2023-03-31-accounts

Registered number: 01488690 Charity number: 280389

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Trustees' report and financial statements

For the Year Ended 31 March 2023

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Contents

	Page
Reference and administrative details of the Company, its Trustees and advisers	1
Chairman's statement	2 - 9
Trustees' report	10 - 15
Trustees' responsibilities statement	16
Independent auditors' report on the financial statements	17 - 20
Statement of financial activities	21
Income and expenditure account	22
Balance sheet	23 - 24
Notes to the financial statements	25 - 43

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Reference and administrative details of the Company, its Trustees and advisers For the Year Ended 31 March 2023

Trustees	David Glasser
	Carolina Wosiack (resigned 18 April 2023)
	Andrew Clyne
	Andrea Cavone
	Jeremy Seigal (resigned 15 January 2023)
	Debroah Bezalel (resigned 21 August 2023)
	Robert Wisniowski (appointed 14 February 2023)
	Adam Denning
	Joanna Mludzinska
	Simon Bentley (resigned 5 July 2023)
Company registered number 01488690 Charity registered number 280389 Registered office Ben Uri 108a Boundary Road London NW8 0RH Independent auditors Acuity Professional Partnership LLP Chartered Accountants and Registered Auditors Unit 2.02 High Weald House Bexhill-on-Sea TN39 5ES Bankers Danske Bank London EC1V 4PY Solicitors Reed Smith LLP Broadgate Tower 20 Primrose Street London EC2A 2RS

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Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Chairman's statement For the Year Ended 31 March 2023

Chairman`s Report for the financial year ending 31 March 2023 .

The overarching and distinctive focus of Ben Uri is 'The Jewish, Refugee and wide Immigrant contribution to British visual culture since 1900' within a Digitally led hybrid institution.

Our future is Digital led and our 2018 Sustainability and Public Benefit Strategic Plan remains our road map for the future creating a dynamic digital /physical hybrid museum engagement model ready for the decade/s ahead.

2022-23 was a year of contrasts with real progress being achieved on many aspects of our strategic plan but greatly frustrating not to be able to reopen to our physical audiences.

First Covid followed by closure from 12 July 2021 until January 2023 to effect necessary remedial works and refurbishment because of extensive and devastating flash floods in N. W. London.

This is a principal reason for the delay in publishing our accounts as we have endured a lengthy battle with our insurers on reimbursement and recognition of business interruption losses. As we discovered our, and we understand most, commercial policies do not address lost opportunity for charitable donations within their formula of gross sales / margin / less cost of sales less reduction in costs incurred. We have finally had to accept defeat but with a consolation that our argument was eventually accepted but not the quantum sought.

During this year we sought to re-invigorate the Board with new ‘executive portfolio’ trustees supporting a parttime chief executive. As anticipated, we lost some whose enthusiasm for the concept was not matched by their actual time capacity and others for other reasons, but we have ended up with a viable equilibrium who are working well as a team. The second main reason for the delay in publishing the accounts was a complete internal financial audit particularly examining the valuations of the heritage assets and as it turned out whilst individual sums varied the total was little changed.

Against the background of a gallery closed and for months resembling a building site we continued to pursue our strategic ‘digital first’ strategy and continued to majority invest in an expansion of our digital content, research centre and online presence across over 20 different 3rd party platforms. Our audience reach is balanced with 1/3rd coming from each of London, Rest of the UK and abroad.

The return on investment exceeded expectations resulting in significant increased global awareness of Ben Uri and its distinctive research focus on the Jewish, Refugee and wide Immigrant contribution to British visual culture since 1900. In awareness terms the figure of 1 million a year is most likely modest given many platforms cannot provide accurate analytics of our presence and engagement.

The potential to build innovative scholarly content and grow wide ranging partnerships with universities at home and abroad is key to fulfilling our strategic objective of being the leading academic digital resource on our focus area.

External context:

Our long considered and carefully assessed decision to expand our focus to the wide Refugee and Immigrant contribution to British visual culture since 1900 has massively expanded our digital audiences. Our decision to deaccession some 500 unfettered, rarely exhibited, works in 2018-19 and transfer free of charge where public benefit was greater than the sales value to Ben Uri - or sell when obviously in the best interests of the charity – has equally been totally vindicated.

By reinvesting sales proceeds in our future, rather than exclusively in the Collection, we have exponentially increased public benefit which is the principal role of a charity.

If we had not taken the difficult decisions, albeit under criticism and considerable pressure in 2018 from both some in the Jewish community and some leading members of the Arts establishment, we would in future years have almost inevitably followed the financial melt-down the Jewish Museum London endured in December 2019. In May 2023 their new Board announced its closure and the planned sale of its building to part fund a relocation despite the £1m+ bailout received earlier from the Arts Council England. This illustrates the formidable financial

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Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Chairman's statement (continued) For the Year Ended 31 March 2023

challenges facing the small museum sector and we look forward to a new Jewish Museum gracing the London stage in the years ahead.

In February 2023 we entered negotiations with Professor Eddie Chambers of the University of Texas to take over the digital presence of his ‘diaspora-artists.net’ database of over 2000 profiles principally of the Black and Asian contribution to British visual culture. These negotiations proved successful later in 2023. The combination of both ‘diaspora-artists.net’ and ‘buru.org.uk’ which principally features the European contribution has created a leading academic resource for students, lecturers, researchers, social historians, critics and writers which is being added ongoing to university student reading lists throughout Britain and Europe.

By adding over 2000 profiles at a stroke through the ownership of diaspora-artosts.net we have catapulted Buru.org.uk into a leading academic resource fulfilling a critical aspect of our 2018 Strategic Plan.

This report is split into 6 sections each of which has material relevance and reflects not only on Ben Uri but the 83% of all UK museums categorised by the invaluable Mapping Museums Project published in March 2020 as small (56% struggling to generate an average of 15 visitors a day) and medium (27%) sized museums.

The report reviews the following.

1] The future is digital – Our future is Benuri.org inspired and enhanced by our continued physical presence and our proud Jewish and immigrant heritage.

2} The Collection.

3] Financial performance and sustainability.

