Company Number: 5734244 Charity Number. 1113485 UK FRIENDS OF THE SCIENCE MUSEUM LIMtrED (a charitable company limited by shares) ANNUAL REPORT & AccouKrs for the year ended December 2024
UK FRIENDS OF THE SCIENCE MUSEUM LIMrrED Company Number. 5734244 Charity Number. 1113485 Annual Report & Accounts 2024 UK Friends of the Science Museum Limited Annual Report and Accounts 2024 Contents Page Trustees. report Reference and administrattve detsils Trustees. spOnSibl1111es Independent examine8 report Statement of financial activities Balance sheet Notes to the ac¢x>unts
UK FRIENDS OF THE SCIENCE MUSEUM LIMITED Company Number: 5734244 Charity Number: 1113485 Annual Report & Accounts 2024 Trustees. report (including Directors. Report) The trustees of UK Friends of the Science Museum Limited {Ihe charity,) present their report and accounts for the period ended 31 December 2024. Objectives and activities The objectives of the charlty are., the promotion of the public's enjoyment and understanding of science and technology and the development of those subjects. the care. preservation and enhancement of the colkctions held by the Board of Trustees of the Science Museum ('the scien Museum Group,). the display of th(e collections to the publio; and the provision of opporiunities for persons to inspect those collections in connection wilh study or research. To achieve these objectives, the trustees identify approwiate activities carrd out by the Science Museum Group {'SMG') (whose mission is to help make sense of the science that shapes our lives) and provide funding to support th&se activitie5 in Ihe fomi of testricted or unrestricted donations. The trustees have reviewed the objKbves and activilies and confirm that they remain for the public benefiL Achlovemonts and porfornian The charity and the trustees conts'nue to support the work of SMG. In 2024 there was no disbursement made to the Museum {2023: £38.672) in support of the Science Museum Group's activities. The trustaos have actively sought adv¢xates and introductions for the various live fvndraising campaigns and havo advised on strategi•s and opportunitiès. Flnanclal revlow At the end of the financial period. the charity had net assets of £62.609 {2023: £23.208). represented by share capital and unrestricted reserves. Reserv It is the policy of the charity to maintain a level of unrestricted fvnds of at least £20.000. whh are free reseNes. These provide funds to be contributed l(rwards anticipated costs for the coming year. working capital requirements and project opportunities. The unrestricted reserves balance at the end of the financial year of £62.608 (2023: £23.207) is considered sufficient to meet these fvnding requirements. Rlsk management The tfustees regularly examine the mapr strategK. business and operational risks which the chanty faces. These largety relate to liquidty and complian. and are addressed through regular moniton.ng of cash balances. tirnetabled delivery of statutory filings and mediutTrtenn planning.
UK FRIENDS OF THE SCIENCE MUSEUM LIMrrED Company Number. 5734244 Charity Number 1113485 Annual Report & Accounts 2024 Structure. govemance and management Constilution UK Friends of the Science Museum was incorFK>rated on 8 March 20[ as a private limited company govemed by its Memorandum and Articles of Association ('articles'). These artides state that the charity's propety and funds must be used onty for pro1ng its charitable objectives and that no divKfends may be paid to its shareholder8. The company was registered with the Charities Commission on 29 March 2006. Or ni5ational structure The charity is managed by a Board of Trusteas. The charity's articles require that there be between three and six trustees, who may be appoinled by the chanty in a general meeting either lo fill a casual vacancy or as an addibon to the existij trustees. The directors and trustees who served during the year and up to the date of approval of the financial stalements were as follows: Dr. Ann Yvonne Coxon Mr. Stephen Peter Michael Skrein M3. Diane Stewart Mr. Mark Nathan Levine (Resigned 29 July 2025) (Chaimian) (Appointed 29 Juty 2025)
UK FRIENDS OF THE SCIENCE MUSEUM LIMrrED Company Number. 5734244 Charity Number. 1113485 Annual Report & Accounts 2024 Reference and administrative details of the charity, its directors and advisors The organisation is a charitable company limited by shares incorporated on 8 March 2006 and registered as a charity on 29 March 2006. Registered company number Charity number 5734244 1113485 Dlrectors Mr. Stephen Peter Michael Skrein (Chalrman) Ms. Diane Stewart Mr. Mark Nathan Lavine Accounlants Azets St David's Court Union Street wOfvertMpt0n West Midlands VW13JE Bankorn Bardays Bank pk Floor 27 1 Churchill Place London E14 5HP Sollcftors Farrer & Co 66 Lincoln's Inn Fields London 2A 3LH Registorod offico Science Museum Exhibition Road London SW7 2DD
