REGISTERED COMPANY NUMBER.. 01488690 (England and Wales) REGISTERED CHARITY NUMBER: 280389 REPORT OF THE TRUSTEESAND FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 FOR BEN URI GALLERY AND MUSEUM LIMITED {A COMPANY LIMITED 8Y GUARANTEEI Ad Valorem Audit SeNices Limited Chartered Certrfied Accountants & Stalulory Audrtors 2 Manor Fami 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 2025 Page Rgfor9nce and Admlnlstrativ• Dots11s Chalrman's Report Rèport of the Trustges 8 10 14 Rgport of the Indgp9ndent Audllorg 15 to 18 Statement of Flnanclal Activities 19 Balance Sheet 20 10 21 Cash Flow Ststement 22 Notes to the Cash Flow Statsment 23 Note8 to th8 Flnanclal Statemènts 24 to 31 BEN URI GALLERY AND MUSEUM LIMITED REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES Andrea Cavone Andrew Ctyne Adam Denniryj David Glasser Joanna Mludzinska Robert Wisniowski REGISTERED OFFICE Ben Uri 108a Boundary Road London NW8 ORH REGISTERED COMPANY NUMBER 01488690 {England and Wales) REGISTERED CHARITY NUMBER 280389 AUDITORS Ad Valorem Audit SeNices Limited Chartered Certrfied Accountsnts & StaluioryAuditors 2 Manor Farm Court Old Wolverton Road Old Wolverton Mitton Keynes Buckinghamshire MK12 5NN SOLSCITORS Reed Smith LLP Broadgale Tower 20 Primrose Street London EC2A 2RS BANKERS Danske Bank London EC1V 4PY Pag8 1 BEN URI GALLERY AND MUSEUM LIMITED CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Chaimian's Report for the financial year ending 31 March 2025 Financial summary: InGome.' TY £1,036,561 Gain on Investment8'. TY £394,092 LY £210,230 LY £95.798 Increase of £826,331 Increase of £298,294 Expenses.. Surplus.. TY £285,972 TY£1,144,681 LY£303.619 LY £2,409 Decrease of £17,647 Increase of £1,142,272 Net Asset Value.. increased to £10.852m compared lo £9.708m last year. Purpose: The overarching and distinctive focus of Ben Uri remained in this financial year The Jewish, the Refugoe and the wide Immigrant conlnbution lo British visual culture Since 19C4J'. Our futuro rfrmains Digital and scholarship led, and our 2018 Sustsinability and Public Benefit Strategic Plan remains our road map for the future creating a dynamic digrtal Iphysical hybrid musgum engagement model addressing tomorrovls wodd, 8nd engagement ehalleng8s, today. 2024-25 was a furth8r year of contrasts w￿h excllln9 progre$$ being achieved acr088 many aspects of our 8trategic plan in the digrtal arèna but, like the art museum sector in general, re-oslablishing physical traffic to pre-covld levels has eluded us irre8pective of the attractive nature and qualty of our gaI￿ry exhibitions. Against th8 background w8 continued lo pursue our strateglc 'digilal frrsv strategy and continued lo majority invest in an expansion of our digital conlenl, research centre and online presence across over 20 different 3rd paty platforms. Our audience reach continues to surprise wth c30% coming frc¥n London. 26% frem th¢ rest of the UK and some 44% from abroad. We continue to invest our sparse fvnds where the retum is gTealesl and that L8 ever more generative in the Research Unit focus on the Jewish, the Refugee and the wide Immigrant contribution lo Brit15h visual CU￿Ure since 1￿0. In awareness terms the figure of 1 million a year is most likely mtsdesl gwen that many external platforms cannot provide aecurate anamics of our presence and engagement. Given some 3000 fulty researched profiles published on our research sites Iburu.org.uk and diaspora-artisls.nell we are inereasingty recognised as the county's leading academic digital resource on the de immigrant contribution to 8ri118h visual culture as we grow wide ranging partnerships wilh universities at home and abroad. Context: R¢s￿r¢h and Scholar5hlp: Our long considered and carefully assessed decision in 2017 to expand our focus to the wide Refugee and Immigrant wnlribution to British visual culture since 1900 has massivety expanded our digital audiences to some 26,(J)O per month equating to over 300,000 pages per year. Our decision lo deaC￿Ssion some 500 unfettered, rarely exhibited, works in 2018-19 and transfer free of charge where public benefrt was greater than the sales value to Ben Uri - or sell when obviously in the best interests of the charity- remains robusl.By reinvesting sales proceeds in our future, we have expononlialty increased public benefit wh￿h is the rde of a charity. In late 2023 we agreed lo lake over responsbilty for Professor Eddie Chambers 'dia5pora-artist5.net' datsbase of over 2000 profiles principalty of the Black and Asian contribution to BrTiish wsual cuhure. The combination of both 'diaspora-artists.net' and 'buru.org.uk' which