4] The ‘logistics’ – to deliver our 2018 Sustainability and Public Benefit Strategic Plan.

5] London Art Fair.

6] The Future.

1] Digital - Benuri.org > The First Full Scale Virtual Museum and Research Centre inspired and enhanced by our physical presence and proud Jewish and immigrant heritage

We continued to reinvest sums raised from divesting curatorially selected deaccessioned works into delivering our strategic and digital objectives.

The principal objective remains to build Benuri.org as the core of the new, globally engaged, academic focussed Ben Uri. Fundamental to this rounded academic focus is to highlight Benuricollection.org.uk showcasing the fully digitised collection and Buru.org.uk which is the Ben Uri Research Unit recording the Jewish, Refugee and wide Immigrant contribution to British visual culture since 1900.

We continued to build and commission extensive qualitative online content with over 60 exhibitions, 100 films on BUTV, 70 podcasts, 100 art interventions for older people at risk of, or living with, dementia, 200 school programming options, both the Pre-eminent and Core collection fully digitised, and further developed last year’s innovations including publishing 3rd party scholars’ writings on the Jewish, Refugee and wide Immigrant contribution to British visual culture since 1900. By year end we had published over 600 profiles within the Research Unit (Buru.org.uk) and another 800 people under research from some 100 countries of birth.

Our online language translation service is extensively used.

We commenced our upgrading of our now 4 web sites by instructing an expert data-base company, Coeli, based in Barcelona, to renew buru.org.uk with wide search capacities. This large and demanding database project will

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Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Chairman's statement (continued) For the Year Ended 31 March 2023

launch in early 2024 and be fit for purpose to engage and satisfy academia and researcher needs. Next will be our Collection site and an assessment of how best and most economically to consolidate all 4 sites within the same database but maintaining separate stand-alone sites for each.

We are experimenting with AI and believe there is massive potential to save time if managed very carefully to avoid the risks of inaccurate and often plausible information being published.

2} Collection

Everything we do is inspired by our collection emanating from our proud 108 year Jewish, Refugee and immigrant heritage.

We have again this year invested well in our collection adding works through purchase, gift and in many ways most importantly via our new Loan Scheme. This is a win win agreement as the owner can continue to enjoy their prized artworks in their own homes when not on display at Ben Uri rather than the standard museum practice of the work being consigned to store and Ben Uri having to fund storage and insurance costs.

We have over the years built an extensive museum to museum loan programme which includes single works to full exhibitions. This year some 100 works went on loan within the UK & Europe which is a remarkable performance for such a small museum but reflects the national and international awareness built very deliberately over the years on the institution and our focus and scholarship.

We continue to release works deaccessioned in 2018-2019 when judged to be in the charity’s best interest and the right opportunity arises whether that be by sale, or museum / institution transfer at no charge.

One major initiative successfully accomplished was the free transfer of some 30 works by artists displaced by the Holocaust to the Yad Vashem Art Museum in Jerusalem. This has been universally welcomed by all involved and by Yad Vashem who adjusted its accessions policy to support this project. We had gifted some 30 works by Jewish artists to the Jewish Museum London in 2018 but to date we have not been informed of their whereabouts. Given the circumstances we are grateful they declined our offer in early 2019 of a 150-work strong collection of works by artists from within the Jewish community. This curated collection can be offered again as part of a social history context whenever / wherever the new Jewish Museum London emerges.

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Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Chairman's statement (continued) For the Year Ended 31 March 2023

3] Financial sustainability and performance.

Income: TY £218,136 LY £228,284 Expenses: TY £264,967 LY £250,250 Cash Deficit: TY (£46,831) LY (£21.966)

After revaluation of gifted assets in the year a reduction of the net deficit of £22,960 is recognised compared to a gain of £22,265 last year.

Given Covid and our further closure to the public for a further 18 months owing to the flood the Board is satisfied with this performance but is under no illusion of the need to generate new commercially generated income streams and this remains our non- negotiable goal. Our costs again were managed extremely tightly at some £265k which is driven by rigorously evaluation of costs against return on investment.

Net Asset Value: reduced slightly at £9.705m compared to £9.726m last year.

The ‘Pre-eminent Trust’ NAV remained at £8.255m representing 85% of the total charity’s assets.

It is important to understand that whilst the audited numbers give the appearance of considerable strength the figures flatter to deceive as over £1m of the £1.445m book value of ‘unrestricted’ assets as described in the accounts are principally illiquid as mostly in the ‘core’ collection.

Sustainability : The Board are comfortable that there are sufficient assets yet to be sold to cover the periods ahead whilst the monetisation of our digital programming gets established alongside greater levels of philanthropic support.

4] The ‘Logistics’ to deliver our 2018 Sustainability and Public Benefit Strategy

The successful delivery of our four areas of focus is determined on effective and flexible logistic planning and timely execution. In each case the logistics revolve around having the ‘right’ human resources at operating and supervisory levels to implement the tactics to achieve the strategic objectives. This we do not yet have and until we can generate sufficient funds to invest in paid executive management we will continue to deliver piece-meal rather than ongoing.

One of the many frustrations of running a very small but energetic delivery driven public benefit academic institution is the great difficulty in raising funds when competing against the pulling power of either Nationals or the like in the museum sector, or causes such as poverty, disease, and repercussions of war. This is no doubt why over half of the 3200 strong museum sector is effectively volunteer led and run.

One further frustration of running small, underfunded but purposeful and determined charities is that everything takes for ever compared to the commercial sector. The equation of ‘good enough = an effective return on investment’ is an essential operating assessment.

5] London Art Fair:

It was a huge honour for Ben Uri to be selected as the Guest Museum at the London Art Fair in January 2023. 25,000 visitors either walked past, or walked through, and or engaged with our Collection display of some 40 works by 35 artists from over 30 countries of birth.

The exhibition was led by Benedict Enwonwu (Nigeria), Lancelot Ribeiro (India), Nasser Azam (Pakistan), Frank Auerbach (Germany) Jacob Epstein (USA) Jankel Adler (Poland), providing the opportunity to share the diversity of the Collection and our scholarship through digital engagement was a major public awareness boost.

