REGISTERED COMPANY NUMBER.. 01488690 (England and Wales) REGISTERED CHARrrY NUMBER: 280389 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR BEN URI GALLERY AND MUSEUM LIMED IA COMPANY LIMITED BY GUARANTEE Ad Valorem Audit Services Limited Chartered Certrfied Accountants & ststutory Audilors 2 Manor Farm Court Old Wolverton Road Old Wolverton Milton Keynes Buckinghamshire MK12 5NN
BEN URI GALLERY AND MUSEUM LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Pag• R&ference and Adminlstratlve Details Chalmian's Report 2 to 5 Report of tha Trustees 6 10 13 Report of the Independenl Audltor8 14 to 17 Statement of Flnanclal Actlvltl•s 18 Balance Sheet 19 to 20 N¢)tes to th• Flnanclal Statefflents 21 to 28 Dlled SLitemenl of Financial Actlvttles 29
BEN URI GALLERY AND MUSEUM LIMITED REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 PIIARCH 2024 TRUSTEES Andrea Cavona Andrew Clyna Adam Denning David Glasser Joanna Mludzinska Robert Wisniowski Simon Bentley (resigned 5n120231 Deborah Bezalel (resigned 211812023) Carolina Wosiack (resigned 181412023) REGISTERED OFFICE Ben Uri 108a Boundary Road London NW8 ORH REGISTERED COMPANY NUMBER 01488690 (England and Wales) REGISTERED CHARrrY NUMBER 280389 AUDrroRS Ad Valorem Audit Services Limited Chartered cerb.fièd Accountants & statutory Auditors 2 Manor Farm Court Old Wolverton Road Old Wolverton Milton Keynes Buckinghamshire MK12 5NN SOLICITORS Reed Smith LLP Broadgate Tower 20 Primrose Street London EC2A 2RS BANKERS Danske Bank Londcfyn EC1V4PY Page 1
BEN URI GALLERY AND MUSEUM LIMITED CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Chairman's Report for the financial year ending 31 March 2024 Flnancial summary: Income.. Expens8S'. Surplusl(Deficit): TY £306,029 TY £303,620 TY£2,409 LY £244.007 LY £264,967 LY £120,960) Increas8 of £62.022 Increase of £38.653 Increase of £23.369 Net Asset Valua.. Increased slIghY to £9.708m compared to £9.705m last year. Purpose: The ov8rarching and distinctkve focus of Ben Uri remains The Jewish. Refugee and wide Immigrant contribution lo 8ritish visual culture since 19,. Our future is Digital led, and our 2018 Sustainability and Public Benefit Slrategic Plan ramains road map for the future creating a dynamic digital Iphysical hybrid museum engajemenl mod81 addressing tomor$ world and engagement challenges today. 2023-24 was a further year of contrasts with exciting progrtsss being 8chieved across many aspects of our strategic plan in the digital arena but. like the art mLJseum sector in general. r&establishing physical traffic io pre-covid levels ha$ elud&J us irrespective of the attractive nature and quality of our gallery exhibitions. Against the background we continued to pursue our strategic 'digital firsf strategy and continued to maj(Mty invest in an expansion of our digital conlent, research centre and online presence across over 20 different 3rd party plaffonns. Our audienca reach contirsues to surpri58 With 30% coming from London, 30% from the rest of the UK and some 40V4 from abroad. We continue to invest our sparse funds where the retum is greatest and that is ever more generative in the Research Unit focus on the Jewsh, Refugee and wide Immigrant contribution to British visual culture since 1900. In awareness temis the figure of 1 million a year is most likely modest given many platfomis cannot provide accurate anaIleS of our pres&nc8 and engagement. We are fulfilling the potential to be recognisad as the PAJuntrfs lèadlng academic digital resour¢a on our fo5 area as w8 grow wide ranging partnerships with universllle8 at home and abroad. Context: Our long considered and ¢arefully assessed deasion in 2017 to expand our focus to the wde Refugee and Immigrant contribution to 8ritish 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- remains robust. By reinvesting sales proc68ds in our future, w8 have expon8ntially increased putlic benafrt vthieh Is the role of a tharity. In February 2023 we entered negotiations with Professor Eddie Chambers of the Universty of Texas to take over the digital presence of his 'diaspora-artists.nef datsbase of over 2000 profiles principally of the Black and Asian contribution lo Brib"sh visual culture. These negotiations proved successful later in 2023. The combination of both 'diagpora-artists.net' and 'buru.org.uk' which principally features the European contiibution has created a leading academic resourc8 for sludents. lecturers. researchers. social historians. critics and wrrters lch is being added ongoing to unlverslty student reading lists Ihroughout Britain and Europe. Pagé 2
BEN URI GALLERY AND MUSEUM LIMITED CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 By adding i)ver 201x1 profiles at a stroke through th8 ownership of diaspora-artosts.nel we have cataF)ulted 8uru.org.uk inlo a leading academic resour¢e of over 3000 profiles fulfils the principal purpose of our 2018 Strategic Plan. We &stimat6 we will have soma 5,000 profiles complated ty 2030 which will reinforce Ihe depth of this academic resource. My rewrt is split into 6 sections each of which has material relevance and reflects not only on Ben Uri but perhaps mariy of th9 830A of all UK museums c818gorised as small and medium size by the Mappin9 Museums Project led by scholars from Blbeck Univer5ty and published in March 2020. 560/ty ofthe 2300 UK museum sector struggle5 to gener8te an average of 15 visitors a day- 100 visitors a week- of which we were l are one- hence our 2018 shfft to be digitally led. 11 Dlgltal- Benuri.ory The First Full Scale Virtual Museum and Research C&nlr8 inspired by our Jewish and immigrant heritage, our diverse and respected Collection and our physical presence and programming. We COnned to reinvest sums raised from divesting 2017-2018 curatorially 501g¢ted deaccessioned works, all unfettered. into delivering our Strategic purpose and obj8cIiv8S. The principal objective remains to build Benuri.org as the core of the new, glob811y engaged. aeademic fccussed 8en Uri. Fundamental to this rounded academic focus is to highlight Benuricolleth'on.org.uk showcasing the fully digitised collection and Buru.org which is the Ben Uri Research Unit recording the JISh, R8fugee and wde Imrnigrant contribution to British visual culture Sin 1900. We continue to build and commission extensive qualitative online content th now ovar 70 exhibitions. 120 films on BUTV, 90 podcasts,100 art Interventions for older people at risk of. or living wth, dementia. 200 school programming options. both the Pr&emin&nt and Core cx)Ilection fully dltiSed, and further daveloping premous yearfs innovations including publishing 3rd paty scholars. writings on the Je$h. Refugee and wide Immlgrant conlribulion lo British visual culture slnce 1900. By year end we had published over 850 profiles within the Research Unit18uru.org.ukl and another 900 people under resoarth from some 100 countri8s of birth. We commenced our upgrading of our 4 web sites by redesigning our Research site- buru.org.uk - to promde unparalleled search capacities by county of birth, death, profession. year of migration and more. This large, onstantly growing database is now fit for purpose to engage academia and r8s&archers. Next will be our collection site and an asse&8ment of how best and finally how to most èconomlcalty to consolidate all 4 sites thin the same datsb2se. In total we have over 12.0 pages of content and we forecast a need to a0Mmodate over 15,000 pag89 to cover the current category. We continue to grow our dlgltal exposure through publications across many inlematlonal academic journals and research databases. This in turn significantly expands our acad8mlc digltal eTrJagement both across thg UK and internationally W8 continu8 lo experiment wth our own in-house Al and believe there is massw8 Potential to Save time if managgd vory Carefully to avoid the risks of inaccurale, rf plausible. infom)ation being published. We remain greatly conscious that the speed of new technology in this field far outstrips our capacity to innovate and thls tempers our investment docision5. 2} Collectlon. Llbrary and Exhibitions Everything we do is inspired by our collection emanating from our proud 109 year Jewish, Refugee and immigrant heritage. Page 3
