Reglstered number.. 01362091 Charlty number.. 276066 Friends of Benjamin Franklin House (A company Ilmlted by guarantee) Unaudlted Trustees, report and financial statements for the year gnded 31 March 2024
Frlend5 of Benlamlrl Franklln House IA company limlted by guarante¢} Cont8nt$ Pagg Rofeience 8nd atlmlnlstratlve detslls of the ¢harlty, Its Tru$t88s and advlBer5 Trnsteos. report Indepenilent examlnerfs report statement of finan¢Sal actlvltlB8 10 Balanc• sheot Not95 to th8 tinanGial gtatem•nts 12-25
Frlond$ ol 8&nlamln Franklln Hou5P IA company limlted by guarantsel Referen and admlnlstrativ• deta118 of tho charlty, Its Trustees and advis•ts for th& year ended 31 March 2024 Tru$teas Mr John StY11n$kl, Chairman Ms EIiz8b6lh Tirona, Secretary Mr Tudor Aw, Treasur8r Lama Kan8zeh lappoint8d 14 FeLiru8ry20241 Ms AnllE P Keigher Mr Rory Sutherland Mf Michael Sheldrl¢k18ppolntÈd 14 February 20241 Mr Davld A MotsE AEnbassadDr G8rard Errera Ms Irina Bokova Mr Gay Evan5 Company r8gi5tered number 01262091 Charity iegl8lerod number 278066 Reglstered office 36 Craven Street London WC2N 5NF Company Becratary Ellzabeth Rose Tlyone Independent Exarnlnor L(Écy Hatnrnond Chartered Accountants Kreslon Re8vEs LLP 2nd FIoDr 168 shar11¢h High Street London EI 6RA Bankers Coults & Co 440 The Strand London WC2R oas Page 1
Frlends of Banlamln Franklln Hou50 IA Company Ilmlied by guaranto01 Trusttes. report for thè year 8nd8d 31 M?reh 2024 Tha Trustees present thelr annual report togetherwilh the finanal statem8nts of the charity for the period of 1 April 2023 to 31 March 2024. The Annual repDrt 5erv85 the purpose5 of both a Tru$le88' ieport and a directors, report under Gompany law. The Truslees confirm Ihal the Annual report and finan¢lal $18teThenls of the oharflablo company complywith the currenl statutory requirements. the requirements of the charllable company's governing document 8nd the provisions of lh8 Stalem8nl ol Recomm8nded PractiGg ISORPI applicab18 to chariti$s pr8paring their account8 in aOrda[ wlth tho Finandal R8POrtino Standard applicabl&.In Ihe UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Slnc8 the charity quaSifie8 as stnall und8r secllon 382 of the Companies Act 2006, the Strategic report requir8d of medium and large companie5 und8r th8 Compantas Ad 2006 Istratsglc Report and Directors, R8POrtI Rggulations 2013 has been ornitted. ObleGtlves and actlvltles a. PolSclès and obJeGtIv8s In sElllng objectives and planning for acfjvities, the Trustees hav& given due (x)ns1deratn lo gengral guidance pub$hed by th8 Charity CommisSn relating to publ1¢ b8nefit. The obled of the Foundation Is to adva#ce education for the publ1¢ benefit by.. prtsvlding a dynamic rnusgum which makes real the life 1Smes of Bonjamin Frankfin at 36 Craven Street.. and for that purpose to own, improv8, preserye and malntaln Bsnjamln Franklln House, th8 sole remain1 resldence of Benjamin Franklln allere in the world- 8Stabllshing a Slud8nl Solence Centre for young peop18 thal emphasises th8 scientifi¢ method and encourao@s Benjamin Franklin's spirit ol Ènquiry using experlmenls and oth8r tnèans to spur interest in scienGe and Franklin re18£ed subjects, bringlng Ghlldrgn togethÈr to foster cro88 culbjral underslanding and dialogue 8nd 8ritish Atnerlcan relation8,' and lill Instituting a Scholarship Centre for seholors, adult learner8, and others. as a focal polnt in Europe for Bénjarnln Franklin and Frsnklln related research. offering scholarship5 solply. or in conlunclion wh other IndNidu&15 and inslilulions. at the dl8crelion of lh& Board of Trusletrs. b. Strategl$s for achleving objectlv8S The first phase of work. completed on lirna and wlthin budget in 1999. Ènsured the slructurEI SUTViV81 ol th8 1730$ Grade I listèd, Georgian lerracÈ building, the workl's only survivlng home where Benjamin Franklin lived and wtrrk8d. The Heritago Lottery Fund, English Heritage. th& G8tty Foundation and the Willlam Hatt TwsL amoTrg olh8rs, provided core funding. W8 then focused on partial consorval¥)n ol th8 ground and flrsl floor along wth des1gns forthe HiSCal Exp8ri8nce, Student Science C8ntre, and Scholarship Cenlre. Thi$ 8S5ential work was made posslble with support fmm indlviduals 8nd foundatlot55, Induding the Equitable Charllable Trlst, the Welcorne Trust, the W88ton Foundation. and the Wollson Foundation. Fln81 works encornpassed the rom8ining InierioT Conservation and Ihe Fn5t#llatson ol m8ch8nic81, el8¢lric81 and mu111m8dla services required to present Benlamin FTanklin House to the publlc- mad& posslble in larg8 part due lo a sccond grant from th8 Natkonal Lottery Hèri18ge Fund (then H$ri18ge Lottery Fundl- thu5 reallsing the obJ8¢tives of th8 charify. We m81 our goa1 to open the House on the 300th anniversary of Franklin's bSrth, 17 January 2006. Then Foielgn SeGrétary ol th8 United Kingdom and Ambas$8dor ol the Uni18d Sla18s presided over the ceretnony al Craven st&t. Page 2