UK FRIENDS OF THE SCIENCE MUSEUM LIMrrED Company Number 5734244 Charity Number. 1113485 Annual Report & Accounts 2024 Trustees, responsibilities The trustees (who are also directors of UK Friends of the Science Museum Limited for the purposes of company law) are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with appltcable law and United Kingdom Accounting Standards (United lfjngdom Generalty Accepted Accounting Praclice). Company law requires the trustees to prepare financial statements for each financial year. which give true and frair view of the state of affairs of the charitable company for that period. In preparing these accounts. the trustees are required to: select suitable accounting policies and then appty them consistenty: obsenie the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and pruden( state whether applicable UK Accounting Standards have been folI(y•d, subject to any material departures disclosed and explained in the financial statements" prepare the financial statements on the going concem basis unless It Is inappropri* to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequale 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 Acl 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. Small company special provisions These acccunts have been prepared in accordance with the provisions applicable to small companies subject to the small companie5. regime and in accordance with Accounting and Repothng by Chaiities." Statement of Recommended Practice applicable to chan.ties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). This rewt was approved by the board on 29 Juty 2025 and signed on its behalf. Mr. Stephen Peter Michael Skrein Trustee 29 July 2025
UK FRIENDS OF THE SCIENCE MUSEUM LIMrrED Company Number. 5734244 Charity Number. 1113485 Annual Report & Accounts 2024 Independent examinerfs report to the Trustees of UK Friends of the Science Museum Limited I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2024 which are set out on pages 7 to 12. Responslbllltles and basls of report s the charity's trustees of the Company (who are also the director5 of the company for the purposes of company law). you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (Wie 2006 Acr). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eluible for irKlependent examinats'on. I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ("the 2011 Acf). In carrying out my examinab'on. I have folkjwed the Directions given by the Charfty Commission under section 145(5)(b) of the 2011 Act Independent examlnerfs statement I have completed my examination. I confirni that no material matters have corne to my attention which give me cause to believe that in any material respect.. accounting records were not kept in xcordance with section 386 of the 2006 Act; or the accounts do not accord with those records; or the accounts do not compty with relevant accounting requirements under section 396 of the 2006 Act other than any requirerrnt that the accounts give a 'true and fairf view which is not a matter considered as part of an irKlependent examination: or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practic for accounting and reporting by char.eS applicable to charrtie5 preparing their &counts in accordance with Ihe Financial Reporting standard applicable in the UK and Republc of Ireland {FRS 102>. I have no concems and have across no other matters in connection with the examination to which attention should be drawn In this report In order to enable a proper understandin9 of the accounts to be reached. Helen Tinsley {FCCA) 27 August 2025 st David's Court. Union Streec Wolverhampton, Wq13JE
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UK FRIENDS OF THE SCIENCE MUSEUM LIMITED Company Number.. 5734244 Charity Number: 1113485 Annual Report & Accounts 2024 Balance sheet as at 31 December 2024 Notes 2024 2023 Current assets Debtors Bank 4.471 60.543 65.015 4.471 25.404 Creditors: amunts falling due within one year (2,406) (2.196) Net current assets l (liabilities) 62,609 23.208 Net assets l (Ilabllltles) 609 Represenled by: Share capital Restried reserves General reserves 62.608 23.207 The company is entilled to the exemption from the audit requirefflent contained in section 477 of the Conwanies Act 2006, for the year ended 31 December 2024. The directors acknowledge their responsibilrties for corrwing with the requirements of the Coryanies Act 2006 with respect to accounting records and the preparation of financial slatements. The members have not required the company to obtsin an audit of its financlal statements for the year in question In accordance with seCn 476. Th&8e finanGial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the board on 29 Juty 2025 and signed on ts behalf by: Mr. Stephen Peter Mich1 Skrein Trustee 29 July 225 The notes on pages 9 to 12 fonn part of these accounts.
