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 LIM￿ED
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
D￿lled 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 slIgh￿Y 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 anaI￿leS of our pres&nc8 and engagement.
We are fulfilling the potential to be recognisad as the PAJuntrfs lèadlng academic digital resour¢a on our fo￿5
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 Bl￿beck 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 COn￿n￿ed 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
J￿ISh, 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 d￿ltiSed, 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 a￿0Mmodate 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 S￿IneY Watariow to the National
Portrait Gallery where the Trustees judged the public b?nefrt value in ha￿ng the work in a Nats'onal Collection
ou￿e1gh9d 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 li￿ary 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(D8fi￿t).
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 Uf￿erstand 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 tr￿e are sufficient assets yet to be sold to cover the per￿￿15
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 reSoUr￿S 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 hOn￿r 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¢n*did Enwonwu 1Tr49ori4). Lanc*it R*'b*vo Ilndla). Nasyer Azaffl (Paki¥18tt1,
Frank Awibath IGè¥many) J￿0b Epslein IUSAI Jankel AtheF (Poland). pro¥MJinp to $hartr
dive¥sity DI Colltetlon gnd our ¥tholatship throu9h dlgilol ¢ngogem•Tht Was & malot publlc 3YMtène*s
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 CU￿1* 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 Impr*tsnt iotsl In so¢Spl Intowauon.
W¢ kblll ¢ty)Iinw lo Jlll"It irw•8tsDeni lo mvJ%iinhse retui'n on ilWOFtmoni from oxpw¥iw Ph￿￿al txhlbrflons 10
diWI ¢onionl indudmg orthne exhibrtlons and putlishinp our wesl sthola18￿ and upgrathng Ot 0￿1 web
esen¢¢. Wl)en ants¢lp8ltd kn￿me arYive&. wil ioin¥est in execuUv• mwwgTrM￿llO •x•cul# aui Inwffj#
Gehvratson and 4dd ￿rther rosowceg lo tsw Reseaich Untt.
I Ih8nk 01 my 7rusle* ¢tslleoguEs and all our gr881ty tal*nted 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 t￿￿trY
and •bl￿d. The re8ull h Ben Lln makes fk wqlth• dnd mepswabl¢ d$k1•n￿ #nd * ￿ld￿l¥ 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 GI￿5*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 cu￿Ure 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 ne￿AY 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 Intsmal￿na1ly. 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 EduCat￿n
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 Gu￿ural
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)sI￿0ned the
charity to adapl and add￿sS 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 $0 but ￿th a far giealer discipline focusing on prfreminence - whether physkal or
digital.
The charity has successfulty transformed its engagem8nt and public beneflt evaluation to be in step our
digitsl world. This transformative shrft was both futuristic and in respons8 lo our physical space, which is
greatly inhibited by lack of space, poor location, under funding and operating in the greatest cullural city in the
wortd.
Main act￿￿tIeS undertaken to further the Companls purwses for the public benefit
The sections of this rewrt al)ov6 entitled "Policies and objectives. sets out the charl￿$ obj8ctives and reports
on the aCtI￿ty 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 exhIb￿On5, 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
praCti￿S 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 awa￿neSS 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 {conlinu￿I) 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 P￿e￿inent 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,
serVI￿S provided, and incorne generated from Publi￿￿On5 generatgd frorn our ￿lleCtiOn. exhibitions,
scholarship and professional se￿ice8.
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 reF￿a￿ment 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 ￿K￿n 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*￿$. Atl val￿￿M SeFvi¢es Umrted, be p¢*)pos•d lot 1è.apWrrtfft￿I ai th• foitht*>mirrf4
nhual General Mee￿￿$.
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 e￿or, 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 det￿ting 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 iT￿gularItIeS 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•slriEt*d
fund
Restri¢ted
futsd
Preaw*ln•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
ft￿d
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 ackn￿￿edge 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¢Gryd￿￿e ¥Mlh proiilions •pwthbltt lo Gb4ttttalA
companies $L*iecl lo the sm•ll C￿MPanieS Tegime.
rmIc￿ stalemenls ¥rtre approytd by ¢h* B•Mfd ol T¥u¥teeB •¥d authoriBed foi beue on 17 M*tth 2025
wb*y¢ ￿￿￿*d on HI behalf by.
D?¥4d Glbts$ts- Tr￿te¢
The noles lomi pan ￿ ihèsè fitt￿ClaI 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 RePU￿1C 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 finan￿al 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 ex￿ndit￿re 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 resour￿5. 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
compan￿5 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 In￿rred 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 aCtI￿lieS 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 follo￿ng 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 0￿eCtiveS 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 ex￿n￿nCe 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 Ca￿￿1ng 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 pr￿ess, which consld8rs a range of factors inGluding the
cultural and historical relevance and importanc8 of an attr￿rk 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 8r￿rks. 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 ma￿ritY
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
P￿mInent 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 cQntrbUt￿n 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