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Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Chairman's statement (continued) For the Year Ended 31 March 2023

6] The Future

A continued shift of investment to maximise return on investment from expensive physical exhibitions to digital including online exhibitions and publishing, upgrading of our web presence and the integration of A1.

I thank all my Trustee colleagues, past and present, and all at the production end who make Ben Uri count within a milieu of much larger institutions in this country and abroad. We are building an institution with an important purpose to be recognised as the leading academic and art sector resource on the Jewish, Refugee and wide Immigrant contribution to British visual culture since 1900.

Such an objective not only expands and serves a wide public interest with the academic and art sectors but also if taught in schools can be a positive influence in social integration.

David Glasser

Executive Chair

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Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Chairman's statement (continued) For the Year Ended 31 March 2023

Pre-eminent Collection Trust 230389-1: Subsidiary charity to Ben Uri Gallery and Museum Limited 280389

As reported in previous years we established a ring-fence for those works assessed to be pre-eminent within our collection. This also forms part of the basis of our 2018: Ben Uri Sustainability and Public Benefit Strategic Plan. On 1 August 2019, by a deed, we declared a trust of those works formally identifying them in a schedule as our pre-eminent collection. For charity law purposes, this is treated as a subsidiary of Ben Uri and, on 31 October 2019, it was registered as a linked charity by the Charity Commission under number 230389-1. The effect is intended to secure, in perpetuity, the integrity of the pre-eminent collection. Ben Uri contributed the initial sum of £25,000 for future acquisitions of pre-eminent works of art and for their maintenance, storage and upkeep. We will encourage donors to add to this fund.

This is also intended to give confidence to donors that we are serious about the future of the pre-eminent collection and its display to the public, to secure additional donations so that we can build on the pre-eminent collection through the acquisition of further works of art and, of course, to curate and maintain it for the benefit of the public. Under the declaration of trust, the following is a summary of the key features:

1 The objects

• to provide and maintain the pre-eminent collection for exhibition to the public

• to advance the education of the public about the pre-eminent collection

2 Restrictions and requirements

• to form part of the pre-eminent collection, an item (which includes future additions) must be created by artists who immigrated to Great Britain after the year 1900 or be other selected works and satisfy a criterion of merit as determined by the trustees of Ben Uri.

• works cannot be sold or mortgaged; a representative sample of works must be put on display to the public

• if Ben Uri does not have sufficient funds to preserve and maintain it, or put it on display to the public, the preeminent collection and funds remaining which are dedicated to the purpose, must be transferred temporarily or permanently to another institution being a Recognised Accrediting Body with compatible objects and adequate financial resources, to be put on display to the public alongside its other works of art during normal opening hours"

The Trustees are satisfied that the Pre-eminent Trust protects the key works of the collection, currently numbering c100, and the trust remains open to accept other key works either gifted or acquired in the future.

Since formation the Trustees have placed the following acquisitions by David Bomberg, Solomon Alexander Hart, Kurt Schwitters, Peter Howson, Georg Ehrlich, Gregoire Michonze, Marie-Louise von Motesiczky into the Trust:

David J Glasser

Chair

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Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Chairman's statement (continued) For the Year Ended 31 March 2023

Measurable achievements since reopening in 2001

Successfully repositioned from a Jewish community art society to a widely recognised and respected art museum and research centre distinctively focussing on the Jewish, Refugee and wide Immigrant contribution to British visual culture since 1900. Equally successfully reshaping into Europe’s first Digital led hybrid academic institution.

Curated over 80 major exhibitions and some 115 in total. Toured exhibitions to over 30 venues across 3 continents.

Successfully established a Museum-to-Museum Collection Loan Programme now totalling an average of some 100 works per year to museums nationally and internationally. Published over 50 books and catalogues - distributed nationally and internationally.

Invested over £1m in the collection and acquired master works by Auerbach, Bomberg, Chagall, Epstein, Gaudier Breszka, Gertler, Grosz, Hart, Herman, Howson, Schwitters, Soutine and Wolmark amongst others.

In 2018 published a 20-page Sustainability and Public Benefit Strategic Plan which revised a great deal of traditional museum operating systems to best reflect the scale of resources of this charity/museum. Much reflects the operational challenges facing over 50% of the UK Museum sector who struggle to generate 100 visitors a week. Integral was the integration of return-on-investment analysis at the operating level and the decision to jump the inevitable curve and transform into a principally digital institution. As part of the strategic rethink a curatorial designed disposal programme to streamline the collection in accordance with the newly revised Collection and Collection policies, adhering charity law and commission guidelines was initiated. Some 500 unfettered works have been de- accessioned and over a period will find new homes where they will be exhibited be they museums, charities of private households. This will fulfil the artists’ intentions of their work being seen and enjoyed. A principal justification was no artist we consulted with, prefers their art works being in long term store and never seeing the light of day irrespective of it being in a museum store.

Digitised the collection in full and all searchable on-line. (Sector estimates less than 20% of UK museums have fully digitised their collection and have it online in a searchable format)

Launched Benuri.org – the first full scale virtual museum and research centre which has been transformative in terms of public benefit reach and delivery both nationally and internationally. Benuri.org includes:

100-year archive developed into an accessible social and art history resource. Over 100 online exhibitions either Classic or 3D presentations. Ben Uri library - over 3000 art reference books principally on emigree artists.

Extensive school Art and Holocaust Learning programmes as part of the National Education Network accessible to some 20,000 schools nationwide.

Over 100 films about artists, exhibitions and Ben Uri philosophy for BUTV, YouTube & Vimeo.

Over 100 arts and mental health programmes for older people, often living in social isolation and or with earlystage dementia have been curated with research and accessibility at its core.

Launched a new buru.org.uk website as the home of fully researched profiles of Jewish, Refugee and Immigrant individuals, principally European, who have made a significant contribution to British visual culture.

Taken ownership as the custodian of Diaspora-artists.net which, like buru.org.uk, researched and published over 2300 profiles of individuals, principally from the Black and Asian communities, who have made significant contributions to British visual culture. Together both databases create a leading academic resource on the subject.

