## **The British Museum Trust Limited** Annual Report and Financial Statements for the year ended 31 March 2024 Company registration number 7520030 Charity registration number 1140844 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **Contents** |**Contents**|| |---|---| ||**Page**| |Reference and administrative details of the charity, its Trustees and advisers|3| |Report of the Trustees for the year ended 31 March 2024|4-8| |Statement of Trustees’ responsibilities|9| |Independent Auditor’s Report to the Members of the British Museum Trust Limited|10-13| |Statement of Financial Activities for the year ended 31 March 2024|14| |Balance Sheet as at 31 March 2024|15| |Cash Flow Statement for the year ended 31 March 2024|16| |Notes to the accounts for the year ended 31 March 2024|17-22| _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **Reference and administrative details of the charity, its Trustees and advisers** ## **Board Members and Trustees** Lord Powell of Bayswater (Chair) Professor Clive Gamble Mrs Edmée Leventis OBE Sir David Norgrove Mr Jack Ryan MBE ## **Investment Committee** Lord Powell of Bayswater (Chair) Professor Clive Gamble Sir David Norgrove Mr Jack Ryan MBE ## **Auditor** Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP ## **Bankers** National Westminster Bank plc 135 Bishopsgate London EC2M 3UR ## **Investment Managers** Newton Investment Management Limited BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA ## **Registered Office** The British Museum Trust Limited Great Russell Street London WC1B 3DG Company registration number 7520030 Charity registration number 1140844 3 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **Report of the Trustees for the year ended 31 March 2024 (incorporating the Strategic Report and Directors’ Report)** The Trustees present their annual report on the activities of The British Museum Trust Limited (BMT), together with the financial statements and auditor’s report, for the year ended 31 March 2024. ## **Strategic Report** ## **Objectives and activities** The overall object of BMT, as laid down in the Memorandum and Articles of Association, is “to advance, in a manner in which the Trustees of the charity see fit, the charitable objects of the Trustees of the British Museum (as may be amended from time to time); and to advance culture, heritage, science, education and the arts for public benefit throughout the world in any manner incidental, conducive to or compatible with the charitable objects of the Trustees of the British Museum.” BMT aims to achieve this object through the award of grants. ## **Achievements and performance** The Trustees monitor the performance of the charitable company’s activities against the established objectives for the year. In 2023/24 these were to: ## • **Award grants** BMT was pleased to be able to make a number of grants in 2023/24: ## _David Livingstone Birthplace Museum_ A grant of £15,000 to David Livingstone Birthplace Museum to support community displays and exhibitions; ## _Museum & Art Swindon_ A grant of £15,000 to Museum & Art Swindon to fund a display case and interpretative materials; ## _STORIEL, Gwynedd Museum and Art Gallery_ A grant of £11,490 to STORIEL, Gwynedd Museum and Art Gallery to fund a moveable display case; and _Wakefield Museums & Castles_ A grant of £12,350 to Wakefield Museums & Castles to support a youth forum pilot programme 4 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## • **Monitor the impact of grants** Under the terms of each grant, the Trustees request that a report, including details of project expenditure, is submitted by beneficiary institutions to allow the Trustees to measure the outcomes and impact of the project and ensure that funds are applied in the agreed manner in relation to BMT’s charitable object. The following table summarises the impact of the grants made by the British Museum Trust for which reports were received since 1 April 2023. ||||| |---|---|---|---| |**Grant**
**Recipient**|**Grant Purpose**|**Value**|**Impact**| |British
Museum|Capital Programme|£4,000,000|Allowing significant progress to be made in
improving conditions on site, including
•
major fire safety programmes,
•
enhancement of building fabric and
security, and
•
mechanical and electrical infrastructure
works.| |Herefordshire
Museum|Specialist display
case|£9,103|•
Acquired a new manoeuvrable display