Frfend5 of Benlamln Franklln Hous IA Gompany limlted by gu8rantfjeJ Trustees. r8port (Gontlnuedl forthe year end8d 31 March 2024 Objectlves and activltles l¢ontlnuedl The House now advance5 understanding of Franklin's a¢hi8v8ments and valu8S through.. A Histoilcal EXrIenCe that pt88ents the 8xclternent and unrtaInty of Franklln's London years ustng the rooms whère so Tnuch took place as staging lor a drama which seamlessly Integrates live performance. cutting edge lightirw, sound and PfOiPGllon t8chndogy.11 st&nds alone among London atlra¢tlons in its 'museum as theatre, appmach and has ¢reat&d a new stsndard hlstoric81 interprotayon. The Student Sclence Centre focus88 on Fmnk51n's London Scign-fM lighlnlng rods to hydrodynamics, allowing schoo1 childr8n lo salisfytheir hlstoric81 and s¢ienlific curlosily, free of Gharge. Oulrgach. Includlng B&n's Travglling Suil¢8se, brings our educab'onal activities into schoo18 and the communily. The Rob8rt H. Smith Seholarshlp Centre serves as a hub for Fran1n related study In Europe. featuring full Set of the Papers of Benjamln Franklln ealalogu8d by Yale Unniersity, an active voluntsgr programme ror unNerslly Students from the US, UK. and farther afLeEd, ov&r 40 publ1¢ ev8nt8 per year ranging from lectu$, exhibitions, and f8mily days. Achiovements and parformance . Maln a¢hlevgments vf th? ¢hèrlty Key ovents4n the year Visltors to B8njamln FranklStE Hollse contlnlte to18ave poslllve comment$ about the House across varlous channels. Indicative in¢lud8s.. 'Il was th8 rtKisI iTh18resting, instrudive, and enjoyable tour we have ever tak8n;" 'Our entgrtaining, p3ssionat8, and informed gvlde. .rn8de Benlarnin Franklln comp to lifè. W8 shall gladly recall our vI51t to Bgnjamln Franklin House for & very long time., More than 7,000 vi51to¥s ram8 to Bettlamin Frankfin Hous8 durlno th8 perk)d. parbcipaung in th8 Hi5tod¢al Experience, archilectural tours, lecire, family days and school vlsits. We deploy SOCAal media maikeling and collaborate wlth organisallons such as Hlstorlc Houses, London Pass, and the Art Fund tD grow vi8ltor numbers. Tha Hou5e'.£ Èducational offerings are free of eharqe to ensure cost 18 not a barrler to entry, paUladY valuab18 durlng a period when the U5( experienced hlgh inflallon. Th8 House was closed to lh8 pub15c on Tuesday5 and open exdu5ivèly lo schools. W$ welcomed mor8 than 1300 school chikdren, • malorily frotn Inn8r-ciLy schools, whprÈ they discov8r6d thE itnportance ol Benjamin Franklin to contemporary so¢Aety. Through oulr8ath activilles in the classroom and the communlty, we re8Ghed an additlonal 1690 children in the year. Sp8ciai educational aciivities includsd our annual debate Contest for secondary school students, Frankly Sp8aklng. h051ed by th8 US Embassy Londoti, wlth support from the Daugh18rs Of the Americ&n Revolution. 12 schoo15 Irom across London look port., winner of th8 junior category, Ptincelta Rachel from The Grey Coat Hospital School joined the Rt HDn. Baron8ss Anelay of Sl John$ DBE for Hn exciting tour ol the Houses of Parliament,. winner ol the senior category. Giuliana Tritio, took part in the US State D8partrn8nt's Benjamin Franklin TransatlantiG Fellows Summer Instrtut8 8t Purdue Univ8rslly and engag8d with students from across Europe and the US on the tspportunllles and challenges faclng dvll SOety. In May, we cÈlÈbrated wlnneTr Df our annual Lilerary Priz8 lor young wiitEts (aged 18 to 25 yearsl who Interpreted the Franklin quote, 'The Eyes of othei People are the Eyes Ih&t ruin us. If 811 but myself were bllnd. I should want n<her fine Clothes, flne Hw88s nor Fln8 FurnItur." Their essays were featured on Thè Tglegiaph onl1. We hgld Science on Stagè al the Royal Instilulion in June welcoming 424 slutsenls and teachers for exdling day o18cience gxp8rimenls and demonstrations. And more than 400 children and parents took part in family events througb th8 Period en¢ompa5sing c818bratlons for US Independ8nce t)ay, Halloween. Thanks9iving. and chStmas. In tolal, over 400 ¢hildren and par8nt8 partl¢ipaled in family programming. Page 3
Friond5 of Benlamln Franklln House IA Company Ilmlted by gua¥anteel Trustees. report {¢ontlnuedl for the year ended 31 March 2024 Achiovemgnts and parfoTrnance Icontlnu8dl Lec9 durlng thg period indudÈd: Re¢¥eating Franktln- fgatudng our PIBywrlght-in-Resldence. MSchael Lond(, Royal Shakespeare actor, Keith Bartlotl,. a Q&A following Explored the Challenge of depicbng this ¢omplicaled father-50n relationshlp A Day In th8 Llfe tsl Benjamin Fr8nklin- Houso Educatlon Manager, H8nry Wllklnson, dellver8d 8 f¥e& online talk chroniGlSng B8njamln Franklin's dally life at Ciavén Street, from his mtsrn1ng routine to his dinn8r plans The Radi1 Polter-Trislram Hunt, Direclor of th8 V&A, took us on 8 journey exg4Drtng the rlIcal side of Jo3iah Wedgewood Robert H Smllh D8mocfftcy L2cture, Three lies that bind?