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Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Chairman's statement (continued) For the Year Ended 31 March 2023

Finances:

Transformed the overall financial health of the institution in net asset value terns and in 2018 took decisive action to secure the charity’s financial and public benefit future.

Pre-and post-re-opening and repositioning in 2001

9 years 1992 – 2000

Total income generated (excluding the sum received in compensation for vacating Dean Street) was £404,900 – averaged £44,900 per annum.

Total expenses incurred were £570,000 averaged £63,300 per annum.

The average annual deficit over the 9 years was £18,400 – (29%)

23 years between 2001 and 2023

Total income generated £7.302m – an average f £317k per annum

Total expenses incurred £7,376m – an average if £320k per annum

Collection acquisitions:

9 years 1992-2000 > no sums recorded in the accounts

23 years between 2001 and 2023 > over £1m through the generous support of the Art Fund, HLF, V&A Purchase Grant Fund and many individual supporters.

Net Asset Value:

Year ending 1995 - £116,000

Year ending 2000 - £282,000

Year ending 2023 - £9.705m

David Glasser

Executive Chair

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Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Trustees' report For the Year Ended 31 March 2023

The Trustees present their annual report together with the audited financial statements of the Company for the 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Public Benefit

The charity's purpose and reason for being is to fulfil its objects by generating the maximum purposeful and useful public benefit from its human and tangible resources.

Distinctiveness of product and delivery designed to minimise repetitiveness by other similar and local institutions is key alongside proper measurement of return on investment of programming in a serious effort to generate maximum, incremental value generated from human and financial resources employed.

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

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Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Trustees' report (continued) For the Year Ended 31 March 2023

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit and in particular to its supplementary public benefit guidance further exlained on the Charity Commission website.

Art, Identity and Migration

The charity is a company limited by guarantee and was founded in 1915 and named after Bezalel Ben Uri, the craftsman builder of the Tabernacle, who is mentioned in Exodus 31. Ben Uri was at the heart of the artistic and cultural life of Anglo Jewry during its first 65 years until the 1980s when the final and social emancipation for the Jewish community in this country took effect and the invisible barriers dissolved. From this time onwards Ben Uri as a Jewish cultural institution had to compete not only with others within the community as previously but with all around us in the secular world. Ben Uri did not change its raison d’être to adapt and ultimately the institution effectively closed to the general public at the end of 1995.

It was re launched under the direction of a new board in October 2000, led by David Glasser, as Ben Uri, The Art Museum for Everyone, properly contextualising the Jewish Artistic experience within the wider cultural milieu rather than within any religious confines. It was very deliberately and strategically positioned at the heart of London's mainstream museum and cultural offer for the new millennium. Implementation in 2018 of the Sustainability and Public Benefit Strategy reshaped and repositioned the charity to adapt and address tomorrow’s digital world today.

The charity now promotes Digital as its core public benefit engagement platform. Within that we feature and prioritise our academic research programme under Buru.org.uk - Ben Uri Research Unit - creating a major digital resource of the Jewish, Refugee and wide Immigrant contribution to British visual culture since 1900.

This department includes the Ben Uri Collection which has been redefined into Pre-eminent protected by a legal ring-fenced trust and Core which represent works expected to be exhibited: exhibitions on site and touring: library now open on the lower floor of the gallery including Ben Uri Archives from 1914 provide extensive research facilities on immigrant artists and Ben Uri’s history since 1915.

New Collecting, Disposal and Loan policies have been introduced successfully.

Since 2002 Ben Uri has built its collection significantly by adding works by Jewish, Refugee and Immigrant artists and continues to do so but with a far greater discipline focusing on pre-eminence – whether physical or digital.

The charity has transformed its engagement and public benefit evaluation to be in step with tomorrow’s world (if not already today’s) from the physical which is greatly limited and inhibited by lack of space, poor location, under funding and operating in the greatest cultural city in the world to the Digital arena where principally only content and presentation determines positive engagements globally. Financially the return on investment from digital engagement compared to physical is both far greater and greatly infinitely cost effective.

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Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Trustees' report (continued) For the Year Ended 31 March 2023

Objectives and activities (continued)

b. Main activities undertaken to further the Company's purposes for the public benefit

The sections of this report above entitled "Policies and objectives" sets out the charity's objectives and reports on the activity and successes in the year as well as explaining the plans for the current financial year. The Directors have considered this matter and concluded that the underlying mission remains a robust and important use of charitable funds and energies being:

1. Exploring issues of art, identity and migration through research, publishing online and exhibitions of artists from our permanent collection alongside their peers. We endeavour to access the largest possible audience, from the widest possible communities at home and abroad, to engage particularly with the work, lives and the contribution of Jewish, Refugee and Immigrant communities to British visual culture since 1900.

2. Through a transformative and total commitment to engaging globally through digital portals we address tomorrow’s challenges of engagement today rather than the converse which is the more regular museum operating strategy.

3. That the benefits are for the public, are not unreasonably restricted in any way and certainly not by ability to pay, and

4. That there is no detriment or harm arising from the aims or activities

The charity continued to extend its mission to wider and more diverse audiences through digital channels via scholarship and research on our collection exhibitions, lecture programmes, writings and publishing, Full details are reported in the Chairman's Report.

We remain indebted to the many volunteers. The Chairman has continued to lead the renaissance of the museum, working full time on a pro bono basis, since elected in October 2000.

The Members of the Board pay due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake and takes legal advice whenever in doubt.

The Board recognises the hierarchy of Charity and company law over all other associated museum membership or sector bodies’ guidance and codes of ethics. Whilst respecting all recommended best practices ultimately the Trustees are legally obliged to make their judgements solely based on what is in the best interests of the charity to further its charitable objectives and public benefit. This is in keeping with Charity and Company law.