case.| 5 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **Financial review** Total income of £4,501k (2022/23: £7,509k) was recognised during the year. Income in recent years has consisted predominantly of grants from the British Museum and its subsidiaries, of which there was a grant totalling £4,500k in the year (2022/23: £7,500k). Total grant expenditure of £54k (2022/23: £129k) was incurred during the year. Grants made in the year met the object of BMT. Excluding grants, expenditure of £1,002k was incurred during the year (2022/23: £951k). This primarily relates to investment management fees and the costs associated with administration, audit fees and sundry governance costs. Total funds as at 31 March 2024 were £192m (2022/23: £174m). ## **Principal risks and uncertainties** The aim of risk management within BMT is to achieve an optimum response to risk, prioritised in accordance with an evaluation of the risks. The Trustees are of the opinion that a thorough risk management process is in place that involves the formal review of key risks and systems and procedures to manage these risks. The risks and controls will continue to be reviewed by the Trustees at scheduled meetings. The key risks are: ## • **Investment loss** Risk of loss through markets or advisers is mitigated by the oversight of an investment committee that ensures investments are managed in line with the Investment Policy. ## • **Income not being spent appropriately** Donations and grants received are recorded and restricted funds separately tracked to ensure grants made are in accordance with the donors’ wishes and BMT’s object. ## **Plans for future years** ## • **Awarding grants** BMT aims to deliver its charitable object through the award of grants. Thanks to its success in securing grant income, the Trust is able to consider high-quality grant applications that support its object. BMT seeks to keep administrative overheads at a minimum in order to maximise the charitable benefit of funds raised. In 2024/25 and future years, BMT anticipate providing support to the British Museum with its plan to catalogue and make accessible the entire collection. ## • **Measuring and monitoring the impact of grants** BMT will continue to monitor the effectiveness of grants made by requesting from recipients an update on how money is being spent and the outcomes and impact of the project, usually to be received within two months of the agreed project end date. This information will inform the annual review of BMT’s grants policy and decisions made about future grants. 6 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **Directors’ Report** ## **Organisational structure** The British Museum Trust Limited (BMT) is a registered charity (registration number 1140844) and a company limited by guarantee (registration number 7520030). BMT is governed by a board of Trustees (directors for the purposes of the Companies Act) who abide by its Memorandum and Articles of Association. The Trustees are responsible for determining the overall strategy of BMT and meet at least twice a year. They are responsible for reviewing and making decisions on the nature and value of grants to be paid with reference to BMT’s charitable object. The administration of BMT is carried out by the British Museum under terms governed by a Service Level Agreement. ## **Recruitment and training of Trustees** The power to appoint new Trustees is exercisable by those currently in office. New Trustees are fully briefed on the objectives of BMT and their role as Trustees. This is reinforced by training as required, to equip them effectively to discharge their duties. ## **Public benefit** In setting BMT’s objectives and planning its activities, the Trustees 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 consider that the object of BMT, the activities outlined in this report, and plans for future years demonstrate public benefit. ## **Reserves policy** The reserves policy takes into account the nature of the funds received and held by BMT, its forecast income and expenditure, future needs, opportunities, contingencies and risks. It is anticipated that a substantial proportion of grants that BMT is likely to make will be in support of the acquisition of objects or in support of major capital work. Such expenditure is often very high in value and can arise at any time. The Trustees review the level of funds, together with known and likely future requests for support from those funds, at each board meeting and at least annually. It is the Trust’s policy to continue to build up reserves until they can be expended in furtherance of the charitable object; however the Trustees will seek to hold, as a minimum, unrestricted free reserves equivalent to between one and three months’ non-grant expenditure. At the year-end BMT held unrestricted funds of £350k (2022/23: £374k) and restricted funds of £191m (2022/23: £173m). Unrestricted funds at year-end were equivalent to around 4 months (2022/23: 5 months) non-grant expenditure. The Trustees consider this level of reserves to be sufficient to meet future funding obligations and to continue to make grants in furtherance of the Trust’s charitable objects. 