_ House Governor, Ambassador Gérard Errera. former Frènch Ambassador lo Ihe UK, Pmf8ssor Mich881 Cox. Founder of LSE Ideas and Dr Marcia B31isciano, Dlre¢lor of the Hou86. engag8d in a dlscussion of the current relationship between Ihe US, UK and Franc8,' the panel consldared the lriummrdte relationshlp In Ihe context ol complex global affairs W8 participated onc& agaln in Open Hou58 FestÈval in Septemb&r ngarly 1.5(K> visitors io th& House over W80kends. introdudng th8 bulldlng and its Il¢h history to new audlence8. The House fgalur8d on the free Bloomberg Conngcts app whSch brings thè b8St of ¢ullur8 and herll8ge to a global audlence. W8 also collaborated with contenl ¢realois, Including @livlnglondonhislory. an account wlth over half 8 millh)n followers that ereated a short fomi video about th8 House and Ils hlstory. Durfng th8 p&riod, we 8xpandad our pool of volunteers who help th8 House run smoothly and bring eT5thuslasm, cotnmltm8nt and a dlverse mnge of skills, 8nsuilng $gamle55 dellvery of tours, lalk8 and events. b. The Y•arAhead Fundr8isiDg is Vitdl to the House's confjnu8d SUG¢ess. We seek lundlng ftDm high-net.worth indlvlduals and philanthropic foundations for which we are eligible on Ix>th sides of the Allanlic. To increase eainpd incorne, w8 8dvertI5e the House 88 8 5elllno for prlvat& 8vents and pholo shoots. We are extrernely grateful lo our lund8rs Induding 1Mb8r9 Philanthroples lor its Sustalnod support of thg House and the Garfidd W8Ston Founttation lor h8lplng us progress our eduGatlonal offerings. In Spring 2024, we received a malor grantlrom th8 NatSonal Lottery Heritage fund to help us undertake needed buildin9 conservation and to plan luiure offering8 in anllclpation of 2028.. the Hou8e'8 20th year, Frdnklin's 320th blrthday, and the 250th anniversary of the UnEted States, US Amba85&dor Jane H3rt1ey held a reception at h8r resldence celebrating Benlamln Frartklln House Tn October 2024 which draw some 175 guests. We also held a US Presidential DÉbat8 Wlth the Eccles Inslitule at the BTltSsh Librsry and an autumn 8erie5 of Ben's BcK)k Club featurlng authors Eric Welner, Ben and Me.. Evan Friss. Benlamln Franklln and the Advent of the Amerlc&n Book8tDre', and Jason Ch8rry. Dr. Franklin and Major Trent., A Grad Company ol Gelltlemen in Pre41evolutionary London. In the p8rlod ahead, we will ¢onlSnue to exp8nd our digilal offerings to indyd9 new virtual exhlbltlon8 on Bloomberg Connects and hybiid IK>ok talks for onllne and in-peL8on attende8s. Throuoh continued outreach io key groups. such ds tour operators, guklebooks, Ihealres, US glumni groups, p88r museums. ar the medla, w8 will aitn to increase visitor llumb8rs. We conllnu8 to recglV8 genorous pro bono legal asslstance from Morri50n and Foerster. Pag8 4
Fri•nd$ of BenJBmln Franklln House IA cornpany Ilmited by guarantoèj Trust88s' report Icontinuedl for the yèar ended 31 Mar¢h 2024 Flnan¢lal rgvl a. Golng concern After making appropri81e enqulrles, the Twstees havp a r8asonabl& expeclatlon that the ¢harlty h85 adequate resources to conllnu8 in operation81 existence for the fores88able futur8. For Ihls r8ason, they continue to adopt the golng Con[ basis in weparirvJ the financial slatemeat. b. Re50rves pollcy The Tru8tees have T8Vi8wed the r&setve5 of th8 charlty. The 18vlew gncompassed th8 nature of the Income and expenditure streams, the TreÈd to match variab18 income with fixed commitments. and the natur8 of the reserv88. The16v81 of reserved decreased lo 1,380.208 on 31 MArch 2024 from £1,475,766 on 31 March 2023. This w8S 8plit beNveen £626,09312023'. £714,914) of restricted resèrv8s, £754,11512023.' £760,852) unr&stricted r88erves. The Ttustees considered the financlal requiietnent for the working capltal r&quirem8nts of the charity and ongolng mainienanc8. The Truste85 have concluded that to allow th8 charity to b8 mallaged efficiently, fr88 reserves should be main18ined. idealty 81 three mofiths ol the projected Èxp8ndilure. M8tLagement and T¥uste&s monltor actual and prole¢ted cash flows on a regular b851s. ¢. Change5 In Ilxed a$$ets Durlng tho the charty had £1.075 in flxed asset Bddilions12023.. £1,973). Th8 rnovements in red assets during the year are set out in Noto 13 to the flnancial 5tstém8nl8. d. Resource$ Expendèd The Board develop8d 8 pwdent operational budget and cash flow forecas15. whlch have bggn dosely monitored by management and the Trustee5. The pTrtnÈry outgolng expense is wages. wlth total pa017 costs belng £193.18512023.. £187,032). Repalr cos18 accounted for £10,83112023.. £15,636). Inme ggner8tion Thè charills total Inwme In tha y8ar was £268.17512022.. £274,1691 retIng contlnued efforts to ensura a secu financlal posltion for the House. ThB Dlrector maln18ins a tlght budgEt and avoid5 all non essentlal 8xpendltur8. Fundra15ing efforts In thg year havÈ focused on enhancing our circl¢ of donors, Indgding inddUal$ and trusts and foundalions, committ8d to the Hous8,8 edu¢8lion81 and cultur81 a¢tivitles. f. Credltors falllng due after mora than one year FlOW1ftg repayment of 8 loan from Ihe Archlt8c(ural Herltage Fund in March 2007, the charliy continues to bp rr88 from d8bt. g. Post balanc8 sht evenl5 There ar8 no post b8lanc& sheet events requird for dlsclosure. Pag8 5
Frl8nds L>f Bènlamin Franklln House IA compafty Ilmlt8d by guarante81 Trusteè8' report l¢ontlrtuedl forthe ygar endèd 31 March 2024 Structure, govèrnance and managemeEEt a. Constitutlon The charlty is a ¢ompanylirnTted by guarantee 8nd was iThcorporaled on 10 April 1978. It Is governed by an updated memorandum and artleS of association, whiGh were adopled by speclal resolution on g July 2003 to bring them into line wlth mode¥n GDmpany law and praGtices. b. M¢thod$ of appointment or elecllon of Trustees Trustees are appolnted using the proc8dure for norntnallons delermin8d frorn tlme to tlme by th8 Board. The TTU8t8es mel 8 rninlmum of Ihr&g timps durlng th8 pèriod. . Pollcles adopted for the Indudlon and tralnlng of Trust8&s On jolnlno the Board, Trustetss ar8 given a CDPY ofthe Memorandurn and Artlcles of Association sloTrg wfth document entitled Agreement and Consent ts) Metnbership of Benjamln Franklin House, whl¢h requlips Signalurt. d. Rlsk fflanagement The Trus1885 have 8xamined th8 rnajor strat8gic, buslness and operational rf$k8 that the challty fac88 and confiftn th8t systems and reportlng pro¢edur88 are in plac8 to en8ur8 appioprlate managem8nt of thes8 risk5. The Truste85 have consid8red tha need lor a specific int8rn81 functlon and hav8 deudgd that it Is not n8cessary at th8 pseltIMe glven tho slze ol the organisatvjn. Pag& 6