BEN URI GALLERY AND MUSEUM LIMITED CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 We have again thls year invested well in our collection adding some 11 works by artists of immigrant stock to the UK through purchase, gift and in many ways most importantly via our new Loan Schem&. Particularly noteworthy is the acquisibon al aucb'on of 'Refugees' by Josef Hennan: g$ of two wonderful paintings by Emest Neuschul and a sculpture of Churchill by Oscar Nemon; and digital loans of works by Kossoff and Freud. Digital loans are a win <> win agr8ement as the owrser can continue to enjoy th8ir prized artworks in their own homes when not on disp18y at Ben Uri rather than the standard museum practice of the work being consigned to store and having to fund storage, transport and insuranco. We have over the years built an 8Xtensiv& museum to museum ban programme which indudes 51ngle works to full exhibitions. This year agaln 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 internalional awareness built very deliberately over the y8arg on tha institution and our focus and scholarship. We continue to release works deaccessioned in 2018 when judged to be in trbe chartys best interest and t right opportunity arbses whether that be by sale. or museum l insb"tution transfer at no charge. One important 8X8mple was the gift by Ben Un of an oil portrait by Mark Gertler of Sir SIneY Watariow to the National Portrait Gallery where the Trustees judged the public b?nefrt value in hang the work in a Nats'onal Collection oue1gh9d the modest financial gain to the charity and thus was in the besl interests of th8 charity. The chairfs loan of over 2,000 slrong art reference libraries being converted into a gift last year secured this valuabl8 research resourc& for the benefi't of strKlents. interested visitors, r8search8rs including and our own research unrt. Our onsite exhibition programme had many highlights and. as ever, added new scholarship to the liary of the artists featured. We started the year wilh 'Shaping the Future, showcasing new acquisitions and loans to the colleetion. Then a tsvo-part exhibition under the umbrella of 'A Brush with Evil, featuring 8 major Holocaust representation by Scottish ariisl Peter Howson (purchased by us at auction) followed by a focus on Dame Laura Knighfs 194546 Nurernbeig Trials drawings and writings which was opened by author Dn the subj'ect Sir John Tusa. Th8 major art historical exhibition of th8 yèar was 'Sheer Verve. re-engaging wth the today much neglected Women's Intemational Art Club founded in Paris in 1898 and much dominated by British women artists. The final exhibition of the year was 'Uncharted Streets, curated and presented in partnership wth the Centre for Brrtish Photography ted by James Hyman. 3] Financial sustalnablllty and performance Incom8: Expenses: SurpluSl(D8fit). TY £306,029 TY £303,620 TY £2.409 LY £244,007 LY £264,967 LY £(20,9601 Incr8as8 of £62,022 Increase of £38,653 Increas8 of £23,369 Net Asset Value: increased slighlly to £9.708m compared to £9.705m lasl year. Tha'Pra-eminent Trusf NAV remained at £8.266m representing 85% of the total chaNVs assets. 11 is important to Uferstand that lIst these numb8rs give the appearance of considerable strength as over £1m of the £1.439m book value of'unre5tricted' assets as described in the accounts are prinapally illiquid as moslly in th8'cor8' collection. Sustainability. The Board are comfortable that tre are sufficient assets yet to be sold to cover the per15 ahead whilst the monetisation of our digital pmgramming gels established alongside new financial income streams from business and gre8ter18V8ls of philanthropic support. 4] Th•'Logisti¢s' to dellver our 2018 Sustalnablllty and PubllG Bgnofit Strntegy The successful d8livery of our four areas of focus is determined on affectlv8 and flexiLle logistic planning and timety exectrtion. In each case the logistics revolve around having the 'nghl' human reSoUrS at opgraling and supervisory levels to implemènt the tactics to achieve the strategic objectives. This w8 did not have in th& yaar enlling March 2024, bul we are fvlly confidont we will have sufficient funds to invest In paid ex8cutsve management to deliver our human resources plan in year commencing April 2025. Page 4
BEN URI GALLERY AND MUSEUM LVAITED CHAIRMAhfs REPORT FDR THE YEAR ENDED 31 WIR¢H 1024 4 Londo• DKoratlve Art Falr li %•$ In hOnr lor Ben Ufl io bo Neloctod 1$ Gue tti tho London Da¢all¥? Art Falr dl Jènuory 2024 lollovffl)s ¢n from Ihe $m¥ at the Prt falt a year egflier. Somt 1fj.OQQ 4i3ilo ithr w##Ltd po•1. kOd IIN"tsUgh. and or th our Collecllon dbp5ey o160mtt 45 work¥ by 37 artsts frt¥n ovt¢ 30 ¢ounlnes ol birlh. The ijxhibition wa• led by B¢ndid Enwonwu 1Tr49ori4). Lancit R'bvo Ilndla). Nasyer Azaffl (Paki¥18tt1, Frank Awibath IGè¥many) J0b Epslein IUSAI Jankel AtheF (Poland). pro¥MJinp to $hartr dive¥sity DI Colltetlon gnd our ¥tholatship throu9h dlgilol ¢ngogem•Tht Was & malot publlc 3YMtènes boosl. 61 The Fylurv purpDse 15 to ba racoLY415ed a¥ th¢ loa<4ng academi¢ ahd art serfor %e50wce oft Jewlsh. RefiJuBe ¢nd Immlgranl o¢ntrlbull¢n lo B'•h vl¥sJ•l CU1 thro 1800. gJ¢h Jn obi?ctyve not only expandj $wveJ # wtde publi¢ thl¢re$i ¥in the •c•domlc JTrd ill sectwu Iwi . II I•JgNt th schoolY, ¢Mn bw a po%llve fft1Uer for good a$ #n Imprtsnt iotsl In so¢Spl Intowauon. W¢ kblll ¢ty)Iinw lo Jlll"It irw•8tsDeni lo mvJ%iinhse retui'n on ilWOFtmoni from oxpw¥iw Phal txhlbrflons 10 diWI ¢onionl indudmg orthne exhibrtlons and putlishinp our wesl sthola18 and upgrathng Ot 01 web esen¢¢. Wl)en ants¢lp8ltd knme arYive&. wil ioin¥est in execuUv• mwwgTrMllO •x•cul# aui Inwffj# Gehvratson and 4dd rther rosowceg lo tsw Reseaich Untt. I Ih8nk 01 my 7rusle ¢tslleoguEs and all our gr881ty talnted and commmled pfoleBolon&l8 81 th4 •b&fP end ol piodu¢llon ¥l)o Ben Uil wlhin a mileu ol mu¢h laroer Inslllulion¥ tmwe[rtb iyb th18 ttrY and •bld. The re8ull h Ben Lln makes fk wqlth• dnd mepswabl¢ d$k1•n #nd * ldl¥ i¥LogntMd I ils 4lt8lin¢b¥ts ID¢LtrS on stholaFship on th? N4de reluge• èfwj ImthigÈènt ¢ontslJullor+ lo Bfi118h y%ual al 191XJ D•vid GI5*1 ExeGulhe CbaiT P•g• 5