7 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **Investment policy** ## _Overall objective_ The overall objective of the policy is to invest, within the constraints of the risks the Trustees are permitted to take, in order to ensure that there are always sufficient funds to enable BMT to meet grant commitments and discharge its charitable object. ## _Risk tolerance_ Limited short-term capital volatility is acceptable on funds, although any reduction in the value of the funds will affect the ability of BMT to meet grant applications. ## _Asset classes and diversification_ There is no restriction on which asset classes may be considered, subject to the requirements set out elsewhere in this policy and the general power of investment. ## _Accumulation versus distribution_ Total investment return includes income and capital returns. The Investment Manager will generally be required to retain and reinvest dividends, interest, capital gains and other income, except where required to distribute. ## _Operational cash_ If cash that is not specifically invested by the Investment Committee or appointed fund managers ever exceeds £1m, funds should be spread across three counterparties in broadly equal proportions. Grant funding of £2m was received on 26 March 2024 and held temporarily as cash until investment purchases of £1.9m were made on 3 April 2024 reducing the cash balance to £111k. ## **Fundraising** The charity undertakes no active fundraising. No complaints in respect of fundraising have been received in the year. ## **Grant-making policy** The Directors consider applications from the British Museum and other bodies for grants and make such grants as seem best calculated to advance the charitable objects of the Trustees of the British Museum or to advance culture, heritage, science, education and the arts for public benefit throughout the world in any manner incidental to, conducive to or compatible with the charitable objects of the Trustees of the British Museum, ensuring always that the requests and stipulations of donors are strictly met. The Directors monitor grants by requesting from recipients an update on how money is being spent and the outcomes and impact of the project, usually to be received within two months of the agreed project end date. 8 Th6 Blillsh Museorrt TNslUmfterl CompanyRegisbSllon Number7520030 ChaffllyR8glslr8lloipNumbsr 1140844 AnnualRgPOFI &rnfFlnpncJg1 Slatomonls fforlh&yearondfjd 31 March 2024 Statement of Trustees, responsiblllties The Trustees (who are also dlreclors of The BrilSsh Museum Trust Limited for the purposés of the Companles Acll are responslble for preparing the Trustees, Annual Rgport and th8 flnanclal slalemenls in accordance wilh Unlted Kingdom Accounting Slanda¥ds and applicable laws IFRS 102, the FinanGlal Reporting Standard applicable the UK and Republlc of Ireland, and the Compan18s AGt 20061. Company law requlres th8 Trustees to prepare Inand81 slatoments for each financial year. Under company law the Trustees must not approve the financial statements un18ss they are satisfipd that Ih8y give a true 8nd fairvtew of the slate of affairs of the charitable Gompany and ol the incoming resources and application of resoyrceg, including the income and expenditure for that year. In preparing these financial statements, the Trustees are requlred lo.. select suitablg accounllng policÉes at)d then appty them consislenllyi observé tha methods and principles In tha Charities SORP., make ludgmgnls and e8timales that are reasonable and prudent., slate whether appllcable UK Accounting Standards Induding FRS102 have been followed, subjeGt to any material departures disclosed and 8xplained in tho financlal statements., stale whether a Statement of Recommended Practice appll8s and has been follow&d, subject lo any material departures wh￿h are explained in the financial statements. and prepare th8 financial slatem6nls on the going concern bas18 unless il is inapproprSalg lo presume that the charitable cornpany will Continue In busin8SS. The