principally features the European conlributK)n has created a leading academic resource for students, lecturers. researchers. sccial historians, critics and writers which is being added ongoing to universty student reading Irsts throughout Britain and Europe. Page 2 BEN URI GALLERY AND MUSEUM LIMITED CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 We estimate we wll have scrne 5,000 profiles Gompleted by 2030 which ￿11 reinforce the deplh.of thi$ academic resource Flnance: We are. hugety appreeiative of the farth the late Mrs Rosemary Lewis had in Ben.Uri. She, and her late husband who pre-deceased her, believed sufficiently in our path, cause'and abilty to deliver a long tem, viable, sustainable and distinctive public benerrt future to leave us a bequest of some £800,000 in her will. This wtll have a transformative impad in the coming years on the instr(ution l eharily as for the first lime we can recruit expgri8nc8d executive staff lo acCe￿rate the expansion of both our research unit and commercial division lo drive unearned and earned income. My report is split into 5 sections each of which has material relevanee and refiects not only on 8on Uri but perhaps many of the 830/0 of all UK museums calegorised as small and medium size by the Mapping Museums Project led by scholars from Birkbeck Universty and published in March 2020. 56QA of the 2300 UK museum sector struggles lo generate an 8verage of 1 S visitors a day- 100 w8ltors a week - of which we were l are one - hence our 2018 shift to be digitallylgd. 1] Digital- Bonuri.ory The First Full Scale Wirtu81 Museum and Research Centre inspired by our Jewish and immigrant heritage, our diverse. gr¢)wing and respected Collection 8nd by our physical programming. We continued lo reinvest sijms raisod from the divestment of tho 2017-2018 curalorialty $el8thd deaccessioned works, all unfettered. into delivering our slr*egic purpose and objective8. The principal objectwe remains to build Benuri.org as the Core of the new. globalty engaged, academic focussed Ben Uri. Fundamental to this rounded academic focus is to highlight 8enuricolleclion.org.uk showcasing the fully digitised collection and Buru.org which is the Ben Uii Research Unil recording the Jewish, the Refugee and the wide Immigrant contribution to British visu81 cutture since 1900. We continue to build and commission extensive qualitative online conlenl wlh now some 75 gxhibition5, 170 films on BUTV, 100 podcasls,100 art inlervenlions for older people al risk of, or living with. dementia, 100 school programming options, both the Pre*minent and Core collection fulty dwitised, and further éoveloping previous yearfs innovations including publishing 3rd paty scholars, writings on the Jewish, Refugee and wide Immigrant contribution lo British visual culture since 1900. By year entj we had published some 350 essays on our focus area through the licencing of all 'art notos. from the Jewish Quarterlvs beginning8. in 1953 featuring essays by int8mation81 scholars on 8rt18t8 of all ethnicfties. y year end we had published over 930 profiles wlhin the Research Unil IBuru.org.ukl and another 1,100 people under research from some 100 countries of birth..This is in addition to over 2.000 profiles on the black and Asian contrt'bulion published on diaspoa4rtists.net We started the upgrading of our 4 web siles by redesKJning our Research sile - buru.org.uk - to provide unparalleled search capacities by country of birth, death, Profess￿￿, year of migration and More. This large, constantly growing database is now fil for purF)ose lo engage acadeTTTria and researchers. Next will be our collection sile and an assessment of how best and finally how lo most economically lo consolidate all 4 sites and our ambitious bui achievable plans to significantly expand within one free-fl¢)wing infomiation database. In t¢)tal we have over 12,000 pages of content and we foreca$l a negd to accommodate ov&r 15,000 pages to cover the cur￿n1 eategories and some 45,000 pages when our long-lerrn digrtal re$ear¢h strategy is 'mature in the 2030s. We continue lo grow our digital exposure thrO￿h publications across many inlemalional academic journals and research databasès. Thi$ in turn si9nificanlly expands our a¢adomic digi(al engagement both across tho UK and internaionally Page 3 BEN URI GALLERY AND MUSEUM LIMITED CHAIRP4lAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Wo ¢ontinu@ lo experiment wlh our own in-house Al and believe there is massive potential to save lime if managed very carefully lo avoid the ri8ks of inaccurate, if plausible, information being published. Vve remain grealty conscious that the sp8ed of new technology in this field far outstrips our capactty to innovate and this tempers our investrnenl ¢Jecisions. 