BEN URI GALLERY AND MUSEUM LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Tru5t6es prosent their annual report together with the audlled financial statements of the Company for the 1 April 2023 to 31 March 2024. The Annual r8POrt seNes 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, tha requirements of the charitable mp8nls governing document and the prowsions of the Slatemenl of Recommended Pra¢tice ISORPI applicable to charities preparing their awounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102} (effective 1 January 20191. Annual rnvlew of p•rfomianco sinGe reop•nlng In 2002. after 6 years èffectivoty closed to th• publlc. and our repositionlng as a purposeful acad•mi¢ Institutlon wlthln the mainstream of tho museum and unlversity sactors. Landmarks since reopening in 2002 Successfulty repositioned from a Jew8h communiiy art society to a wdely recognis8d and respected digital led art museum and research centre disbndivèly focussing on the Jewsh, Rfrfvgee and %wde Immigrant contribution to British visual cuUre since 1900. Curated over 120 exhibitions and toured exhibitions to over 30 venues across 3 continents. Succ8ssfully established a successful mus8um to museum Collection 103n programme. Published over 50 bcrf)ks and catalogues distributed Nationally and Internakn"onalty. Invested over £1 m in the collection and acquired master works by Auerbach, Bomberg. Chagall, Epstain. Gaudier Breszka, Gertler. Grosz, Hart, Herman, Howson, Schwtters. Souline and Wolmath amongst oth8rs. In 2018 published a 2+page Sustainablllty and PubliG Benefit Strategic Plan whiGh revisod a great deal of tradikn.onal museum operating systems to best reflect tha scale of resourrAs of this charityjmuseum. Integral was the integration of retum-on-investment analysis at thg operating level and the decision to jump the inewtable curve and transform into a principally digital institution. As part of the strategic rethink a curatorlal designed disposal programme to slreamlin8 the collection in a¢cordanc8 wrth the neAY revised Collectlon and Collecting policies with soclor and charity commission guidelines followed. Some 500 unfett&red works have been d8- accessioned and over a period will find new homes where they will be exhibited be they by museums, charities or private households. This will fulfil the artists, intentions of their work being seen and enjoyed. No arbst we know, or have discussed wth, pr8fers their art works being in long tem museum store and nev&r seeing the light of day compared to the opposite in museum long-term storage. OigitiS8d thg collection in full and all searchable on-line. (Sector estimate8 less than 30% of UK museums have fully digitised their collecti¢Jn and have il online in a searchable fomatl Launchad Benurl.org - the first full scale virtual museum and research contre which has been transfomiativo in temis of wblic beneffl read) and delivery both nationally and Intsmalna1ly. Benuri.org in¢ludes.' 100-year archive developed inlo an accessible domestic 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: Extensiva school Art and Holocaust Learning programmes as part of the Natsonal EduCatn Netsvork acc8ssible to some 20,000 schools nationwide: Over 100 films about artists. exhibitions and Ben Uri philosophy for BUTV, YouTubg & Vimeo.. Over 100 arts and mental health programmes for older people, oft8n Itving in social isolalion and or wth early- stage dementia have been curated wth research and accessibility at its core. Formalised the Ben Uri Research Unit for the study and digital recording of the Jewish, Refugee and wlde Immigrant contribution to Briush visual culture since 1900 www.buru.org.uk principally coveriry the European contribullon.. Acqulrad the rights and are the custodian8 of Professor Eddie Chamb8rfs ploneering datab8$e W.dIaspora-artISts.net which principally ¢oveTS the Black and Asian contrllyjtbjn. Beknveon both sites we present over 3000 profiles. Page 6
BEN URI GALLERY AND MUSEUM LIMITED REPORT OF ThE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Financial Performance: Transfomied the overall fin8nGial health of Ihe Instituts'on in nel asset value terns and taken decisive action lo secure the charfws financial and public benefit future. Pre-and post-re-opening and repositioning in 2001 9 years 1992- 2000 Tot81 income generated (excluding the sum recelved in compensation for vacating Dean Streell was £404,900- averaged £44,900 per annum. Total expenses incurred were £570,000 averdged £63,300 per annum. The average annual deflcll over the 9 years was £18,400-129%) 24 years bètween 2001 and 2024 Total in¢ome generated £7.608m - an average of £317k per annum Total expens0$ Incurrad £7.679m - an averag8 of £320k per annum Collectlon acquisitions: 9 years 1992-2000 > no sums recordad in the accounts 24 years btheen 2W1 and 2024 > over £1m through the generous support of the Art Fund, HLF, V&A Purchase Granl Fund and many indlvldual supporters. Net Assel Value: Year 6nding 1995- £116,000 Year ending 2000- £282.000 Year ending 2024 - £9.708m Page 7
BEN URI GALLERY AND MUSEUM LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTivrriES Objèctlves and alms In setting objectives and planning for activiknes, the Trustees have grven due conslderation to general guidance published by th& charfty commission relating to public benefit and to its supplemenL8ry public benefrt guidance further explained on the Charrty Commission website. Art Identit and Mi ration The chanty 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 Urf was at the heart of the artistic and cultural lrfe of Anglo Jewry durlng rts first 65 years until the 1980s wh8n the final and SQCkg1 emanupation for the Jewsh communty in thls country took effect and the invisibl8 barriers dissofved. From this time onwards Ben Uri as a Jempish cultural institution had to compete not only with others within the communty as previously but with mainstream altemalives in the secular worfd. Ben Uri did not change its raison d'etre to adapt and ullimalely the inslitution affectiV8ly closed to the public at the end of 1995. It was re launched under the direction of a n6w board in OGtober 2000, led by David Glasser. as Ben Uri, Tha Art Museum for Everyone, properly contextualising the Jewish Artistic experience wthin the wider Guural milieu rather than within any religious confir. It was very deliberately and straiegically positsoned at the haart of London's malnstream museum and cultural offer for the now millennium. Page 8
BEN URI GALLERY AND MUSEUM LIMITED REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 MARCH 2024 Its new mission was I remains to effeclbvely communicate the wide immigrant exp8rien¢e in the visual arts thin the principal contex15 of Art, Identity and Migration. This focu5 reflacts and is directly relevant to the greatest social cohesion challeng8s of the 21st century- migration and social integration. The stories of Ben Uri artists were in many cases tragically distinth"ve. However, the migration experience itsew vhben arriving in a new county is in general tems relatively universal and not singularly a Jewish experience. The strategy was and remains clearfy designed lo engage the L7rgest possible audiences from the widest possible communities. In 2016 the Trustees agreed a stratagy to address Ihe considerable quantum of rkS generating negligible public ben8fit in recognition of the published advice by the Charity Commissk)n on the matter of collection storage which is part of the museum's Sustainability and Public Benefit strategy Fiublished in October 2018. Implementation in 2019 of the 2018 Sustainability and Pyblic Benefft Stratsgy reshaped and reW)sI0ned the charity to adapl and addsS tomorrows digital world today. The charity now operates as core to rts public benefrt plarform the Ben Uri Research Unh creating a major digital resource of the Jewish, Refvjgee and wide Immigrant contribut)n lo British visual culture sinc 1900 through buru.org.uk and diaspora-arUsts.net This department also includes the Ban Uri Collection which has been redeflned into Pre-eminent protected by legal ring-fenced trust and Core represent works expectéd to be exhibited. New Collecting, Disposal and Loan policies hava been introduced $ucG8S5fully. Since 2002 Ben Uri has built ils ¢olle¢tion signfficanlly by adding works by Jes%ish, Refugee and Immigrant artists and continues to do $0 but th a far giealer discipline focusing on prfreminence - whether physkal or digital. The charity has successfulty transformed its engagem8nt and public beneflt evaluation to be in step our digitsl world. This transformative shrft was both futuristic and in respons8 lo our physical space, which is greatly inhibited by lack of space, poor location, under funding and operating in the greatest cullural city in the wortd. Main acttIeS undertaken to further the Companls purwses for the public benefit The sections of this rewrt al)ov6 entitled "Policies and objectives. sets out the charl$ obj8ctives and reports on the aCtIty and successes in the year as well as explaining the plans for the current financial year. The Directors have considered this mattar and concluded that the underlw'ng mission remains a robust and important US8 of charilable funds and energies being: 1. Exploring issues of art identty and migratKJn through research, publlshing Onli and exhibitions of artists from our pemianent collection alongside their peers. We endeavour to access the largest possible audience, from the widest possible communities al home and abroad. to engage particularty wilh the wo. lives and the contribution of Jewish, Refugee 8nd Immigrant ts)mmunities to British visual cutlure since 19. 