Trustees are responsible for keeping adequate a￿0￿￿ting records thal dlsclose wlh reasDnable accuracy et any Ilme the flnan¢ial posltlon of the charitable company and enabla them to ensur6 that the flnancial slalemenls comply with the Companies Act 2006. They are also responsSble for safeguarding the assets of thè charitable company and hence for taking reasonable steps lor the prevention and detection of fraud and other Irregularities. In $0 far as the Trusteès are awarg.. there Is no relevant audit inlormalion of whlch the charitable company's audllor is Ltnawar8', and the Trustees have taken all steps that Ihey ought lo hav8 taken lo make themselves aware of any rel6vanl audll Informallon and lo 8818bllsh that the audllor Is aware of that Informallon. This cor)flrrnalion is glven and should be inlerpreied In aocgrdance wlth the provislons of s418 of the Companles Act 2006. The Direclor8' Report is approved by the Trusl8es of the charlly. Thg Strateglc Report, whlch fomis part of th8 Annual Report, Is approved by the Trustees in their capaclty as Dir8Ctors in company law ofthè Charity. Approved by the Trustee8 and slgned on thelr beha51 by., Lord Powell of Bayswaler Dale _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **Independent Auditor’s Report to the Members of The British Museum Trust Limited** ## **Opinion** We have audited the financial statements of The British Museum Trust Limited (‘the charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of 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 Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charitable company’s affairs as at 31 March 2024 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 Opinion** 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 Auditor’s Responsibilities for the audit of 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 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions Relating to Going Concern** In auditing the financial statements, 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 material 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 Information** The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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. 10 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ 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 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 misstatement 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 Required 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 returns; 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. ## **Responsibilities of Trustees** As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees (who are also the directors of the 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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative 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 to issue an auditor’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 misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 11 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout 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 obtain 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 reasonableness 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 concern. 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, if 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 to cease to continue as a going concern. - Evaluate the overall presentation, 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 communicate 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 British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ 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 Council. - 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 misstatement 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 with 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 making enquiries of management and those charged with governance 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 from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. ## **Use of our Report** This report is made solely to the charitable company's members, as a body, in accordance with 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 state 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 > 29 November 2024 6th Floor 9 Appold Street London EC2A 2AP 13 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 March 2024** |||Unrestricted|Restricted|**Total Funds**|Unrestricted|Restricted|**Total