21 Collectlon, Library and Exhibltions Everything we do is inspired by our collection emanating frcm our proud 109 year Jewish, Refugee and immigrant heritage. We hav8 again this year invested well in our collection adding some 21 works by artists of immigrant sl¢xk to the UK through purchase, gift and in many ways mgst importantly via our new Loan Scheme. Particularty notéworthy are the grft, through the good offices of the Art Fund, of kn important Paintings by Mark Gertler and the final confimalion of S others previously on loan lo us from the legacy of the artist's son, Luke Gertler. We are immensely grateful to Jasp Reichardt and Robert Devcic for the generous donation of 3 drawngs from 3 different decades by Franciszka Themerson following our slunningty elegant exhibi(ion of the artist. We ar8 very grateful to the Indian bom sculptor Gerry Judah for facil((ating the purchase of a major and beautrful work lrtled Bengal.. Cloud. W8 are grateful to the art historian Monica Bohm-Duchen for her gift of oscar Nemon's bust of Churchill from her late mother, the pioneering émigre photographer Dorothy Bohm. We selected 3 works from the estsle of Katerina Wilczynski and one imposing painting from the estate of Guta Vardy both of whose estates were left to us to sell to both benefit the R8seareh Unf( and enhance their visibility and racognition. Our innovative DKJital loans policy is a win <> win agreement a$ the owner can eonlinue to enjoy their prEed athorks in their own homes when not on display al Ben Uri rather than the standard museum practice of the work beiftg eonsigned to store and having lo fund storage, transport an(1 insurance. This year we benefilled from the digital loan of a large charcoal powerful drawing of Christ Church, Spitaifields from 1987 by Leon Kossoff. We have over the years built an extgnsive museum to museum loan programme which includes single works to full exhibitions. This year again some 100 works want on loan wthin the UK & Europe which is a remarkable perforniance for such a small museum but refiects the national and inlemational awareness buif( very deliberatety over the years on th8 institution and our fLXUS and scholarshp. We were gre31ty honoured by the 2024 Venice Biennale lo select our painting of a Tribal Dancer by the Nigerian émpré artist Ben Enwonwu lo be included in the main exhibitlon lasting 6 months where it will have been seen by some 7￿,000 visitors- as wll the name Ben Uri, London. We are thrilled the painting will be a highlight in Tale Modem's forthcoming exhibrtion on Nigerian Modefflisrn in October 2025. We continue lo release works deaccessioned in 2018 when judged lo be in the eharity's best interest and when the right opportunity arises whether that be by sale, or museum l institution transfer at no charge. We continue lo look for oppDrtunf(ies to support other museum collections following last yearf8 grf( by Ben Uri of an oil portrart by Mark Gertler of Sir Sydney Walerl)w lo the National Portraf( Gallery. Such grfts are made where the Trustees judge the public benefit value in havTng the work in a National or Regional Collections outs¥eigh the modest financial gain lo the oharty rf sold and can be justrfied as in the best interests of the charity. Our onsite exhibition programme had many highlights and. as ever. added new scholarship lo the library of the artists f8alured. Our main exhibf(ions were.. 'From There to Here.. Britain's Gain. highlighting the signfficanl impact on and contribution made lo Brrtish visual culture by émigré artists from 20 countries. Our main exhibrtion was an extensive survey titled 'Cosmopolis.' The impact of Refugee art dealers in London, and we will publish an 8Xtensive bo¢Jk on the $ubjecl in 2025-26. This was followed by a survey of portraits by the Indian émigré artist Lancelot Riberio Irtled 'Heads' In and Out of our Time.. Finally, the exhibition of Franciska Themerson's unsgen drawings from Poland was a great honour. Page 4 BEN URI GALLERY AND MUSEUM LIMITED CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 3] Financial sustalnability and perforniance Income including legacies.. Gain on Investments.. Expens8S'. SurplusllD?ficii}-. TY £1,036.561 TY £394,092 TY £285.972 TY £1,144,681 LY£210,230 LY £95.798. LY £303,619 LY£2,409 Net Asset Value.. increased to £10.852m from £9.708m last year. The'Pre-emin&nt Trust, NAV increased lo £8.741m reprgsenting 80(￿ of the totsl charitls assets. It is important to understand that