Frlend5 of Benlamln Franklln House IA company Ilmltèd by guarant881 Trustees. report Icontlnueill for tho year endfjd 31 March 2024 statement of Trustees. responslbllltl•s The Trste85 (who are also the dlrectors ol the charlty for the purposes of comp8ny lawl 8re respDnsible for preparing th& Trustees, rÈport and the flnancial $¢atem8nts in accordance with appllcable law and UnitÉ Klngdom ArKouThllng Standards Iunitsd Kingdom Generally Accepted Actountlng Pr8Cli1. C0tnp8Y law reouir88 the Truste85 to prapare finandal statements.Eor each financlal . Undercompany L3W, the Trustees mu51 not approve the flnanGltil sta18m8nls unle55 they ar8 Satisfled that they give a true and falr view of the Stale of aflaits tsf th& charity and ol ils incoming resources and application of tesourtt8s. induding its incom 8nd 8xpendilure, lor Ihal period. In preparing Ih8se flnancial slalements, th8 Trustees a raqulred (o.. S818cI suitable ac¢ounllng policie5 and then appty them consistently.. ob8etve the methods and prindples of the Charitios SORP IFRS 1021., make ludgment5 and accounting eslimates that are r8asDnable and prud8Dt., slate whether appllcabl& UK Accountlng St8ndard8 IFRS 1021 h8V8 been followed, sublecl ta any malerlal departures disdosed and explalneil in the financial statements., prepare the finandal statements on the golng concern basis unles5 It Is InspproprIe to presume Ihat th8 charitywill conunue in busin85S. The Trustees arè r&sponslble for keeplng adequate &c¢ounllng rgCOTd8 thal are suffldent lo show and explaln the charivs tiansaclions and dlsdoss with r88sonable aGruracy at any tlme tha financlal position of the charity and 8n8ble them to ensure that thè financial sl818ment5 Cotnply wlth the Companl&s Act 2006. They are also responsible for sal8guarding the a5sEts of the tharily and hencs for laklng rea50nabl8 stsps for the pievenQon and detection of fraud and oiher Iwulaillles. Approved by order of Ihe Enetn rs of th8 board of Trustees and slgned thelr behalf by.. Mr Tudor Aw Truste8 Dale.. Page 7
Frlends of Benlamln Franklln House IA company Ilmltsd by guarantèe) IndÉpendenl gxatnlrteT'S report for the year endad 31 March 2024 Ind•pend8nt oxamlne¢$ report to th8 Trust5 01 Frlends of 88nJamln Franklin House I'the charity'l I report to the charityTrustees on my ex8minat¥on of the accounts of Ihe charky for the year $d 31 IAarch 2024. R8sponsibllltlg$ and bas1$ of report A$ the Trusle85 of th8 charlty land Its dirgctor5 for the pUOSe5 of company lawl you ara re5pansible for the preparation of thè a¢counls In accordancg Imth th8 r8qulr&m8nts of Ihe Companies A¢t 20061'lhe 200f Acl'l. Having satlsfied myself thallhe a¢counts ol the charlty are not required to be audlted under Part 16 of the 2008 Act and ar8 eliglb18 for indep&ndenl 6xatninalion, I report IH resp8Ct of my 8xamin8tion of Ihe charllrfs 8ccounls carried out under section 145 of the Charities Act 2011 Vh8 2011 Acl'l. In c2irylng out tny examination I have followed th8 Directions given by the Charity Commi5slon undei Section 14515llbl ol the 2011 Act. Pag8 8
Frionds of Bènlamln Franklln House IA company Ilmlted by gvarantoe) Independent exarnlner'$ report Icontlnuedl for tho year ended 31 March 2Q24 Ind8pend•nt examlnarfs statement Sin¢e Ihe charitls gross Sn(x)rn8 8xceeded £250.000 your Èxamln8r must bg a rnembBr of a body listed In 5ectiDn 145 of th8 2011 Act. I confirm that 5 am qualified to undertak8 th8 exarninalion because l am a member of Instilute for Chartored Ac¢ounl8nls In England and Wales, whi¢h is one of the Il$ted bodles. Slnce th8 charivs gross irne exceeded £250,o¢x) your examiner tnusl be 8 member ol a bodylisted in section 145 of the 2011 Act. I confirffl thal l am qu81ifled to undertake the examination because l am a member of IGAEW, which 15 one of the listed bodi£&. I have ¢omp18t8d My exatninalion. I confirm that no matte[5 have ¢om8 to my att8nlion in conn&clion wllh the examination giving rne Gause to b&li8V8'. 8ccountiNJ record8 were not kepl In respoct of the eh8rlty as requlred by 56CtEon 386 of the 2006 Acl., or the a0UnIS do not accord with those records., OT the aUnts do not cotnply with Ih8 COUntIng requiretnenls of 3ection 396 01 the 2008 Act olh8r Ihan any iequlrem9nt that the accounts give a'true and falr, view whlch is not & matter considered 0$ part of n independent 8X8mination.' or the accounts have not been prepared in accordano wlth th8 mothods and principles of th8 Statement of Recommended Pracli¢e for accounting and reporting by charities appllcable to charities preparing Ihelr awounts In accord8n¢e with the Finan¢bl Reportlng Standard applicable In the UK and Republic of Ireland IFRS 1021. I have no COnrS and hav8 comè ocros$ no other Fnatters in ¢onneellon th the 8xannatIon lo which at(entlon Should be drawn In this rep)rt In order to enable a prop8r understanding of the ac£ount8 to be r6a£h8d. This r8POrt Is made solely to thÈ thariV8 Truste88, as a body. In accordance wlth Part 4 of the Charities (Accounts and Report81 Regulations 2008. My wort has b8en und8rtak8n so that I might stale lo thg ch8riWs Trustee5 those mattefs l am quir0d to state to them in an Indep¥rid&nl 8xamineVs r8POrt and for no other purp088. To the fullest 8xlent pemiitt8d by law. I do not accept or assum& responsibility lo anyone o1118r than the hgrlly and the charÈty's Trustees as a body, for tny work or for this report. 18 December 2024 Signed.. Lucy Hamtnond BSC FCA Chartered Accounlanls Kreston Réeves LLP 2nd Floar 168 Shfftdilch High Stre&l London E16RA Dat8d'. Page 9