The company's policy is to consult and discuss with employees at meetings, matters likely to affect employees' interests. Information on matters of concern to employees is given through regular staff meetings, and information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

We enjoy the benefits of an ethnically diverse and able recruitment policy including remote working from abroad. Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort would be made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Its new mission was / remains to effectively communicate the wide immigrant experience in the visual arts within the principal contexts of Art, Identity and Migration. This focus reflects and is directly relevant to the greatest social cohesion challenges of the 21st century – migration and social integration. The story of Ben Uri artists was in many cases tragically distinctive. However, the migration experience itself when arriving in a new country is in general terms relatively universal and not singularly a Jewish experience. The strategy was and remains clearly designed to engage the largest possible audiences from the widest possible communities.

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Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Trustees' report (continued) For the Year Ended 31 March 2023

Objectives and activities (continued)

In 2016, after 15 years of planning to occupy a new centrally located building to house our vision of a Museum of Art, Identity and Migration we reluctantly concluded it was an uneconomic dream that gained far more plaudits than money.

The Board initiated a wide and open options analysis to determine if and how Ben Uri should / could prosper and generate financially sustainable and distinctive public benefit. The result was to merge with a university or transform into a digital first institution focussing on the academic sector. The latter has been an outstanding success in every comparable analysis. The Board also addressed head on the harsh reality of all museums that 80%+ of the collection was rarely if ever exhibited. We suffered more as much of the museum collection was gifted by competent community artists that no longer had any chance of being exhibited. The result of over 2 years of curatorial assessment was the decision to de-accession some 500 works including some 25 of meaningful financial value but rarely exhibited as they were not the best examples by the artist in the collection. The decision was made to reinvest the sale proceeds of these works primarily in funding the transition into a Digital First institution. All these seismic shifts in traditional museum best practice were outlined in detail in our 24 page Sustainability and Public Benefit Strategic Plan published in 2018.

Achievements and performance

a. Key performance indicators

During the year, the charity generated £228k (2021 - £108k) in income. Net Asset Value of both Ben Uri Gallery and Museum Limited and The Pre-eminent trust totalled £ 9.72m at year end compared to £9.70m at the last year end. The decrease is primarily due to the gain during the year, due to the increase in income of £120k compared to the prior year.

b. Review of activities

Trustees consider the financial position and performance to be satisfactory. Full details are included in the Chairman's Report.

c. Fundraising activities and income generation

It is the policy of the charity to maintain unrestricted funds at a level which the Trustees consider sufficient to support existing programmes and commitments.

External funding campaigns will be launched when we have completed the transformation and can offer engaging and exciting causes for support.

Financial review

a. Going concern

The Board is satisfied that it is appropriate to continue to adopt the going concern basis of accounting in preparing the accounts’ previous years this report has stated.

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Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Trustees' report (continued) For the Year Ended 31 March 2023

b. Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three- and twelve-months expenditure. The Members of the Board considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

c. Principal risks and uncertainties

The Members of the Board have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure.

d. Principal funding

The charity's established areas of funding are via donations, sale of donated goods, sponsorship, grants, services provided, and income generated from publications generated from our collection. exhibitions, scholarship and professional services.

The charity has benefitted for a decade and more from interest free loans by one of its Trustees. The Lender and the Borrower agreed through legal representation that whilst the loan is repayable on demand it will not be called until the charity is sufficiently well financed to facilitate repayment leaving no immediate risk to the sustainability of the charity.

Structure, governance and management

a. Constitution

Ben Uri Gallery and Museum Limited is registered as a charitable company limited by guarantee and was set up by a Trust deed.

The company is constituted under a Trust deed and is a registered charity number 280389.

Ben Uri Pre-eminent collection - declaration of trust dated 31.8.2019 and is registered charity number 280389-1

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Policies adopted for the induction and training of Trustees

Appointment of trustees is governed by the declaration of trust of the charity. The board of trustees is authorised to appoint by resolution new trustees, whether by way of replacement or addition. Training needs are assessed according to each Trustee's needs. Adoption of new Trustees are only considered after a period of attending Board meetings and clarifying the individual contribution they commit to make and their portfolio of interest. Recruitment is led by an external professional against a clear set of criteria and commitment required.

Page 14

Ben Urf Gallery and Museum Llmlted (A com￿nY Ilmlted by guardntsel Trustees. report Icontlnuedl For the Year Ended 31 IAarch 2023 Struclure. goveman¢e and management {contlnuedl d. Oryanisatlonal strUc￿re and declslon maklng The Charty. whth is a company limited by guarantee, vras cX)nstihJ￿l by its M8moraThlum and Arbdes of Association adopted in ￿rill980. HcA¥ever. these were considered by the Board lo be long out of date in 18nguage, clarity and purpose. The Board embarked on an extensNe redrath.ng of the Arb"cies to aceurely reflect the current and fithjre directton of the charrty the exwt assistance of Reed Smith LLP. solicitors The Charty Commission accemed Ihe revisicms. and the new AJtrbes vfas legalty t4nding in Juty 2014. The governing body is the company Board of Directors l Trvslees of the Charity ting one and the sam9. The Board is the 'executive' and meets morrthly vthenever I￿1￿e. The management of the ¢(￿pany1M￿seuM 15 operated through department colleagues rewrtirKJ.. Y￿rn a collegth 5trLtcture, through the Director or in person to the Board. e. Risk management The Tnjstees have assessed the Ma1￿ r￿kS to which the compa)y is ex[￿￿, hi pa￿Cular those related lo the operations and finances of the COMp￿y. e satisfied that S￿emS and procedures are in ￿ace to mitigate our exposure lo the major risks. Infornwtlon on fundrnlslng practlces Ben Uri does not engage in any cold Cal￿￿9 to the wblic ts lurKIs. The charity has not employed any thir(kparty agLYy or person to uThJertake fundraisirwj its behalf. AJI fundraisiThJ in ternis of formal grant applicatKY)s is fiJlfiHed by the thariws petmanent line management and all donations are instigated by the Direclor ￿ Trustees wsonaty. Thwe have been rK) complaints regarding the style and delivery of ￿r endeav¢JJrs. and we are ahwdys careful that those to whom we approach have expressed interest in our charity oLyeGts and are aL4e to 5￿port ￿lmyth in any meaningful vtsy diluting their (wm financial positt"on. Dlsclosure of information to audito Each of the persons Itho are Tn￿tee8 at ts time vknen tlis Trustees. report is approved has confimied that.. so far as that Trustee is aware. there is no relevant aL¥Jit infc￿lation of which the tharitys auditors are una%￿are. and that Trustee has ten all the steps that ought to have ten taken as a Trustee in order to be aware of any reievant audit infomiatit￿ and to es￿l$h that ￿ charitys auditcws are avrdre of that informatson. Audltor5 The auditor5, Acuity Professional Partnership LLP. have inrfThled tsir winFngness to Contin￿ in office. The designated Trustees WIN propose a mth.on feappoinlirwJ the audrtors at 8 meeting of ￿ Trustees. Approved by order of the members of the tM)ard of Date". rusteeg 8ThJ s on their behalf b￿. 71(os(7ozLf Page15