2. Through a transfomiatlve and total commitment to engaging globally through digilal portals we address tomorrows challenges of engagement today rather than the converse whi¢h is the more regular museurn operating strategy. 3. The educatlonal benefits are not reslrided in any way and certainly not by ability to pay 4. That there is no datriment or harm arising from tho aims or activities The charity ntinUed to extend ils mission to wider and more diverse audiences through digital channels via scfvolarship and research on our collection exhIbOn5, education. mental health programmes and social dialogues. Full details are reported in the Chairman's Report. Page 9
BEN URI GALLERY AND MUSEUM LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 We remain indebled to the many volunte8rs and operates a much sought after intem programme. The Chairman h8s continuad to lead the renaissance of the museum, working full time on a pro bono basis. sinc8 elected in October 2000. The Members of the Board pay due regard to guidance issued by the Charity Commission in deciding what adivities the tharity should undertake and take$ legal advi vtheneveT in doubL The Board recognises the hierarchy of Charity and company law over all other associated museum membership or sedor bodies, guidance and codes of ethics. Whilst respecting all sector recommended besl praCtiS ullimal8ly the Trusteas are legally obliged to make their judg8m8nts based solely on ¥that is in the best interests of th8 charity lo further its charitable objectives and public benefit. Thls is in keeping with Charity and Company law. Th& companys policy is to consult and discuss with employees at meetings, matters likety to affect 8mploy8es' inter8sts. Infomation on matters of concem to employees is given through regular staff rneelings, and inforniation bulletins and reports which seek to 8chieve a common awaneSS on th8 part of all employees of the financial and economic factors affecting the o)mpanYs performanc8. Applications for employment ty disabled persons are afvays fully considered. bearing in mind the aptilud8s of the applicant concemed. In the event of members of st8ff becoming disabled, every effort would be made to ensure that their employment wthin the company continues aDd that th8 appropriate training is arranged. It is Ihe policy of the company that the trainin9. career development and promotion of disabled persons should, as far as possible. be identical to that of other employees. Public bgneflt The charitys purpose and reason for belng is to futhl its objects by ganerating the maximum purposeful and useful public benefft from its human and tangible Tesour¢&s. Distinctiveness of product and delNery designed lo minimis& repetillveness by other gimilar and local Institutions is key alongside proper measurement of return on investment of prc#Jramming in a serious affort to generatg maximum, incremental value generaled from human and finanaal resources employed- Since the Company qualtfies as small under sectlon 382 of the Companle8 Act 2006, the Strategic report required of mgdium and large mpanIeS under the Companies Act 2006 Istraiegic Report and Directors. Report) Regulations 2013 has been omitted. ACHIEVEMENT AND PERFORMANCE a. Key perfomiance Indlcators Ben Uri Gallery and Museum Limited (A o)mpany limited by guarantee) Trustees, report {conlinuI) For the Year Ended 31 March 2024 During the year, the charity generated £306k (2023 - £244kl in income. Net Assel Value of both Ben Uri Gallery and Museum Limited and The Peinent trust totalled £ 9.708m at year end compared to £9.705m at tha last year end. We continue to grow our digital exposure through publicab.ons across many intemational academic joumals and research databases. This in tum signthcanlty expands ow digital engagement both across the UK and intemationally. b. Review of actlvltle$ Trustees consider the financial posltlon and performance to be 5ati5faclory. Full details are induded In the Chaimian's Report. Page 10
BEN URI GALLERY AND MUSEUM LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 . Fundralslng acllvities and incomo gonoration It is the policy of the charity to maintain unr8Stricted fvnds at a level which the Trustees consider sufficlent to support existing programmes and commitrnents. We have successfully piloted a new inrkovative income generation strategy based on seeking art donations to sell for the benefit of the charivs programming. We see considerable potential in developing this initiative to artisl estates. FINANCIAL REVIEW a. Going concom The Board is Satisfied that it is appropriate to continue to adopt the going ¢on¢em basis of aGcountlng in prgparing the accounts. previous years this report has stated. The Board reviews its finances monthly. Given the asset value declared and the material value of assets yet to be realis8d the Board are comfortable in its ability to finance the development of the institution for the fores8eable future. The Board is satisfied that it is appropriate lo continue to adopt the golng concem basis of accounting in preparing the accounts. b. Reserves pollcy It is the policy of the charity that unrestricted funds which have not been de9ignaled for a specific use should be maintained at a level equivalent to some 6 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 charitys current activities while consideration is given to ways in whi¢h additional funds may be raised. This level of reservo5 has been tnaintain¢d Ihroughoul the year. c. PrinGipal risks and uncertalntles The Members of the Board have assessed the major risks lo which the ¢harity is exposed and are satisfied that SyStem5 are in place to mitigate exposure. Thfj Charity, which 15 a company limited by guaranlee, was constitul8d by its Memorandum and Articles of Association adopted in April 1980. However, these were considered by the Board to be long out of date in languag8, clarity and purpoge. The Board embarked on an extensive redrathng of the Articles to accurately reflect the current and future direction of the charity wrth the expert assistance of Reed Smith LLP. solialors The Charity Commission accepted the revisions. and the new Artides was legally binding in July 2014. The goveming body is the company 8oard of Directors l Trustees of the Charity being one and the same. The Board is the 'ex8CUtive' and meets monlhly whenever possible. The management of the companylmuseum is operated through department colleagues reporting, within a collegiate structu. through the Dlrector or in person to the Board. d. Prlnclpal fvndlng The charitys established areas of lunding 8re vi8 donations, sale of donated Smiods, sponsorship. grants, serVIS provided, and incorne generated from PubliOn5 generatgd frorn our lleCtiOn. exhibitions, scholarship and professional seice8. Th8 tharity has bonefitted for a decade and more from interest freo loans by one of its Trustees. Tr Lender and the Borrower 8greed 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 repay7nent leaving no immediate risk to the sustainability of the charty. Page11