Funds**| |---|---|---|---|---|---|---|---| |||Funds|Funds|**2024**|Funds|Funds|**2023**| |||£|£|**£**|£|£|**£**| ||Note||||||| |**Income from:**|||||||| |Donations and legacies|2|-|4,500,000|**4,500,000**|8,709|7,500,000|**7,508,709**| |Investments|3|3|1,251|**1,254**|1|532|**533**| |**Total**||3|4,501,251|**4,501,254**|8,710|7,500,532|**7,509,242**| |**Expenditure on:**|||||||| |Charitable activities|4|(53,899)|(27,165)|**(81,064)**|(29,235)|(126,675)|**(155,910)**| |Raising funds|5|(2,102)|(972,561)|**(974,663)**|(2,196)|(922,171)|**(924,367)**| |**Total**||(56,001)|(999,726)|**(1,055,727)**|(31,431)|(1,048,846)|**(1,080,277)**| |Net gain/(loss) on investments|9|31,355|14,508,195|**14,539,550**|(15,674)|(6,582,798)|**(6,598,472)**| |**Net income / (expenditure)**||(24,643)|18,009,720|**17,985,077**|(38,395)|(131,112)|**(169,507)**| |**Net movement in funds**||(24,643)|18,009,720|**17,985,077**|(38,395)|(131,112)|**(169,507)**| |Total funds brought forw ard|12|374,283|173,182,410|**173,556,693**|412,678|173,313,522|**173,726,200**| |**Total funds carried forward**|12
|349,640|191,192,130|**191,541,770**|374,283|173,182,410|**173,556,693**| All activities are derived from continuing operations. The Statement of Financial Activities contains all gains and losses in the year. The notes on pages 17 to 22 form part of these accounts. 14 Tre 8rf1i$h Alusa￿￿ Tmsl Lln*19d Cw8nyRegldr8kn Number7620030 ChadlyRgglslrallon hlumbor 1140844 Annual Report andFln3ncl8lSlatsm8nls lorlh*ye$r$nd8d 3t March 2024 Balance Sheet as at 31 March 2024 Not8 2024 2023 FIx8d assgts Inwstm8nls 187,340,583 70,752.888 Current asset5 Dabtors Cash al bank and in hand 10 2,505,891 2,030 737 4,53Q628 3,005,949 185520 3,191,469 Current Ilabllltlas Credllors.. amounts lafling due within one year 11 1335,4411 1387,664} Nat as%ets 191,541 770 173 $56 693 Repr8sented by.. Re5tr1ct8d fund8 Unrestrl¢t•d funds 12 12 191,192.130 173,182.410 374,283 173,556 693 191541 770 Th8 ftnanclal sialements of Th8 Brlllsh Museum Trust Limited, registered company number 7520030 and reglslered ¢harlty number 1140844, wère approved by the Board of Tr4JStees and authortsed for 188ue on S November 2024 and signed on their behalf by.. Lord Powell of Bayswater Dale 15 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **Cash Flow Statement for the year ended 31 March 2024** ||Note|**2024**|**2023**| |---|---|---|---| |||**£**|**£**| |**Cash flows from operating activities**|||| |Net income/(expenditure)||**17,985,077**|**(169,507)**| |Net (gain)/loss on investments|9|**(14,539,550)**|**6,598,472**| |Interest and dividends received|3|**(1,254)**|**(533)**| |Decrease/(increase) in debtors|10|**500,058**|**(3,004,837)**| |Decrease in creditors|11|**(52,223)**|**(3,908,854)**| |**Net cash inflow/(outflow) from operating activities**||**3,892,108**|**(485,259)**| |**Cash flows from investing activies**|||| |Interest and dividends received|3|**1,254**|**533**| |Sale of fixed asset investments|9|**951,855**|**4,979,278**| |Purchase of fixed asset investments|9|**(3,000,000)**|**(4,370,000)**| |**Net cash (used in)/provided by investing activities**||**(2,046,891)**|**609,811**| |**Increase in cash and cash equivalents**||**1,845,217**|**124,552**| |Cash and cash equivalents at the start of the period||**185,520**|**60,968**| |Cash and cash equivalents at the end of the period||**2,030,737**|**185,520**| |**Analysis of cash and cash equivalents**|||| |Cash at bank and in hand||**2,030,737**|**185,520**| |Cash and cash equivalents at the end of the period||**2,030,737**|**185,520**| 16 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **Notes to the accounts for the year ended 31 March 2024** ## **1. Accounting policies** The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. ## **Basis of preparation** The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 (FRS 102), the Statement of Recommended Practice for Charities 2019 (SORP 2019), the Companies Act 2006, and the Charities Act 2011. The financial statements are presented in sterling, which is the functional currency of the charitable company. Monetary amounts are rounded to the nearest pound. ## **Going concern** The British Museum Trust Limited’s activities and future plans are set out in the Report of the Trustees. The Trustees have a reasonable expectation, based on forecasts and projections and taking into account reasonably foreseeable changes in income and expenditure, that the charitable company has adequate resources to continue to operate for the foreseeable future. While recent global events continue to pose significant risks to the British