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Statement of Trustees' responsibilities For the Year Ended 31 March 2023

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on its behalf by:

Page 16

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Independent auditors' report to the Members of Ben Uri Gallery and Museum Limited

Opinion

We have audited the financial statements of Ben Uri Gallery and Museum Limited (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of financial activities, the Income and expenditure account, the Balance sheet, the Statement of cash flows and the related notes, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of 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 2023 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 Charities Act 2011.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

Page 17

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Independent auditors' report to the Members of Ben Uri Gallery and Museum Limited (continued)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 this gives rise to 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; 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, 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.

Page 18

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Independent auditors' report to the Members of Ben Uri Gallery and Museum Limited (continued)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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:

We have assessed the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur, as low by way of enquiry, prior knowledge and current year analytical review and testing

We have enquired with management and those charged with governance to obtain an understanding of the legal and regulatory framework applicable to the entity and, through our audit testing, our findings have confirmed that the entity is complying with the relevant frameworks

We have enquired with management and those charged with governance to obtain an understanding of the entity’s policies and procedures relating to compliance with laws and regulations. Through our testing, we have reviewed all relevant documentation and confirm that there have been no instances of non- compliance

Through enquiry, analytical review, walkthrough testing and substantive testing we have obtained an understanding of the entity’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud

We have confirmed that the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations and fraud

Listed above is the extent of procedures we have taken to detect material misstatements in respect of irregularities, including fraud, to which we have found no instances.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 19

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Independent auditors' report to the Members of Ben Uri Gallery and Museum Limited (continued)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the= Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state= to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for= no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone= other than the charitable company and its members, as a body, for our audit work, for this report, or for the= opinions we have formed.

Acuity Professional Partnership LLP

Chartered Accountants and Registered Auditors Unit 2.02 High Weald House Bexhill-on-Sea TN39 5ES

Date: 22.08.2024

Acuity Professional Partnership LLP are eligible to act as auditors in terms of section 1212 of the Companies Act= 2006.

Page 20

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Statement of financial activities For the Year Ended 31 March 2023

Note Income and endowments from: Donations and legacies 5 Other trading activities 6 Other income 7 Total income and endowments Expenditure on: Raising funds 8 Charitable activities 9 Total expenditure Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Revaluation on heritage assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ 81,528 132,209 2,399 216,136 7,316 257,651 264,967 (48,831) 25,871 (22,960) 1,471,619 (22,960) 1,448,659	Restricted funds 2023 £ 2,000 - - 2,000 - - - 2,000 - 2,000 - 2,000 2,000	Pre-eminent trust 2023 £ - - - - - - - - - - 8,254,483 - 8,254,483	Total funds 2023 £ 83,528 132,209 2,399 218,136 7,316 257,651 264,967 (46,831) 25,871 (20,960) 9,726,102 (20,960) 9,705,142	Total funds 2022 £ 135,473 92,105 706 228,284 15,228 235,022 250,250 (21,966) 44,231 22,265 9,703,837 22,265 9,726,102

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 25 to 43 form part of these financial statements.

Page 21

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Summary income and expenditure account For the Year Ended 31 March 2023

Note Income Gains on revaluation Gross income in the reporting period Less: Total expenditure Net expenditure/(income) for the reporting period	Total funds 2023 £ 218,136 25,871 244,007 (264,967) (20,960)	Total funds 2022 £ 228,285 44,231 272,516 (234,133) 38,383

The notes on pages 25 to 43 form part of these financial statements.

Page 22

Ben Uri Gallery and Museum Limited (A company limited by guarantee) Registered number: 01488690

Balance sheet As at 31 March 2023

Note Fixed assets Tangible assets 14 Heritage assets 15 Investments 16 Current assets Stocks 17 Debtors 18 Cash at bank and in hand Creditors: amounts falling due within one year 19 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Pre-eminent trust 21 Restricted funds 21 Unrestricted funds General funds 21 Total unrestricted funds 21 Total funds	64,210 62,638 423,538 550,386 (334,514) 1,448,659	2023 £ 8,776 9,164,734 315,760 9,489,270 215,872 9,705,142 9,705,142 9,705,142 8,254,483 2,000 1,448,659 9,705,142	64,213 100,491 412,398 577,102 (335,154) 1,471,619	2022 £ 10,051 9,074,230 399,873
				9,484,154 241,948
				9,726,102
				9,726,102
				9,726,102
				8,254,483 - 1,471,619
				9,726,102

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 145 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 23

Bon Uri Gallery and Museum Llmlled (A company limited by guarantee) Registerod nUM￿r. 014886 Balan￿ sheet Iconlinued} As at 31 March 2023 The finarria stslemats have tw) pre￿￿￿ in acoydarKe provisN￿5 apph"cable to entities subject to the small companies regime. The ffinancial ststements ￿Ere approved arKI aut￿￿lSed for issue by ts Trustees signed on their behalf by.. Date.. The notes on pages 25 to fcTh part of Page 24

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

1. General information

The company is a company limited by guarantee incorporated in England and Wales. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company. The registered office is Ben Uri, 108a Boundary Road, London, England, NW8 0RH. At the balance sheet date there were 9 members (2022 - 9).

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Ben Uri Gallery and Museum Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The accounts are prepared in sterling, which is the functional currency of the company, rounded to the nearest pound.