BEN URI GALLERY AND MUSEUM LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 e. Risk managgmant The Trustees have assessed tho major risks to which the company is exposed, those rèlated to the operations and finances of thg company and are satisfied that systems and procedures are in place to mlllgate our exposure to the major risks. STRUCTURE, GOVERNANCE AND MANAGEMENT . ConstitutSon 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. declaration of trust dated 31.8.2019 and is a registered charity number Ben Uri Pr&eminent lleCtiOn 280389-1 There have been no changes in objectlv&s since the last annual rep)rt although the means of engagement and delrvery have changed through th6 adoption of the digital arena as the primary means. b. Methods of appolntmont or eloctlon of Trustses The management of the Company is the responsibility of the Truste8s who are elected and co-opted under the toms of the Trust doed. c. Policies adopted ft)r th8 induction and tralning of Trustees Appoinbment of trustees is govemed by the de¢laration of trust of the charity. Thè board of trustees is authorised to appoint by resolution new trustees, whelher by way of reFament or addition. Training needs are assessed according to each Trustee's fteeds. AdOp.0n of n8w Trustees are only considered after a perfod of attending Board meetings and clarifying the individual conlribullon they commit to make and Iheir portfolio of interest. Recruitment is evaluated against a clear set of criieria and commibnent required. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees {who are also Ihe directors of Ben Uri Gallery And Museum Limlted for the purposes of company lawl are responsible for preparing the Annual Report and the financial slalemenls in accordance wth applicab18 law and United Kingdom Accounting Standards (United King(h)m Generally Accepted Accounts'ng Practic&l. Company law requires the trustee5 to prepare financial statements for eaeh financial year which give a true and fair view of the slata of affairs of the charitable company and of th8 incoming resources and application of resources, including the income and expenditure, of the charllable company for that period. In weparir#J those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently, observe the methods and principles in the Charity SORP., make judgements and estimates that are Teasonable and prudent- prepare th8 financial stslements on the going concern basis unless it is inappropriate to presume that the charitable company will continue In business. The tru5toes are reswnsible for keeping proper accounting rocords 1¢h di$¢los& with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial ststemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularits•s. Page 12
BEN URI GALLERY Al MUSE(IM LIMITED REPORT OF TrIE TrUSTEes FOR Tile YEAR EIIDÉD 31 MARCH stAfEMENT OF TRIJST&8' RESPONSIBILITIES-v>nt•bued In so far thè liu¥t&& are aw•r¢'. Ih¢i¥ 18 idovdhl auill inlown81#)n oi th• ¢h•n"ittiJl• lludi L&w¥t, and Ihe tFUStees havè Kn all sttP5 th41 they outht tty ha taken to make themyelves til any r¢le¥oni LTrdlt knlormdllon 4nd lo ¥lttbligh thai Iho ¥uithloiB fjfo ol Ih81 Informjllon, AUDITORS Thè 1$. Atl valM SeFvi¢es Umrted, be p¢)pos•d lot 1è.apWrrtfftI ai th• foitht>mirrf4 nhual General Mee$. Approv by ord¢r ol board ollru51ee8 17 M8fth X125 and 6wed on Its behaHby; David GI4o60r . Tiutho Pag• 13
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BEN URI GALLERY AND MUSEUM LIMITED Oplnlon We have audited th8 financial statements of Ben Uri Gallery And Museum Limited (the 'charit8ble compan) for the year ended 31 March 2024 which comprise Ihe Statement of Financial Activities. the Balance Sheet and notes to the financial statements, including a summary of signrficant accounting polleies. Th8 financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements: give a tru8 and fair wew of the state of the ch8ritsble compan¥s affairs as at 31 Marth 2024 and of its incoming resources and application of resources, induding its income and expenditur8, for the year then ended.. have been properly prepared in accordanGe with Unitod Kingdom Genérally Accepted Accounling Practice,. and have been prepared in accordance the requirements of the Companies Act 2006. Basis for opinion We conducted our audll in accordance with Internallonal Standards on Auditlng IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are furth8r describad in thg Auditors. responsibilities for Ihe audit of the financial statements section of our report. We are independent of the charitable company in ac¢ordanc8 with the ethical requirements that are relevant to our audit of the financial statements in Ihe UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilitias in accordance with these requirements. We believe that Ihg audit evidence we have obtained is SLrffici8nt and appropriate to provide a basis for our opinion. Concluslons relatlng to going GonGem In auditing the financial statements. we have concluded that the trustees. use of the going concem basls 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 Gollectively. may ca8t signtliGant doubt on the Gharitsble Gompanls ability to continue as a going concern for a period of at least tsvelve months from vthen tha financial statements aro authorfsed for issue. Our r85ponsibilities and the responsibilities of the trustees with respect to going are described in th8 relevant tiOnS of this report. other Infomiatlon The trustees are r6sponslbl8 for the other infomiation. The othgr information comprises the information inGluded in the AJ)nual Report, other than the financial stat8ments and our Report of the Independent Auditors th8reon. Our opinion on the financial statements do&s not cover the olher infomiation and. except to the extent otheThMse explicitly stated in our report. we do not express any fomi of assurance ¢))nclusion thereon. In conn&ction with our audit of the financial statements. our responsibility is to read th8 other information and. In doing so, consider whether the other infomation is materially inconsistent wth Ihe finanaal statements or our kno¥edge obtained in the audit or othewse appears to be Materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 8 material misststemenl in th8 finanaal statements themselves. If, based on the work we ha performed, we conclud8 that there is a material misslatomonl of thls other Infomiation. we are required to report that faGt. We have nothing to report in this regard. Matters on whbch we arè roquir•d to TOPOrt by exceptlon We have nolhing lo report in respect of the following matters ere the Charities (Accounts and R8portsl Regulations 2008 r8quires us to report to you rf, in our opinion.. the informalion given in tho Report of the Trustees is inconsistent in any material respect wth the financial statements; or the charitable company has not kept adequate accounting records., or the financial statements are not in agreement wth the accounting records and retums.. or we have not received all the information and explanations we require for our audiL Page 14