Frlends of Benlamln Franklln Hous0 IA company Ilmited by guarante•) statornent of flnanelal o¢tlvltles Ilncorporatlng income and expendlture account) for the ye3r Énded 31 March 2024 Restrictgd UnTa8trictBd funds f4End$ 2024 2024 Total fund& 2024 Total funds 2022 Note In¢ome from: Donations and 98e5 Chaiilab18 actwitles Other trading acliwtie5 Investm8nls 22,750 191,021 49,990 4,265 213,771 49.990 4,265 149 230,013 38.299 5,685 172 Total Inctsme 22,7S0 24S,425 268,175 274.169 Exppnditura on.. Raising fvnds Chariiabie actlyltles 2.787 249,375 2,787 360,946 5.004 239,610 111,571 Total exp•ndlture 111.571 252.162 363.733 344,614 Net mov8ment In fund5 188,8211 16.73n 195,5581 170,4451 Re¢oncllSatlon of funds.. Total funds broughl forward N81 rnOVent in funds 714.914 188.8211 760.852 16,7371 1,475.766 195,5S61 1,546,211 170,4451 Total funds carrled forward 626,093 754,115 1,380,208 1,475,766 The Stat8m8nt of finandal aotivllies inc5ud&s all gain5 and Ioss85 recwnls8d in Ihe year, The notss on pag£s 12 to 25 form part of these financlal slal8m8nts. Paga 10
Frl#nds of Benlamln Franklln Hous• IA company Ilmited by guaranla81 Reglsterèd numbw.. P1362091 Balance shèet as at 31 March 2024 2024 2023 Note Flxed a$s8ts Tangibla assets Current agsets 13 1,374,797 1,439,355 Debt C8sh at bank and In hand 14 2,578 18.S21 4.968 46,137 21,099 51,10S Crgdilors.. amounts falllng due within one 15 115,6881 114.6941 Nat current assets 5,411 38,411 Total Dat a$s8t8 1.380,208 1,475,766 Charity funds Restrfct8d funds UnreslrlGled funds 16 16 626,093 754,115 714,914 780.852 Total funds 1,380,208 1,475,766 Th8 charllywas enlitled to exemptlon from audit und8r S8Gllon 477 of the Companles Act 2(X)6. Th8 mernbers have not requiEd the company to obtain an aud1t forth8 year in question In accordance with 5edlon 476 of Cotnpanle5 Act 20D6. The Trustees a¢knowledg8 thelr responsibllltl98 for CDmplwllg with the requlrèrnonis of the A¢t wth respect to accounting rewrds and pr8P8ratbn of financlal stalem$nts. The flnancial stalern8nls have b8en prepared in accordance with the provlsions applitab18 to entities Subject to the srnall ¢ompan&8s regime. The Tranal statements were approved and gulhorlsed for issue by the Trustees on and sigfted on thelr behalf by.. Mr TudorAw Tru5te8 The not¢s on page$ 12 to 25 form part af these financlal stat8tnents. P8gè11
Frl•nd8 of B¢nJarnln Franklln House IA company Ilmlled by guarantegl Not85 to the financlal statements forth8 year ènded 31 March 2024 G8A&ral informotlon Friends of B8nl&min Franklln House I'lhe charlWI 18 a private cornpany Ilmiled by gu8rante8. In the event of the company b?Ing wound up, the Ilability in rEspe¢l of the gu8rant6e Is limited to £1 p8r m8¥nber of th8 company. 11 was incorporated sn England with the r8gi8tratlon nutnber Q1362091. The addr885 01 th8 ragi8t8rèd office 15 B2njamln FraThl Housg, 36 Graven Street, London, WC2N 5NF. Accountlng poll¢18S 2.1 Bas1$ of prpparation of financial statem•nts The financial stalefflents have bè8n pr8pared in accoidanc8 wlth the Chaillles SORP IFRS 1021- A¢¢oufitlng and R8pDrtiTrg by Ch&rlties'. Statement of R$comtn8nded PractiGÈ applicable to ch3ri118S preparing their aount$ In 8ccordance with the Financlal Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 lelFectlve 1 January 20191, the Fin8nc1al Reportlng Standard applicable in th& UK and Republic of Irdand IFRS 1021 and the Compan188 Act 2006. Friends ol B8njamln Frankllv HousB meets the definition of a publlc beneflt eTrllty under FRS 102. A8sels and liabilitles are Inilialty r8cogni8ed at historical cos( or tran5a¢tion value unles5 olh6rwi5e stat8d in the relevant a¢countlng policy. 2.2 Going concern The Trustees 8ss8$s wh81her the use ol going concern 15 appropriatè 1.0. whether Ih8Te ar8 any Fnalerlal un¢ertalntle5 rdat8d lo entS or condlllons Ihat May easl signlficanl doubt on the abillty of th¢ Charily lo continup as a going concern. The Trusle88 mak8 this ass8ssmenl in respect of period of at least one year from the date ol aulhorlsalion for issue of th? flnanual slal8mETrts and have conduded Ihat the Charity has adeqtsale r8sourctrs Io CDntlnU8 in opgration81 ex1sten for the foreseoable future and ther& are material uncertaintles about the Charills abilily lo tontinue as going coneern, thus they continue lo adopt th? going concern basis of ac¢ounling in preparing th8 nanrial sla18ment8. 