Museum Trust’s income streams (including both grant income and investment gains) the Trustees consider the level of reserves adequate to absorb foreseeable changes in income. Accordingly, they continue to adopt the going concern basis in preparing the Report of the Trustees and financial statements. ## **Donation and legacies** Donations and legacies are recognised when there is evidence of entitlement (for example when the conditions for their receipt have been met), receipt is probable, and their amount can be reliably measured. ## **Income from investments** Interest income is recognised in the period in which it is earned and is allocated across restricted and unrestricted funds in proportion with the value of funds held at the start of each quarter. ## **Taxation** The British Museum Trust is a charitable company and entitled to certain exemptions from income and corporation taxes on income and gains. ## **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. Expenditure is classified in the SOFA under the principal categories of expenditure on raising funds and on charitable activities. Expenditure on charitable activities includes grants to institutions, support costs incurred in the general running and administration of BMT, and governance costs incurred to ensure compliance with constitutional and statutory requirements. Support and governance costs have been allocated across restricted and unrestricted funds in proportion with the value of funds held at the start of each quarter. ## **Liabilities** Liabilities are recognised where legal or constructive obligations mean that it is more likely than not that a transfer of economic benefits will be made. 17 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **Grants payable** Grants payable are recognised when formally approved by the Trustees, communicated to the recipient and when any conditions of the grant have been met. ## **Foreign Currencies** Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are reflected in the Statement of Financial Activities. ## **Financial Instruments** Other than investments, all basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Investments are measured at fair value with any gains or losses reflected in the SOFA in the period in which they arise. BMT does not have any non-basic financial instruments. Cash and cash equivalents, as referred to in the statement of cash flows, include only 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 than for investment purposes. ## **Funds** Restricted funds including those of a capital nature are those which are to be used in accordance with specific restrictions imposed by the donors. Unrestricted funds are those available for use at the discretion of the Trustees in furtherance of the objectives of BMT. ## **Significant Judgements and Estimates** All significant judgements applied in preparing the financial statements are disclosed in the accounting policies above. No material estimates have been applied. 18 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **2. Income from Donations and legacies** |Donations and legacies
Total voluntary income|**2024**
**2023**
**£**
**£**
**4,500,000**
**7,508,709**
**4,500,000**
**7,508,709**| |---|---| ## **3. Income from Investments** |Interest
Total income from investments|**2024**
**2023**
**£**
**£**
**1,254**
**533**
**1,254**
**533**| |---|---| ## **4. Expenditure on Charitable activities** |Grants to institutions
Support costs|**Total**
**Total**
Unrestricted
Restricted
**Total 2024**
Unrestricted
Restricted
**Total 2023**
£
£
**£**
£
£
**£**
53,840
-
**53,840**
29,171
100,000
**129,171**
59
27,165
**27,224**
64
26,675
**26,739**| |---|---| ||53,899
27,165
**81,064**
29,235
126,675
**155,910**| Grants were awarded to support projects as detailed in the Report of the Trustees. ## **5. Expenditure on Raising funds** Investment management fees **2024 2023 £ £ 974,663 924,367** 19 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **6. Support costs** |**6.Support costs**|| |---|---| |Audit fees
Directors and officers
indemnity insurance
Total governance costs
Other support costs
Total support costs|**Total**
**Total**
Unrestricted
Restricted
**2024**
Unrestricted
Restricted
**2023**
£
£
**£**
£
£
**£**
17
7,903
**7,920**
18
7,542
**7,560**
5
2,211
**2,216**
5
2,086
**2,091**| ||22
10,114
**10,136**
23
9,628
**9,651**
37
17,051
**17,088**
41
17,047
**17,088**| ||59
27,165
**27,224**
64
26,675