2.2 Going concern

The Board reviews its finances monthly and is conscious that a refinancing of current debt will be necessary through a combination of donations and the sale of non-core assets. Given the asset value declared and the material value of Heritage Assets acquired between 1920 and 2001 of some 1,000 works the Board are comfortable in its ability to refinance and continue to finance the development of the institution for the foreseeable future. Thus the Board is satisfied that it is appropriate to continue to adopt the going concern basis of accounting in preparing the accounts.

Page 25

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the company where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer an economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

Page 26

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

2. Accounting policies (continued)

2.4 Expenditure (continued)

Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities. Governance costs include costs of the preparation and examination of the statutory accounts, the costs ,if any, of,trustee meetings and the cost of any legal advice to the Council members on governance or constitutional matters.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

• Short-term leasehold property Over the period of the lease - Fixtures and fittings 15% reducing balance Office equipment & other assets - 25% & 15% straight line

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments held as fixed assets are shown at cost less provision for impairment.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 27

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

2. Accounting policies (continued)

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.12 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 28

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

4. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

5. Income from donations and legacies

Unrestricted funds 2023 £ Donations 81,528 Grants - 81,528	Restricted funds 2023 £ - 2,000 2,000	Total funds 2023 £ 81,528 2,000 83,528

Ben Uri benefited from the full time services provided free by one of the trustees.

During the year one of the Trustees donated a collection of art books and catalogues to the Charity. This has been conservatively valued by the Trustees at £40,000 and is included as an addition to Donated Heritage Assets.

During the year the Charity received a donation of three artworks valued at £7,500 from one of its Trustees. These artworks have been included as an addition to Donated Heritage Assets.

Unrestricted	Total
funds	funds
2022	2022
£	£

Page 29

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

5. Income from donations and legacies (continued)

Donations Grants 6. Income from other trading activities Income from fundraising events	Unrestricted funds 2022 £ 133,973 1,500 135,473	Total funds 2022 £ 133,973 1,500 135,473

Unrestricted funds 2023 £ Fundraising activities 65,481 Profit on sale of Fixed Asset Investments 66,728 132,209 Unrestricted funds 2022 £ Fundraising activities 43,160 Profit on sale of Fixed Asset Investments 48,945 92,105	Total funds 2023 £ 65,481 66,728 132,209
	Total funds 2022 £ 43,160 48,945 92,105

Page 30

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

7. Other incoming resources

Bank interest received Bank interest received	Unrestricted funds 2023 £ 2,399 Unrestricted funds 2022 £ 706	Total funds 2023 £ 2,399
		Total funds 2022 £ 706

8. Expenditure on raising funds Costs of raising voluntary income

	Unrestricted	Total
	funds	funds
	2023	2023
	£	£
Costs of raising voluntary income	7,316	7,316

Page 31

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

8. Expenditure on raising funds (continued)

• Costs of raising voluntary income (continued)

	Unrestricted	Total
	funds	funds
	2022	2022
	£	£
Costs of raising voluntary income	15,228	15,228

9. Analysis of expenditure on charitable activities Summary by fund type

Auditors' remuneration Direct costs - Charitable programme Auditors' remuneration Direct costs - Charitable programme	Unrestricted funds 2023 £ 2,600 255,051 257,651 Unrestricted funds 2022 Pre-eminent trust 2022 £ £ 2,500 - 216,405 16,117 218,905 16,117	Total 2023 £ 2,600 255,051 257,651
		Total 2022 £ 2,500 232,522 235,022

Page 32

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

10. Analysis of expenditure by activities

Activities undertaken directly 2023 £ Audit - Direct costs 253,778 253,778 Activities undertaken directly 2022 £ Audit - Direct costs 230,695 230,695 11. Auditors' remuneration Fees payable to the Company's auditor and its associates for the audit of the company's accounts 12. Staff costs Wages and subcontractors Social security costs Contribution to defined contribution pension schemes	Support costs 2023 £ 2,600 1,273 3,873 Support costs 2022 £ 2,500 1,827 4,327 2023 £ 2,600 2023 £ 76,624 4,490 1,013 82,127	Total funds 2023 £ 2,600 255,051 257,651 Total funds 2022 £ 2,500 232,522 235,022 2022 £ 2,500 2022 £ 95,703 736 (279) 96,160

Page 33

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

12. Staff costs (continued)

The average number of persons employed by the Company during the year was as follows:

The average headcount expressed as full-time equivalents was:

2023 No. 1 2023 No. 1	2022 No. 1 2022 No. 1

No employee received remuneration amounting to more than £60,000 in either year.

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, £Nil Trustee expenses have been incurred (2022 - £Nil) .

14. Tangible fixed assets

Cost or valuation At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023	Short-term leasehold property £ 21,589 21,589 21,589 - 21,589	Fixtures and fittings £ 33,007 33,007 24,519 943 25,462	Office equipment £ 50,608 50,608 49,046 331 49,377	Total £ 105,204 105,204
				95,154 1,274 96,428

Page 34

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

14. Tangible fixed assets (continued)

Net book value At 31 March 2023 At 31 March 2022	Short-term leasehold property £ - -	Fixtures and fittings £ 7,545 8,488	Office equipment £ 1,231 1,562	Total £ 8,776
				10,050

Page 35

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

15. Heritage assets

Assets recognised at cost

Carrying value at 1 April 2022 Additions Revaluations Carrying value at 31 March 2023	Purchased 2023 £ 630,269 1,664 30,074 662,007	Donated 2023 £ 214,479 47,500 - 261,979	Pre-eminent trust 2023 £ 8,229,482 - 11,266 8,240,748	Total 2023 £ 9,074,230 49,164 41,340 9,164,734

As at 31 March 2023, heritage assets comprising of purchased and donated artwork accessioned to the collection since April 2001 has been valued at current commercial market value by the museum's internal resources, using their considerable expertise, at £9,164,734 (2022 - £9,074,230).

During the year one of the Trustees donated a collection of art books and catalogues to the Charity. This has been conservatively valued by the Trustees at £40,000 and is included as an addition to Donated Heritage Assets.

During the year the Charity received a donation of three artworks valued at £7,500 from one of its Trustees. These artworks have been included as an addition to Donated Heritage Assets.

