THE
BRITISH
MUSEUM
FRIENDS
*AED8Z9VG*
1S11012025
COMPANIES HOUSE
A09
#52
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 gr0￿h 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 Re￿rt 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•lA￿ort 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)
ReS1ric￿d
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￿$ble aciivtties.
embers, 8Cllvilk98
Giant makin9
181
11.9121
14,8QOI
11.ot21
14,8621
11.7801
14,5891
14,5001
Total •xp•ndltur•
6,718
62
6,285
69
6,3Y
N•t InGom• I l•xp•ndltur•l
102
102
Tr•n•f•r* b•tsv••n
13
N•1 mov•m•nt In fvTrdi
102
102
187
187
R•Gonelllotlon of lundi..
Total funds broughl I0￿8rd
1.797
1,797
1.984
1.964
TOMI lund• ¢•rrl•d I0￿0rd
1,819
1,809
1.797
1.791
All aclivilie8 am dodved from coniinuing opÉralion$.
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 Ma￿h 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 lo￿ard
51
(51>
29
29
(17}
51
51
22

Cth7wny Rtyistrnliun Numbor41J3340
An￿￿lA￿rt8n￿AGto￿￿s y￿rEn&t￿31 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