2.3 Income I Income Is T8cognls8d once the ch3rity has èntillgment lo Ihe income, il is probaII8 that Ihe income will be ieselv8d and the aTnount of Ineomè receivable can be measured rellably. Grant8 are indudBd In the St8t8m8nt of financial activities on 8 recelvabie basss. Th8 bolance ol Insom8 reG8kved for specific purposes bul not expend8d duilng Ihe perlod is Shown In the relovant funds on the Balancg sh881. Where income is received in advance ol entitlement of reGelpl, its re¢ognitlon is d8ferred and in¢lud8d in Greditors as d8ferred Income. Where entillament occur8 before Éncome is receiv8d, the income is a¢cru8d. Where th8 donated giiod is a fixÈd asset. Il is measured at fair value, un18ss 51 Is Impracll¢al lo measura this rellably, in which eas8 Ihe cost ol the ilem lo the donor should b8 used. The galn is cognised a8 incorne from donaOnS a corresponding atnount IS fn¢luded In the appropriat8 fixed a8Set class and depreciated ovor thg us8ful economic life in accordance wllh thg charily's accounting policles. On receipl, donated professional $8rvice5 and fa116$ are recognised on thè ba51s of the valu& of the gift lo the Gharity whicli is the amount It would havg been willing to pay to oblain services or facilities of equiva18nt economic benefit on the open market,. a corresponding amount Is then r8cognlsed ill eXndItUre In the p61bd of reipl. Incorne lax r8covèrable in r81allun to inv85tment incotne Is recognised at thg time the Inv8Stment incomè is rec8ivabl8. Page 12
Frlgnd8 of Benlarnin Franklln House IA Company Ilmlted by guarantse) Not85 to the Ilnanclal statemÈnt$ for the year ended 31 March 2024 countlng polieles l¢ontlnuedl 2A Expenditure Expendlture Is r8cognlsed oncg th8r81s a legal or constructe obllg8tion io Iran5fer aconomlc benefil ta a third party, it 18 probable that a tiansfer ol economic benefits will be required in sett18ment aftd tha amount of the obli9alion Gan bg measUd reliably. Exp8ndilure is classlled by a¢livity. The Costs ol each activlty are made up of the lolal of dir8Ct costs and shared cos15. Induding Support cost involved in undertaking each actlvity. Direct costs attributable to a slng16 activlly are allocat dlrecuy to that activity. ShaT8d costs whith cnntribule to more than one aGtivity and support Gosts whlch ar8 not attrlbut8ble lo a single actwity alp aprtIoned between Ihose activit185 on a basis consistent with Ihe u5È of Tesour¢68. Central staff Costs ale allocated on th8 b89is of time spent, and depr8ciatlon charges alli)cated on the PDrtion of the a88el's use. Expendllure on iaislng funds includes all expendltur8 incurred by the charity to ralse fund$ for Its ¢harltable purpos&s and inGludes costs of all fundraisSng actlvllles ewents and non-charitable trBding. Expanditure on GharRab18 activllles is In¢urr8d on dlreclly undertaking the aclivities which furth8r th8 harltys objectfves, as w811 as ary assodated sPport C08ts. AII 8xp8ndlture 18 Incluslve of lirocoverable VAT. 2J Inter¢st reGBlvabl8 Int9rès( on funds held on d8posIt 18 indu¢Jed when ret8ivable and the amount can be m88$ur reliably by the charily, this Is nomolly upoTr notifk81itsn of lh8 intet p8ld payable by the Instiluth)n with whom the funds are d&posileé. 2.6 Tangible flxed assets artd depr?clatlon T8ngible fix8d assets c051ing £100 or mor8 re ¢8Pita1ised and re¢ognl8ed wh&n fulurg econom benefits ar8 probablg 8nd the cosl or value of the as$8t can ba m8asured reliably. T8ngible fixed assets ar8 inlllally Teco9nls8d &t cost. Aft8r recognition, und8r the ¢ost model, tangible rix8d assets arg measur8d at cosl less accumulated depre¢lalion and any ac¢umul8ted lrnpairment Ioss85. All cost8 incurr&d lo brlng a langlble f1X8d asset inlo ils Int8nded working condition should be Induded In the measurement ol cost. Depreciation is charged so as to alloc31e the (x>st of tangible fjx8d essÈls 1855 thelr residual valuè over their esllmaled useful Ilves. Depation Is provided on the followng bases.. Fr88hold property 2% stRlghl1lne HistOliGal Experien 5Uh slialght Ilne student S¢i$nce Centr8 5U/o 51ialght Computer and office equÉptnent - 33.3% Straht Ilne 2.7 InalleDable assets Inalienable a85ets are not rpitaliSed in the aG¢ounts duè to there being no r88dily available 8nd r81iable valuatlon of the assets. P8ge 13
Frlènds of Bènlamln Franklln House IAcompany limitod by guaranteo) Note5 to the Ilnanclal ststomenls for tha year ended 31 March 2024 Accounting policios Icontlnu8dl 2.8 D8btors Trad8 and other debtors are recognlsed al th& $&tt18rnent amount. Prep8yrnenls are ¥alued at the amount prèpaHI. 2.9 Cash at bank and in hand Cash al bank and tn hand Includes cash and shtsrt-tem highly liquid inve51ments with a short MatUty of thm months or les8 from the date of a¢qUisitn or op8ning of the deposit or similar account. 2.10 Liabllltlgs and pmvl$ioTrs Llabililies are recognlsed when ther8 18 an obligatlon al the B81anc& sheet dale as a wsult of a past event, itls probable thal a transfer of ecDnomlc benefll wlll b8 iequlr8d in settl2manl, and th8 8rnout ol the sBttlement can be e8tirnated reliabty. Llabllilies are regnIsed at the arnount that the chaT4ty 8ntsripate5 It w111 p8y to sellle the debl or the amount it has r8c8lv8d as adv8ncBd p8yments lor Ihe goods or seceS It must prOde. 