred income and others 105 474 73 39 405 2,640 652 3.084 12. {a) Deferred income Total 2025 £'ooo Total 2024 £'ooo Falling due within one year 29 29 51 51 The movement on the deferred income account is as follows.. Total 2025 £'ooo Total 2024 £'ooo Deferred income brought forward Released in year Deferred in year Deferred income Carried loard 51 (51> 29 29 (17} 51 51 22
Cth7wny Rtyistrnliun Numbor41J3340 AnlArt8nAGtos yrEn&t31 Marth 2025 13. Fund$ A11 Incorning Resources resources expended 2023124 2023tt4 Tran$fer between fundi At31 March 2024 Incorning Re50urce$ sources expended 2024125 2024125 Tfan$fer betwee funds At31 rch 202S 2023 £'ooo £'wo £'ooo E'OOO £'ooo £'ooo £'ooo £'ooo É'ooo Unreslricled FundB Genèral funds Restricted Funds.. Lag8cies S¢ienliTi¢ Re&e8rch T¢%leY 1,984 6,098 16,2851 1.797 6.820 16,7181 1,89 57 82 1821 69 1691 e2 1621 1.984 6.167 16,3541 1,797 6,882 16,7801 1,89 This li resiricied leg8cio$ lowar(18 Ihe Prlnl & Orawing$ dep8rtm8nt. The 2023124 Scienlilic Research appeal ¥va$ Sel up lo support the Mu¥eum'$ purchas• ef an Arago photograrnm•lry lig, The Townley Research f und was sal up lo support research in the Museum. 23
The 8rilish Museum Friends Llmiled Company Regis1ral Number 4133346 Annual Reptyt Accounis Year Ended JI March 2025 14. Analysis of net assets between funds Unrestricted Restricted funds funds 2025 2025 Unreslricled Restricted funds funds 2024 2024 Total 2025 Total 2024 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Current and fixed assets Creditors 2.489 {5901 62 (62) 2,551 (652) 4,812 (3.0151 69 4,881 169) (3,0841 1.899 1.899 1,797 1,797 15. Member's liability The charity is a company limi18d by guarantee and has no share capital. The liability of the Member in the event of winding-up is limited lo £1. 16. Contingent asset Two unrestricted legacies were bequeathed to BMF. One unrestricted legacy was newly bequeathed in 2024125 and the other unrestricted legacy was notified in 2023124 with a final distribution to be received The amount and liming of these payments are uncertain as the BMF'S interest in Ihese legacies is residuary and cannot be measured reliably. It is therefore not practicable lo quanlify the estimated amounts receivable and accordingly they have not been recognised in the financial statements. 17. Events o¢currlng after the end of the reportlng period No significant events look place after the end of the reporting period. 18. Related party transactions The linancial slalements of the BMF are consolidaled into the British Museum's group financial statements (available to view at.. hlt s'.Ilwww.brilishmuseum.or labout-usl overnance). In line with paragraph 33.1A of FRS 102, the BMF, wholly owned by the Truslees of the British Museum, is not required to disclose Iransactions wilh other wholly owned members of the group headed by the Trustees of the British Museum. However, details of material transactions and balances with the British Museum and other subsidiary entities of the British Museum are showrs in the relevant notes to the financial statements. 24
The Bth"sh Museum Fr*nds Limited Company RegisiratKJn Number 4133346 Annual Report anij Accounts Year Ended 31 March 2025 During 2024125 the charity entered into material transactions with related parties outside the group headed by the British Museum as set out below: Party Nature of relatlonshlp Transaction Incomo for the year ènded 31 March 2025 {£'00081 Expendllure for the yoar ended 31 March 2025 {£'OOOsl Cr¢dltor balance at 31 March 2025 I£'OOOsl Débtor balance at 31 March 2025 I£'OOOsl Ashmolean Museum Professor Chris Gosden FBAt is a Member of Ihe Ashmolean Museum Board of Visilors Advertising income Royal Academy of Arts Tracey Emin CBE RA is a Truslee of Ihe Royal Academy of Arts Advertising income t Trustee of the 8ritish Museum durin9 the year ended 31 Mar¢h 2025. A number of employees of the British Museum, Truslees and Co-opled members of Board Committees and their family members. and members of the 8MF Advisory Council, are members of the BMF. Trustees and employees of the BMF and the British Museum are entitled to discounts on purchases from the Museum's shops and cafes. 25