UK FRIENDS OF THE SCIENCE MUSEUM LIMITED Company Number. 5734244 Charity Number. 1113485 Annual Report & Accounts 2024 Notes to the accounts for the period ended 31 December 2024 1. Charlty Infomiation UK Friends of the Science Museum Limited (Ihe charity) is a company lirnited by shares. incorporated in the Unrted lfjngdom. registered at the Science Museum, Exhibition Road. London, SW7 2DD. The charity is registered with the Charib'es Commi&sion. 2. Basls of prnparation The financial statements of the charty have been prepared in accordance with applicable Uniled Kingdom accounting standards. including the Financial Repo.ng Standard 102- Tha Finanual Reporting Standard applicable in the United Kingdom and Republic of lTrland (effective January 2022) ('FRS 102.). and with company law. including the Companies Act 2006 and amendments and Regulations issued thereunder. The charity is a public benefit entity under the FRS 102. These financ1 statements have been prepared in accordance with charity legbslation, including the chitieS Act 2011, and follow Accounling and Repothng by Charitia& Statement of RecomnFended Practice applicable to chanties preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of lTrland a5 updated in October 2019 (the 'Chariti&s SORP,). The financial statements have been prepared under the historical cost convention. The charity has taken advantage of the provisions in the Charities SORP for charities apptying FRS 102 Update Bulletin 2 not to prepare a Statement of Cash Flows. Goin conce After reviewing the charity's forecasts and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concem basis in preparing its financial statements. Prln¢ipal accountlng pollcles Reserves ntin There a donor (w sponsor has specffied a particular purpose for a donation or grant that income is shown as restricted income. Unrestiicted funds are spent or applied at the discretion of the trustees to fvrther any of the charity's purposes. Vknere trustees choose to set aside part of the unrestricted funds to be used for a partiojlar purpose, they set up a designated fund that remains part of the charty's unrestricted funds. The Tnjstees have set a tsrget level for general reserves of £20,000. This is to ensure thal adequate funds remain in Pla to support the running of the chaiity. Incotr£ reco nition Inco is reo)gnised in the statement of financlal activities when a transaction or other event results in an Incr in the charity's assets. Income from donations is recognised when there is evidence of entiuement to the gif( receipt is probatAe and its amount can be measured reliably. Income received as part of the Science Museum Group's (SMG'S) patrons, programme is sh(ywn as unrestric. in line with SMG'S own policy on such incoff£.
UK FRIENDS OF THE SCIENCE MUSEUM LIMITED Company Number. 5734244 Charity Number. 1113485 Annual Report & Accounts 2024 Expendiiure in pursuit of the charity's activities in the of donations to the scien Museum Group is recognised when the donations are approved by the trustees. Expenditure on raising funds includes any costs as)cIated with fundrdising or receiving donations to the charity. Financial Instrumen The charity has electsd to appty the provisions of Section 11 'Basic Financial InstNments' and Seclion 12 'Other Financial Instruments Issues, of FRS 102 to all its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instnlment. Basic financial assets, which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unjess the arrangetnent constitutes a financing transaGtion. where the transaction is measured at the present vakJ8 of the future receipts discounted at a market rate of inleresL Financial assets classllled as reCefvab wlthin one year are not amortised. Basic financial liabilities. including creditors arKI bank loans are initialty recognised at transaction pri( unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments dlscounted at a market rate of interest Financial liabilities clasSrfd as payable within one year are not amortised. Debt instruments are subsequenty catried at amortised cos( using the effective interest rate method. 4. Expondlr0 Net incomel{expenditure) is stated after charging: 2024 2023 Bank charges Independent examination Compliance services provided by indeperbdent examiner Irrecoverable Value Added Tax (VAT) 1,570 435 401 1.430 400 Fees are stated exdusiv8 of VAT. whith the charty is unable to recover. ndlture on chari es 2024 2023 Unrestricted donations to Science Museum Group Support costs 38.672 2,198 40,870 2.406 10
UK FRIENDS OF THE SCIENCE MUSEUM LIMITED Company Number. 5734244 Charity Number. 1113485 Annual Report & Accounts 2024 None of the trustees (or any Pen5 connected with them) received any remuneration during the year. No expense payments We made to buslees in the year to 31 December 2024 (2023: nil). 2024 2023 4,471 4.471 6. Creditors 2024 2023 Accruals 2.196 7. Sharo capitsl 2024 2023 Allotted Ordirk3ry shares of £1 each The share has attached to it rights to one vote. Under the charity's articles of association, no dividends shall be paid to shareholders and no part of the property and funds of the charity shall be paid or transferred to the shareholders of the company. Flnanclal Instruments 2024 2023 Carrying amount of financlal assots Measured at amortised cost 65,015 25,404 Carrying amount of financlal Ilabllltles Measured at amortised cost 2.406 2,196 Financial a&sets measured at amortised cost consist of accrued income and cash at bank. Financial liabilttses measured at amortiwl cost consist of accruals. 11
UK FRIENDS OF THE SCIENCE MUSEUM LIMrrED Company Number. 5734244 Chlty Number. 1113485 Annual Rert & Accounts 2024 9. Reserves Genera reserves General reserves are available for use in furtherarKe of the general objectives of the charity and are usualty allocated for expenditure in the year after they arise. 2024 2023 Opening balance Net movement in unrestricted funds Closing balance 23,207 63.635 62.608 23.207 10. Controlling Party The ultimate parent and controlling party is FrierKts of Science Museurns Inc., a corporation organised under the District of Columbia Non*rofft Corporation Act whose registered office is at CT Corporation System. 1015 15th Street, N.W., Suite 11)00. Washington D.C. 20005 and registration number is 252029. It is recognised by the US Intemal Revenue Services with an employer identification number of 2r 3654427. The purpose of this entity is to Sup[ scientific programmes and activities. In order to exercise control over ts subsidiary. the parent receives regular financial infomBtion and advises on actions required to comply with US law. 11. R•lat•d Paty Transactions There were no lated party transactions during the period. 12