2.11 Flnanclal instruments The charity Dnly has financial assets and financlal Ilabilitles ol a kind that qualify as basic fflnana insl¥uments. Baslc flnandal Inslrutnents ar8 initially reeogni5ed at transa¢tlon value and subsequanl measured at their settlernenl value wlth the exceptK)n of bank loans whlth are subsequpnuy measUd at smorti88d cost using the eff8clive interest method. 2.12 Pensions The charfly op8rate6 a d8fin8d contribuil¢n p8n8ion s¢h8rn8 th8 pension ch8rge repr88ents tho arnount5 payab18 by the charily io the fun(5 in r8sp80t of th8 yèar. 2.13 Fund a¢¢ountlng Ggn8r81 funds are unrestricted funds which a¥@ av8ilabl$ for use al the dIS¢tIon of the Trus18es in furthgr8nce ol the general obleciives of the charlty and which have not been d8gnated for other purpose5. Reslrlc18d funds aTe fund5 whlch are to b8 used In 8(knrdance with specific restilcllons imposed by donors ar which have raised by the charity for partlcular purposes. The Costs of ralslno arvj sdmlnlstarlng 5Uth ftjnds are charged againsl the sp8cific fund. The aim and use o188ch restrl¢18d fund Is set out in the notes to th8 finanal Statements. Critl¢al accountlng èsllmates and areas of judgment Eslimat8s and ILKlgments are contlnu8Ily evaluated and are based on histoilc818xperlenc8 and otheT factors, including expectation8 of lulure &v8nts that are bellev8d to be reasonable under the cir¢urnslancés. CrittGal accountlng 88tlmate$ and assumptions.. The ¢harily mak8s 8sliThales and assumptions COnTnIng Ihe future. Th8 resulting accounllng estimHtes and a$8utnptlon$ wlll, by definitlDn, seldom 8qU81 Ihe related aU81 result8. The esllmates and assumption5 that have a sgnificat51 risk of ¢auslng a malarial adjustment to th8 carrying amounts of 88sets and Ilabili118s wilhln thg next financial year arg disGussed below, Pag8 14
Frlends of Bgnlamin Franklln Hous• IA eompaThy Ilmltsd by guarantee) Not85 to the financial statements lor th8 year endsd 31 Marth 2024 Income from dollations and 10gaclès Rostricteil UnTO$trlcted fund$ funds 2024 2024 Total funds 2024 Total fund8 2023 Donatlon5 Grants 1,500 21,250 191.021 192.521 21,250 213,4 18.558 22,750 191.021 213,771 230.013 Total 2023 38,429 191,584 230.013 Income from charltable 8Ctlvitle$ Unrestrlcted funds 2024 Total funds 2024 Totsl funds 2023 Historic81 expÈrI8l6 49,990 49.990 38.299 Total 2023 38,299 38,299 Page 15
Frlends of Benjamln Franklln Hou58 IA company Ilmlted by guarantee) Note8 to the flnanclal statements ltsr the year end&d 31 March 2024 Incomo from Other tradlng activltSe8 In¢ome from fundralslnu ev8nt5 UHr8strlcted funds 2024 Total fund5 2024 Total funds 2023 Sale of merchandise Room hir8 Events 2,6e6 1,663 I,ty)o 3,022 1,599 1.599 4,266 4,285 5,885 Total 2023 5,685 5,685 InvoBtrnent In¢omo Unrestrlcied funds 2024 Total funds 2024 Total funds 2023 Interest rÈceiv8d 149 149 172 Totsl 2023 172 172 Expendltur8 on ralslng funds Costs of ralslng voluntary Incom8 Unrestrt¢ted funds 2024 Total funds 2024 Total futvjs 2023 End1[ure on r8lslng voluntary inGome 2,787 2,787 5,004 Page 16
Frlends of Benlamln Franklin Housg (Acompany limlted by guarant••l Notes to the linanclol statoments for th¢ y8ar Ènded 31 March 2Q24 Analy$l$ of expenditure on charltabla aGtlvlt18S Sumrnury by fund typ8 Roslrt¢t8d UnTtrICted funds funds 2024 2024 Tothl 2024 Totsl 2D23 Hi8tOriGal gxperienc stud8nl Scienc8 Cenlre Developm8nt Administrative S¢holarship Contre Governance 28.349 18,352 66.971 46,252 53,608 35,843 28,349 34,584 66.971 141,591 53,608 35.843 23,582 20,989 88.676 106.851 89,598 9,934 16,232 95,339 111,571 249.375 360,946 339,610 Total 2023 118,999 220,611 339.610 10. Analysis of 8xpendlturo by actlvitigs A¢tlvltles undertaken dlre¢lly 2[>24 Support costs 2024 Total fvndg 2024 Total fund5 2D23 HistOriGal 8xperienc8 studènt Science Centr8 Devglopmenl Admini5tratlV8 Scholarship C8ntre Governance 28,349 18,695 66,911 33,330 53,e08 28.349 34584 66,971 141,591 53.608 35,843 23,582 20,969 88,676 106,851 89.598 9,934 15,889 108,261 35,843 200,953 159,993 360,946 339,610 Total 2023 fj95,303 144,307 339.E10 Page 17
FrEend5 of Benlarnln Franklin House IA ¢ompany Ilmlted by guarant801 Note5 to the finanGlal statements forthè year onded 31 March 2024 10. Analysis ol expenditure by activltie$ l¢ontinuedl Analysls of d5rerA co8ts Total funds 2024 Total funds 2023 staff Gosts Suenc6 day Historical experi8nce Ticket booking fee Education 193.185 363 1,083 5.395 240 363 324 187,032 3,474 1,781 1,786 719 158 353 Travel Miscollaneou5 200,953 195.303 Ana5y$ls of support Costs Total funds 2024 Total lund8 2023 D8pre¢lation Fundraislng costs SGien¢e day Travel Employe8 expens8S Indep&nd8nl Examlnation A¢counlancy Legal & professlojal Bank charggs klls¢ellaneous T8lephon8 Printing, postage & statlonery Insurance Securlly R8pairs 65,633 130 1,187 261 484 6,120 2,633 27,090 900 2,314 6,866 2,049 13,843 4,074 10,831 6,259 9,319 67,566 287 851 602 482 6,760 2,625 1,549 705 4,21 S 11.141 1,531 12,737 2,670 1S,836 9,166 CleaniTrg 159,993 144.307 Page 18
Frlends of Benlamln Franklln Hou80 IA comp&ny Ilmlt8d by guaranteel Notes to the linancial statcments for the year endgd 31 March 2024 11. Staff costs 2024. 2023 Wages and salarps Social security costs Pension costs 179,736 q1,626 1,823 176,486 11.619 11.0731 193,1B5 1B7.032 The average numbgr of peisons eMoyed by Ihg charity durfng the y8ar was as follows.. 2024 2023 No. M8nagement and administiatlon The numb8r ol employoes whose employee bengfits1oxcAllding employer penslon costs) ex80 £60.0 was.. 2024 2023 ln th8 band £80,001- £70,000 In tha band £70,001- £80,000 12. TTU51ees' remuneratlon and expen968 During lh8 year, no Trustees rec8ived apy rEmun8ratlon or other beneflls12023- £NILI, During th8 year ended 31 March 2024, no Trustee expen8e5 have b8en Incurred {2023- ENILI, Page 19