At 31 March 2023 the donated assets were valued at £8,240,748 (2022: £8,229,482)

Ben Uri adheres to a strict acquisitions process, which considers a range of factors including the cultural and historical relevance and importance of an artwork and its condition. The Collection and Acquisition Committee approve additions to the collection The committee is guided by the museum's acquisition policy and regularly consults with other experts in the specialist field under scrutiny Every work is researched for provenance between the Nazi era of 1933-1945 prior to acquisition.

The charity maintains a register of heritage assets and also maintains an online catalogue on its website. Heritage assets accessioned are periodically re-valued internally and the following key factors are taken into consideration.

• (i) Artist,

• (ii) Image,

• (iii) Medium,

• (iv) Date,

• (v) Dimensions,

• (vi) Provenance,

• (vii) Auction records of similar,

• (viii) Date of sale analysis against current market,

• (ix) Category (quality/ appeal/scarcity/ rarity),

• (x) Commercial art galleries' current offer/pricing

• (xi) Valuation by government indemnity expert panel

Page 36

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

15. Heritage assets (continued)

Analysis of heritage asset transactions

Purchases Revaulations on heritage assets Donations Increase in heritage assets Transfer to Fixed asset investments Donated Total transferred to Fixed asset investments 16. Fixed asset investments Cost or valuation At 1 April 2022 Disposals Revaluations At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022	2023 £ 49,164 41,340 - 90,504 - -	2022 £ 470 44,230 - 44,700 (410,673) (410,673)	2021 £ 13,540 - - 13,540 - -	2020 £ 41,252 2,384,978 - 2,426,230 - -	2019 £ 108,817 - 156,300 265,117 - - Other fixed asset investments £ 399,873 (68,644) (15,469) 315,760 315,760 399,873

Page 37

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

17. Stocks

	2023	2022
	£	£
Books, catalogues and donated artworks	64,210	64,213

The donated artworks were given in lieu of money, to be sold for the benefit of the charity.

18. Debtors

Due within one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable	2023 £ 36,810 23,078 3,086 (336) 62,638	2022 £ 46,089 20,392 35,497 (1,487)
		100,491

Page 38

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

19. Creditors: Amounts falling due within one year

Trade creditors Other taxation and social security Pension payable Other creditors (see note 24) Accruals and deferred income	2023 £ 10,518 389 222 319,965 3,420 334,514	2022 £ 6,452 3,340 409 311,626 13,327
		335,154

Included in Other creditors is an amount of £311,623 (2022 £311,623) reflecting a long standing loan to the charity from one of its Trustees. Repayments of the loan have been agreed with the lender to be made only as and when the charity assesses that it can comfortably sustain them and the loan has no fixed repayment date. During the year no interest was charged (2022 - £nil).

20. Financial instruments

	2023	2022
	£	£
Financial assets
Financial assets measured at fair value through income and expenditure	423,538	412,398

Page 39

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

21. Statement of funds

Statement of funds - current year

Unrestricted funds General Funds - all funds Pre-eminent trust Pre-eminent trust Restricted funds Restricted Funds - all funds Total of funds	Balance at 1 April 2022 £ 1,471,619 8,254,483 - 9,726,102	Income £ 216,136 - 2,000 218,136	Expenditure £ (264,967) - - (264,967)	Gains/ (Losses) £ 25,871 - - 25,871	Balance at 31 March 2023 £ 1,448,659
					8,254,483
					2,000
					9,705,142

Page 40

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds General Funds - all funds Pre-eminent trust Pre-eminent trust Total of funds	Balance at 1 April 2021 £ 1,449,355 8,254,483 9,703,838	Income £ 228,284 - 228,284	Expenditure £ (234,133) - (234,133)	Transfers in/out £ (16,117) - (16,117)	Gains/ (Losses) £ 44,230 - 44,230	Balance at 31 March 2022 £ 1,471,619
						8,254,483
						9,726,102

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2023 £ Tangible fixed assets 8,776 Fixed asset investments 315,760 Heritage assets 933,251 Current assets 525,386 Creditors due within one year (334,514) Total 1,448,659	Restricted funds 2023 £ - - 2,000 - - 2,000	Pre-eminent trust 2023 £ - - 8,229,483 25,000 - 8,254,483	Total funds 2023 £ 8,776 315,760 9,164,734 550,386 (334,514) 9,705,142

Unrestricted funds total £1,448,659 (2022 - £1,471,619), however of this amount £1,259,787 (2022 -` £1,209,971) is represented by non liquid assets.

Page 41

Ben Uri Gallery and Museum Limited

(A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

22. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets Fixed asset investments Heritage assets Current assets Creditors due within one year Total	Unrestricted funds 2022 £ 10,050 399,873 844,748 552,102 (335,154) 1,471,619	Pre-eminent trust 2022 £ - - 8,229,482 25,000 - 8,254,482	Total funds 2022 £ 10,050 399,873 9,074,230 577,102 (335,154) 9,726,101

Page 42

Ben Uri Gallery and Museum Limited (A company limited by guarantee)

Notes to the financial statements For the Year Ended 31 March 2023

23. Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees The assets of the scheme are held separately from those of the company in an independently administered fund.

The charge to the income and expenditure account in respect of defined contribution schemes was £1,013 (2022 - £6,030).

Included within other creditors is an amount of £222 (2022 - £409) due to the pension fund.

24. Related party transactions

During the year, the charity received a total of £30,000 (2022 - £30,000) in sponsorship from a company with a common director.

During the year, the charity received a donation of three artworks valued at £7,500 from one of its Trustees.

During the year, one of the Trustees donated a colletion of art books and catalogues to the charity. This has been conservatively valued by the Trustees at £40,000 and is included as an addition to Donated Heritage Assets.

The Charity benefits from the provision, without charge, of a variety of skills and other services by the members of Board including the Executive Chair who, since elected in October 2000, continues to provide his services full time at no remuneration. It is estimated that the value of his services is in the region of £100,000 per year but this benefit is not reflected in these accounts a quantum unchanged for over 20 years.

Page 43