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF BEN URI GALLERY AND MUSEUM LIMITED Responslbllitles of trustses As explained more fully in the Ststement of Trusteeg. Responsitilities, the trustees {tho are also the dirgctors of the charitable company for the purposes of Company law) are responsibl8 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 Iruslees determine 1$ necessary to enable the preparation of financial stslements that are free from material misstatement. whether due to fraud or error. In preparing the ffinancial statements. the Iruslees ar8 responsible for assessing the charitable comp8nrfs ability lo ¢ontinue as a going concem, disclosing, as applicable. matter5 related to going concam and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable ¢ompany or to cease operations, or have no realistic aftemative but to do so. Page 15
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BEN URI GALLERY AND MUSEUM LIMITED Our responsibilltles forthe audlt of the flnancial sLitements We have been appointed as auditors under Section 145 of the Charitigs Ad 2011 and report in accrxdanc& with the Act and relevant regulations made or having effeGt thereunder. Our objectlves are to obtain reasonable assurance about whether the financial statements as a whole are fre8 from material misstatemenl. whether due to fraud or eor, and to issue a Report of the Independent Auditors 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 IUKI wll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered malerial rf, individually or in the aggregato. they could reasonably b8 8xpected lo influence the economic decisions of users taken on the basis of these finanual statements. Th8 8Xtent to which our procedures are capable of detting Irregularities, induding fraud is detailed below: Irregularities, including fraud, are instances of non-compliance bmth laws and regulatsons. We design procedures in line with our r8sponsibilities, outlined above, to detect material misstatements in resp8d of irregularitigs, including fraud. The extent to which our proGedur8s are capable of deleGting irregularities, including fraud is detailed below.. We have assessed the susceptibility of the entiws financial statements to material misslatem8nt, including how fraud might occur, as low by way of erouiry. prior knowledge and current year analyb'cal review and testing We havo enquired th management and those charged with governance to obtsin an understanding of the legal and regulatory framework applicable to the entity and, through our audii testing. our findings have confirmed that the entty is complying wlh the relevant frameworks We have enquired with managemant and those charged with govemance to obtsin an understanding of the 8nkn.lls policies and procedur8s relating to compliance wilh laws and regulations. Through our testing. we have vIewed all rglevant documentation and confirm that there have been no instances of non- complianc6 Through enquiry, analytical review. walkthrough testing and substantlve testing we have obtained an understanding of the enb'tys policies and procedures on fraud risks. induding knovAedge of any actual, suspected or alleged fraud Wo have confimed that the engagement team collectively had the appropriate wmp8tence and capabilities to identify or recognise non-complian with laws and regulations and fraud Listed above is the extent of procedures we have taken to deted material misstslements in respect of irregularities, including fraud, to which we have found no instances. BeGause of the inher8nt limitations of an audit. there is a risk that we will rM)t detect all irregularities. induding those leading to a matsrial misstatement in the financial statements or non-compliance wth regulation. This risk increases the more that Gornpliance w¢th a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be Eess Ilkely lo become aware of instances of nonrycompliance. The risk is also greater regarding iTgularItIeS occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepregenlation. A further description of our responsibilities for the audit of the financial st8tem8nts is located on the Financial Reports'ng Council's website at MNM.frc.org.uklauditorsresponsibilities. This descriptlon forms part of our Report of the Independent Audltors. Page 16
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BEN URI GALLERY AND MUSEUM LIMITED Use of our rgport This report is made solely to the charitable companYs trustees, as a body. in accordanc& wth Part 4 of the Charities {Accounls and Reports) Regulations 2008. Our audit work has been undartaken so that wo might state to the charitsble companys trustees those matters w8 are required lo state to them in an auditors, report and for no other purpose. To Ihe fullest extent permitted by law, we do nol accept or assume responsibility to anyone oth8r than the charitable company and the ¢haritabl8 companvs trustees as a body, for our audit work, for this report, or for the opinlons have fom8d. Ad Valorem Audit S8rvicès Llmltod Chartered Certified Accountants & Stslutory Auditors Eligibl8 to acl as an auditor in tems of Seclion 1212 of the Companies Act 2rx)6 2 Manor Fam Court Okl Wolverton Road Old Wolverton Milton Keynes Buckinghamshire MK12 5NN 17 March 2025 Page 17
BEN URI GALLERY AND MUSEUM LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Unr•slriEtd fund Restri¢ted futsd Preawln•nt tryst Total funds as restatod Notes INCOME AND ENDOWMENTS FROM Donations and legacies 129.692 9,OCQ 138,692 83,528 Other trading activibe$ Other income 64.968 6,256 64,968 6,570 132,209 2,399 314 Total 200,916 9,000 314 210,230 218.136 EXPENDITURE ON Expenditure on raising fvnds 13,599 13,599 7,316 ChaTltablg activiti Charilabb Programme 281,020 9,000 290,020 257,651 Total 294.619 9,000 303.619 264,967 Net gains on investments 95,798 95.798 25,871 NET INCOMEI(EXPENDITURE) 2.095 314 2,409 (20,9601 RECONCILIATION OF FUNDS Total funds brougm forward 1.437.394 2,0(KJ 8.265,748 9.705.142 9,726.102 TOTAL FUNDS CARRIED FORWARD 1,439,489 2,000 8,266,062 9.707,551 9,705,142 The notes forni part of these financial statements Page 18
BEN URI GALLERY AND MUSEUM LIMITED BALANCE SHEET 31 MARCH 2024 2024 2023 UnY•8trlct•d fund R•slrlct•d Pr•4mln•nt ftd trusl Total funds lund$ as reststgd Notes FIXED ASSErs Tangible 8ssels H8rftage assets 11 12 5,141 977.424 5,141 9,218,172 8,776 9,164,734 8,240,748 982,565 8,240,748 9,223,313 9,173,510 CURRENT ASSETS Stock5 Debtors Cash at bank and In hand 13 14 15 429,300 83,523 307.196 429,300 83,523 334,510 379,970 62,974 423,538 2.000 25.314 820,019 2,000 25.314 847.333 866,482 CREDITORS Amounts falling due within one year 16 (363,0951 (363,095) {334.850) NET CURRENT ASSErs 456.924 2,000 25,314 484,238 531,632 TOTAL ASSEfs LESS CURRENT LIABILITIES 1,439,489 2.000 8,266,062 9.707,551 9.705.142 NEf ASSETS 1,439,489 2,000 8,266,062 9.707.551 9,705,142 FUNDS unrestn.cted funds Restricted funds 17 1,439,489 8,268,062 1.437,394 8,267,748 TOTAL FUNDS 9,707,551 9,705.142 The charltable company 15 entiugd io exemption from audit under Seclion 477 of the Companies Act 2006 for the year ended 31 March 2024. Thg mombers have not deposited nth"ce, pursuant lo Section 476 of the Companies Act 20C6 requiring an audit of these financial statements. The trusle8s acknedge thelr responsibilitres for la) gnsuring that the charitable company keeps acounting records that comply wrth Sections 386 and 387 of the Companies Act 2006 and preparing financial st8temenlg which gNe a tfug and fair view of the slate of affairs of the Gharitable company as at th8 end of each finanaal year and of 51s surplus or deficit for eath financial year in accordance with the requir8ments of Sections 394 and 395 and thich otherwise comply with the requirements of Companies Act 2006 relating to financial statem8nts, so far as applicable to the haritable cnmpany. (b) These financial statements have been audited under the requirements of Sectlon 145 of the Chariti88 Act 2011. The notes form part of these financial statements Page 19 continued...