**26,739**| Support costs have been allocated between funds on the basis of the ratio between unrestricted and restricted fund balances at the start of each quarter. ## **7. Staff costs** BMT has no employees. The British Museum provides accounting and administration services for which BMT is charged on an arm’s length basis. ## **8. Trustees’ remuneration** No Trustees received any remuneration for services in the year (2022/23: no trustees). No Trustees were reimbursed during the year (2022/23: no trustees). ## **9. Fixed asset investments** |Investments at 1 April
Additions
Disposals
Gain/(loss) in value
Investments at 31 March|**2024**
**2023**
**£**
**£**
**170,752,888**
**177,960,638**
**3,000,000**
**4,370,000**
**(951,855)**
**(4,979,278)**
**14,539,550**
**(6,598,472)**
**187,340,583**
**170,752,888**| |---|---| During 2023/24 all (2022/23: all) investments were in the BNY Mellon Real Return Fund. 20 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **10. Debtors** |Other donations
Prepayments
**11.Creditors: amounts falling due within one year**
Grants payable
Accruals||**2024**
**2023**
**£**
**£**
**2,504,669**
**3,004,669**
**1,222**
**1,280**
**2,505,891**
**3,005,949**
**2024**
**2023**
**£**
**£**
**53,840**
**129,171**
**281,601**
**258,493**
**335,441**
**387,664**| |---|---|---| |||| ## **11. Creditors: amounts falling due within one year** ## **12. Funds** |**2024**
Restricted capital funds
Restricted masterplan funds
Other restricted funds
Total restricted funds
Unrestricted funds
**2023**
Restricted capital funds
Restricted masterplan funds
Other restricted funds
Total restricted funds
Unrestricted funds|**Balances**
**brought**
**forward**
**£**
**2,002,763**
**7,500,000**
**163,679,647**
**173,182,410**
**374,283**
**173,556,693**
**Balances**
**brought**
**forward**
**£**
**2,198,286**
**-**
**171,115,236**
**173,313,522**
**412,678**
**173,726,200**|Income
£
14
4,500,054
1,183
4,501,251
3
4,501,254
Income
£
7
7,500,000
525
7,500,532
8,710
7,509,242|Expenditure
£
(11,561)
(43,295)
(944,870)
(999,726)
(56,001)
(1,055,727)
Expenditure
£
(112,035)
-
(936,811)
(1,048,846)
(31,431)
(1,080,277)|**Balances**
Movement on
**carried**
investments
**forward**
£
**£**
167,780
**2,158,996**
628,306
**12,585,065**
13,712,109
**176,448,069**
14,508,195
**191,192,130**
31,355
**349,640**
14,539,550
**191,541,770**
**Balances**
Movement on
**carried**
investments
**forward**
£
**£**
(83,495)
**2,002,763**
-
**7,500,000**
(6,499,303)
**163,679,647**
(6,582,798)
**173,182,410**
(15,674)
**374,283**
(6,598,472)
**173,556,693**| |---|---|---|---|---| Restricted funds have arisen as a result of donations made by donors to BMT. “Restricted capital funds” are restricted for the furtherance of the British Museum’s charitable objects through expenditure for capital purposes. “Restricted masterplan funds” are restricted for the furtherance of the British Museum’s ambitious long-term plans, currently known by the working title of the masterplan. “Other restricted funds” are restricted for the furtherance of the British Museum’s charitable objects. 21 _The British Museum Trust Limited Company Registration Number 7520030 Charity Registration Number 1140844 Annual Report and Financial Statements for the year ended 31 March 2024_ ## **13. Analysis of net assets between funds** |Fixed asset investments
Current assets
Creditors
Fixed asset investments
Current assets
Creditors|Restricted
capital funds
£
2,133,578
28,592
(3,174)
2,158,996
Restricted
capital funds
£
2,103,537
2,209

(102,983)

2,002,763|Restricted
Masterplan
funds
£
10,436,900
2,166,667
(18,502)
12,585,065
Restricted
Masterplan
funds
£
4,502,898
3,008,274
(11,172)
7,500,000|Other
restricted
funds
£
174,370,741
2,336,739
(259,411)
176,448,069
Other
restricted
funds
£
163,742,856
180,573
(243,782)
163,679,647|Unrestricted
**Total**
funds
**2024**
£
**£**
399,364
**187,340,583**
4,630
**4,536,628**
(54,354)
**(335,441)**
349,640
**191,541,770**
Unrestricted
**Total**
funds
**2023**
£
**£**
403,597

**170,752,888**
413
**3,191,469**
(29,727)
**(387,664)**
374,283
**173,556,693**| |---|---|---|---|---| ## **14. Contingent liabilities** In 2018/9 the BMT entered into an agreement to provide project underwriting of up to £41m. The agreement remains in place but the timing and amount of any payment under this agreement is uncertain. ## **15. Members’ liability** The charity is a company limited by guarantee and has no share capital. The liability of each Member in the event of winding-up is limited to £10. ## **16. Related party transactions** During the year BMT entered into no material transactions with related parties. 22