Frlends of Banlamln Franklln House IA company Ilmitsd by guaranteè) No¢as to th8 flnanclal statements for the year ended 31 March 2024 13. Tanglb18 tixèd as$8ts Freohold Hlslorl¢al property ExperlanGÈ Science Centre qulpmant Total Cost Al 1 Aprll 2023 Addltions 2231,023 328,351 193.007 526 84,693 $49 2,817,074 1,075 At 31 March 2024 2,231,023 328.351 193,533 65,242 2,818,149 Dèpr8clatlon At 1 April 2023 Gharge for Ihe year 856,667 38,456 289.160 16,418 168,689 9,677 63,203 1,082 1.377.719 65,633 At 31 March 2024 895.123 305,578 178,3fj6 64,285 1.443,352 N8t book valu8 Al 31 March 2024 1,335,900 22,773 15,167 957 1.374,797 At 31 March 2023 1,374.3S8 39,191 24.318 1,490 1,439,355 Pagp 20
Friands of aanlamln Franklln Housa IA company Ilmlted by guarantsO1 Notes to the fln3ncial slateTnènts for Iho yoar ended 31 March 2024 14. Debtors 2024 2023 Due wlthln one year Olh8r dgbtor5 PrepayfflBnls and accrued inCDtne 317 2,261 4,920 2,578 4.968 15. Crtdltor8: Amounts falllng duE wlthln on8 yeur 2024 2023 Tr8d8 Oreditors other credltors Accruals and deferr8d Incom9 9,174 576 5,938 5.364 3,911 5,419 15.688 14,694 Page 21
Fri•nd6 of Benlamln Franklln House IA company Ilmltad by guarantee) Notes to tha flrtanclal Statements lor the year ended 31 March 2D24 16. Statèment of funds statement of fuftds. current year Balance at 31 March 2024 Balanc* at Aprll 2023 Incomg Eypendltura Unrestrfcted fund5 760.852 219,944 {226,6B11 754,115 General Funds Restrlded funds Education Conservation Endowrnent 438,117 242,623 34,174 22,750 116,2321 195,3391 444,635 147,284 34,174 714,914 22.750 1114,571} 626,093 Total of funds 1.47S,766 242.694 1338,2521 1.380.208 statement of funds. prlor year B8lance at 31 March 2023 Balance 41 l Aprtl 2022 Income Expenditsjre Unre$trled funds GeneTal Funds 750,727 235,740 1225,6151 760,852 Rostrlcted fund5 1118.9991 438,117 242,823 34,174 EdUCatn onseNation ETrdowm6nl 518,687 242,823 34,174 38,429 795,484 38,429 1118.9991 714,914 1.475,766 Total of fund$ 1,546,211 274,169 1344,fj141 Page 22
Frlends of BenSamln FTanklln Hou5& IA company limlted by guarantfrel Note5 to the financlal statsments forthe year 8nded 31 March 2024 16. StatBment of funds lcontinuedl Education.. Th8 education fund was selup in 2006 to hold grants and donations rec81V with a r&strictk)n that the funds b8 used for eductIOn expenses. Conservatlon-. Tr9 conNation lun(J wa5 setup In 2006 to hold grants and donations received with a restriction that the lunds be used for conservatbn of the gTade-1 listed bullditu at 36 Cravén Street, London WC2N5NF. Endowment.. The endowment fund was setup In 2011 with the goa5 of ralslnc a £4rn fund to secure the future of th8 bulkllng and Ils aim$. 17. Summory offunds Surnmary of funds. ¢urr8nt yoar Balance at 31 March 2024 Balance at I Aprll 2023 Incomo Expen(Jltura General fund5 RestrKted funds 760,8$2 714,914 219,944 22.750 12Z6.6811 1111,5711 754,115 626,093 1.475,766 242.694 133B,2521 1,3BO,208 Summary offunds . prlor year Balanc8 al 31 March 2023 Balance at 1 April 2022 Income Expendiiure G8neral fund5 R8StTiCted funds 750,727 795.484 235,740 38,429 (225,6151 1118,9991 780,852 714,914 1,546,211 274,189 1344,6141 1,475,766 Pag8 23
Frlands Of Benlamln Franklin Hous8 (A Company limlted by guarantee) Notes to the flnan¢lal statemènts for the yeaT ended 31 March 2024 IB. Analysls of net a888ts bètween furtds Analy$ls of ft$t a56ets between funds - curront Perlod R05triLted Unre$trlct8d funds fund5 2024 2024 Total fund8 2024 Tangible flKed asset5 Current assets Cr8ditors due within one year 625,987 106 74B,810 20,993 115,6881 1.374,797 21.Q99 115,6881 Total 626,093 754,115 1,380,208 Analysts of n•t a$sets b&lwe8n funds- prior p8riod Restricted Unr88tricled funds fvnds 2023 2023 Total funds 2023 T8nglble fixed as5els Curr8nt assets Credltors due wllhln onè year 714.809 105 724,546 51,000 114,6941 1,439,355 51,lOS 114,6941 714,914 760.852 1.475.768 Tolal 19. Pen8lon ¢ommltrnents The group op8ralos a defined contrlbulion pÈnsion s¢h8me. The assels ol the scheme 8re held s8paralely trom those of the group in an independently adtnlnistered fund. The p8nsion ¢osl charge repr85ents contrlbutions paydbl8 amounted Df £1.823 (Reclevable 2023.. £1,073). Related party transactlons During the year thè charity rec8Ned iestrlct8d grants of £NII12023.. £Nill from the BenjaTnln Franklin House Foundallon. The Benjamin Franklln House Foundation is a related party as the ¢harlli8s have Trusiee In cotnmon. The charity also recÈiv8d £43.00012023.. £Nill ol unr8Strided grants from Trustees and their related partl@S. Restri¢téd donations 101811ity £1,26012023.. £1,25DI have beon r8celved direclly from Trust885. Pao8 24
Fr18nd5 of aenJ8min Frgnklln House IA Company Ibmlted by guarantee) Notes to the fianCIal $tat6ments for the year 8nded 31 March 2024 21. Controlllng party The ¢harlly is contro119d by lis Trusle8s. and no one party controls th8 charity. Page 25