BEN URJ GALLERY AND MUSEUWI UMITEO 8ALANCE SHEET- oontlnued J1 MARCH 2024 These ffianr,lal sl•temtJrt¥ h)ve pfepared in a¢Gryde ¥Mlh proiilions •pwthbltt lo Gb4ttttalA companies $Liecl lo the sm•ll CMPanieS Tegime. rmIc stalemenls ¥rtre approytd by ¢h B•Mfd ol T¥u¥teeB •¥d authoriBed foi beue on 17 Mtth 2025 wby¢ *d on HI behalf by. D?¥4d Glbts$ts- Trte¢ The noles lomi pan ihèsè fittClaI s181em8nts Pa9e 20
BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES WSIS OF PREPARING THE FINANCIAL STATEMENTS The financial statements of the charitable company, which is a public benefit entity under FRS 102, have b8en prepared in accordance with the Charities SORP IFRS 102} 'Accountsng and Reporting by Charitie5'. Statement of Recommended Practice applicable lo charits'&s preparing their accounts in accordance the Financial Reportsng Standard applicable in the UK and RePU1C of Ireland IFRS 1021 (effective 1 January 2019),, Financial Reporting Standard 102 The Financial R8POrting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepared under the historfcal cost convention. as modrfiod by the revaluation of certain assets. INCOME All income is recognised in the Statement of Flnancial Activities once the charity has enlitlemant to the funds, it is probable that the income will be received and the amount can be measured reliably. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projecls. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to Ihe company where this can be quantffied and a third party is bearing the cost. No amounts ar& Includ8d in the finanal statements for services donated by volunteers. Donated services or facilities are recognised whon thg company has control over th8 item, any conditions associated wth 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 measur8d reliably. In accordance with th& Charitres SORP IFRS 1021, volunteer time is not reeognised. On receipt, donated profe38ional service8 and faGilities are recognised on the basis of the value of the gift to the Company which is the amount il would have been willing to pay to obtain semees or facilities ol equivalent economic benefrt on the open market a correspondlng amount Is then recognised in exnditre in the pertod of receipt. Cash donatlons are recognised on receipt. other donations are recognised once the charity h8s been notified of the donation, unless p&rform8nce conditions require deferml of the amount income tsx recoverable in relation to donations recgivod under Gift Aid or deods of ¢ovenant 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 boen provided or on completion of the seNce. EXPENDThURE Liabilities are rec4)gnised as expendtbjre as scx)n 8s there is a legal or constructive obligal¥)n committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured lIablY. Expenditure is classified by activity. The costs of each activty 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 aclity are allocated directly to that activity. Shared costs which contribute to more than one activty and support costs which are not attributable to a single activity are apportk)ned betsve8n those activities on a basis consistent the use of resour5. Central staff costs are allocated on the basis of lim8 spent, and depreciation charges allocated on the portion of the ass8Ys use. Temiination benefits are recognised immediately as an expense when the company is dgmonslrably committed to terminate the employment of an employee or to provide temination benefrt5. Expenditure on raising funds Includes all expendlture incurred by the Compary to raise funds for its charilable purposes and includes costs of all fundraising activities ev8nts and non-charitable trading. Expenditure on charitsble activities is incurred on directly undertaking the activiti&s whlch further the compan5 objedives, as well as any associated support costs. Page21 continued...
BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - ¢ontlnued EXPENDITURE Govemance costs are those Inrred in conneclon with admini8tr8tion of the company and compliance with constitutional and ststutory requlrements. Costs of generating funds are costs inujrred in attractlng voluntary Income, and Ihose incurred in trading ackn"vities that raise funds. Charitable aCtIlieS and Governan costs are costs incsjrred on the companys educational operations, including supp)rt costs and costs relating to the govemanee of the company apportion to charilabl8 activilies. Gov8mance costs include costs of the preparation and examination of the statutory accounts, the costs .if any, of,twslee meetings and the cost of any legal advice to the Council members on governanc& or constitutional matters. TANGIBLE FIXED ASSETS Deprecialion is provided al the follong annual ratos in order to write off each asset ovèr Its estimated useful lrfe. Short leasehold Fixturgs and frtlings Computer equipment Over th8 lease term of S years 15OA on cost 25Dh on cost and 15°1ty on cost STOCKS Stocks are valued at th8 lower of cost and n&t realisable value. after making due allowance for obsolete and slow moving items. TAXATION The ¢harity is exempt from corporation tax on its chartiable activities. FUND ACCOUNTING Unrestricted funds can be used in accordance the ¢haritsbl8 0eCtiveS at ts discretion of the trustees. Restricted funds can only be used for particular reskncted purposes wilhin the objecis of the charity. Restrictions arise when $p8cified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is induded in the notes to tha financial staternents. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estim8tes and judgements are conttnually 8valuated and are based oft historical exnnCe and other factors, including expectations of future events that are believed to be reasonable under tho circum5tanc89. Critical accounlng 8Stlmales and assumptions- The company makes estimates and assumptsons concerning th8 future. The resulting accounting estimates and assumptions wll, by definition, $81dom equal the related actual results. The estimates and assumptions that have a signrficant risk of causing a material adjustment to the Ca1ng amounts of assets and liabilits'es wlhin the next financial year are discussed below. Page 22 continued...
BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnuod FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 2023 as restatgd DMations Legacies Grants 26.291 56,755 55,646 81,528 2.000 138.692 83,528 OTHER TRADING ACTivrriES 2024 2023 as restated Fundraising events Profrt on sale of Fixed Asset Investments 65,481 66,728 64,968 132,209 OTHER INCOME Unrnstrictod ProwEmlnent funds funds 2024 2024 Totsl funds 2024 Bank interest rèceived 6.256 314 6,570 Unrestrlrted Pre-Eminènt funds funds 2023 2023 Total funds 2023 Bank interest receN8d 2,399 2,399 EXPENDITURE ON RAISING FUNDS COST OF RAISING VOLUNTARY INCOME 2024 2023 as reststod Costs of raising vduntary in¢cffno 13,599 7,316 Page 23 continued...
BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE ACTNITIES COSTS Diro costs Support costs Total ¢o$ts Charitabl8 programme 286.384 3,636 290,020 NET INCOMEI(EXPENDITURE) Net incomel(expendkiurel Is stated after chargin(crediting). 2024 2023 as rostated Depreciation - owned assets 3,635 1,274 TRUSTEES. REMUNERATION AND BENEFITS Ther8 were no trustees. remuner8tion or oth&r b&nefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. TRUSTEES. EXPENSES There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 10. PRIOR YEAR ADJUSTMENT During the year to 31 March, 2024 the Trustees reviewed the nature of certain of the ChariW5 assets and how they ar8 treated in the Accounts. Due to this rgview in certain instances th8 2023 Comp8r8tive fuurns hav8 been reststad. 11. TANGIBLE FIXED ASSETS FlxbJrg5 Short 1oas•hold e•mput•r oqulpm•nt ffitUng• Totsls COST At 1 April 2023 and 31 March 2024 21,589 33,007 50,608 105,204 DEPRECIATION Al 1 April 2023 Char9e for ar 21,589 25.462 2,404 49,377 1,231 96,428 3,635 At 31 March 2024 21.589 27,866 50.608 100,063 NET BOOK VALUE At 31 March 2024 5,141 5.141 At 31 March 2023 7,545 1,231 8.776 Page 24 continued...
BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnuod FOR THE YEAR ENDED 31 MARCH 2024 12. HERITAGE ASSErs Ass•ts rocognised at cost Purchased Donated Pro•emlnent trust Total Caryng value at 1 Aprfl 2023 Additions Rovaluatlons 662,007 6,981 46.457 261.979 8,240.748 9.164,734 6,981 46.457 Carrylng value al 31 March 2024 715.445 261,979 8.240,748 9,218,172 As at 31 March 2024, heritage assets comprising of purchased and donated artwork accessioned to the collection since April 2001 has been valued at current mmerCial market value by the museum's internal resources, using their considerable expertise, at £9.218,172 {2023- £9.164,734}. Ben Uri adheres to a strict a(y]uisibons press, which consld8rs a range of factors inGluding the cultural and historical relevance and importanc8 of an attrrk and its condition. The Colleclion and Acquisition Committee approv8 additions to the colloGtion The committee is guided by the museum's acquistbon policy and regularly consults other axperts in the specialist field under scrutiny Every work is rosgarched for provenance belween the Nazi era of 1933-1945 prior to acquisrtion. The charity maintains a register of h8ritage assets and also maintains an online catalogue on its websile. Heritage assets accessioned are periodically revvalued intemally and the follovlng key factor8 are taken into consideration. {1} Artist, {iil Image, {iiil Medium, livl Date. Iv} Dimensions. Ivi) Provenance, Iviil Auction records of similar. Iviii> Date of sale analysis against curront market. (ixl Category Iqualtyl appeallscarcityl rarity), (x) Commercial art galleries, current offerlpricing {xi} Valuation by govemment indemnty exp8rt panel 13. STOCKS Stock Ix)mprises of deaccessioned works, books, catalogues and don8ted 8rrks. The donated athrks were given in lieu of money, to be sold for the benefit of the charity. Page 25 continued...
BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnuod FOR THE YEAR ENDED 31 MARCH 2024 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 as reststed Trade debtors other debtors Prepayments and 8ccrued income 50.744 29,439 3.340 36,810 23,078 3,086 83,523 62,974 15. CASH AT BANK AND IN HAND Cash at bank and in hand indudes cash and short4erm highly liquid investments wth a short maritY of three months or less from the date of acquisition or opening of the deposit or similar account. 16. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 as restated Trade creditors Tax VAT Other creditors Pension payable Accruals and deferred in¢ome 11,677 10,518 389 1.861 345,780 222 3,555 320.301 222 3.420 363,095 334,850 Included in other creditors is an amount of £311,623 {2023'. £311,623) reflecting a long standing loan to the charity from one of its Tnjstees. Repayment5 of Ihe loan hav& 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 repayTnent dale. Dunng the year no interest was charged12023= £nil). Page 26 continued...
BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 17. MOVEMENT IN FUNDS Statements of funds - curr•nt year Balance at 1 April 2023 Balance at 31 March 2024 Galnsl {Loss•s) Income Expenditurn Unr•strlcted funds Genoral funds- all funds 1,437,394 2,917 1294.620) 95,798 1.439,489 Pre*min&nt trust PmInent trust 8.265,748 314 8,266.062 Restrlcled funds Restricted funds - all funds 2.000 {9,0(M)I 2.000 Total of funds 9,705,142 210,231 1303.6201 95.798 9,707,551 Statement of funds- prfor ygar Balance at 1 ApTII 2022 Balancg at 31 March 2023 Galnsl {Lo$s•s) In¢om• Expendlture Unrostricted funds General funds- all funds 1.471.619 216,136 {264.9671 14,606 1.437,394 Prmmlnent trust Prtremlnent trust 8.254,483 11,265 8,265,748 Reslrlcted funds Restricted funds- all funds 2,000 2,OCXJ Total of funds 9,726.102 218.136 1264,967) 25.871 9,705,142 18. EMPLOYEE BENEFIT OBLIGATIONS The company operates a defined contributlon pension scheme for all qual[ng employees. The assets of the schem8 are held separately from those of the rxjmpany in an independently 8dminister8d fund. The ¢harge to the income and 8XP8nditure account in respect of defined cQntrbUtn sthemes was £2,363 (2023.. £1,013). Included wthin other creditors is an amount of £222 {2023.. £2221 due to the pension fund. Page 27 continued...
BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 19. RELATED PARTY DISCLOSURES During the year to 31 March, 2023 the charrty received a donation of three artworks valued al £7,500 one of its Trustees. There was no $u¢h donation during the year to 31 March, 2024 During the year to 31 March. 2023 one of the Trustses donated a collection of art books and catalogues to the charity. This was conservativety valued by the Trustees at £40,000 as at Ihe date of the donation and was included as an additson to Donated Heritage Assets. There was no su donation in the year to 31 Mar¢h, 2024. The charity benefits from the provision. without charg8, of a variety of skills and other seNices by the members of the board including the ExeGutive Chair who. since elected in October 2000, continues lo provide his services full lime at no remunerabon. It is estimated that the valu8 of his services is in the region of £100,000 per year but this benefrt is not rellected in these accounts. a quantum unchanged for ov8r 20 yea. Page 28
BEN URI GALLERY AND MUSEUM LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THEYEAR ENDED 31 MARCH 2024 2024 2023 as restatgd INCOME AND ENDOWMENTS Donations and l•ga¢igs Donations Legacies Grants 26.291 56.755 55,646 81,528 2.000 138.692 83,528 Other tradlng activltles Fundraising ev8nls Profft on sale of Fixed Asset Investments 64,968 65,481 66,728 64,968 132,209 othor inGom¢ Bank interest received 6,570 2,399 Total incoming resources 210,230 218,136 EXPENDITURE Cost of raising voluntsry income Costs of raising volunlary income 13.599 7.316 Charltsble activitles Audit Direct costs 3,555 282,829 2,600 255,051 286,384 257,651 Support costs Finance Depreciation of tangible fixed assets 3.636 Total resources expended 303,619 264,967 Net expondlturo before gains and losses (93,3891 {46,831) Realised rn¢ognls•d gains and losses Rev8luation on heritago ass8ts 95,798 25.871 Net Incomel(expendituro) 2.409 120,9601 This page does not form part of the statutory financial statements Page 29