whilst these numbers give the appearance of considerable strength bul some 500h of the quantum of .unrestr￿ted. assets as described in the ac¢ounts are principally illiquid as mostly in the'core, Collection. New Donation Stream.. We have this year estsblished a new and long-tem important initiative of seeking the gift of ntrlonger treasured art works to sell for the beneff( of the institution J and the strategy of being gifted the remnants of artist estates. post family and friends acquiring, lo sell for the benefit of Ben Uri. We are imm8nsaly grateful to the Eslales of Katerina Wilczynski and Gula Vardy who donated the artists, work in quanlty for this purpose. We intend to ￿ntinue lo build this inf(iab'vg in ordgr support our activities. Sustainability. The Board are eomfortable that the￿ are sufficient asset8 yet to be sold to cover Ihg periods ahead whilst the contribution from our digital programming gets established abngsKle new income slrgams from fundraising and grgater levels of philanthropic support. 4] The'Loglstlcs' to dellver our 2018 Sustalnablllty and Publlc Bén￿ Stratsgy The su￿0$$ful delivery of our four areas of k*us is detemiined on effective and flexible logistic planning and timely execution. In each cas8 the 10gi$ti¢s revolve around having the 'righl' human resources at operating and supefyisory levels to implement the tactics to achieve th8 strategic objectives. This we did not have in thg year ending March 2025, but we are fully confident, now we have sufficient funds lo invest in paid executwe management, we will be able lo fully deliver our human resources plan in year commencing April 2026. 5] The Future OLtr strategic obje¢tNe and academic purpose is to be recognisèd as the leading academic ￿sourCe on the Jewish. tha Refugee and the wide Immigrant conlribulKJTr to British visual culture and British society sin 1900. Such an objective not only expands and serves a wide publ￿ interest within the academic 2nd art sectors but also, if taught in schools. can be a positive influence for good as an important tool in social integration. We continue to shift investment lo maximise return on investment from expensive physical exhibitions to digital content including online exhibf(ions and publishing our and guest scholarship and upgrading of our web presence. When anticipated income arrives, we will reinvest in executive management to execute OL*r Incom GeneralM)n plans and add further resources lo our Research Unit. I thank all my Trust88 colleagugs and all our greatly tslented and committe(I professionals al the sh8rp end of production who make Ben Uri count within a milieu of much larger institutions and universities in this Gounlry and abroad. The resurt is Ben Uri makes a qualilive and measurable difference and is wdely re¢ogni$fjd for ils dislin¢lN8 focus on scholarship on the wide refugee and immigrant contribution lo British Msual culture since 1900. David Glasser Executive Chair. Page 5 BEN URI GALLERY AND MUSEUM LIMITED CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Annual review of perfomiance since reopening in 2002. after 6 years effectively closed to the public, and our reposrtioning as a purposeful academic in81itulion within the mainstream of the museum and university sectors. Landmarks slnce reopenlng in 2002 Suecessfulty repositioned frorn a Jewsh community art SoC￿ty lo a wdety recognised and respected digital led art museum and research centre di51inctively focussing on the Jewish, Refugee and wide Immigrant contribution to British visual cutture since 1900. Curated over 120 exhibitions and toured exhibitions lo over 30 venues across 3 continents. Successfulfy established a successful museum to museum Collection loan programme. Published over 50 btsjks and eatalogues distributed Nalionalty and Inlernationalty. Invested over £1m in thg collection and acquired master works by Auerbach. Bomberg, Chagall, Epstein, Gaudier Breszka, Gertbgr. Giosz, Hart, Heman, H¢)W50n, Schwttters, SoLrtine an¢J Wolmark amongst othets. In 2018 published a 24.page Sustainability and Public Beneff( Stralogic Plan which rèvi$gd a great deal of tradf(ional museum operating $ygtems to best reflect the seale ol resoureos of this charitylmuseum. Integral was the integration of return￿n-InV•$tMent analyBis al the operating level and the decision to lump the inevrtable curve and transform into a principally digital inslituth)n. As part of the slrelegic rethink a curatorial dgsigned disposal programme lo streamlinè the ¢ollection in accordance wth the ne￿Y revised Collection and Collecting policie5 with sector and chafity commission guidelines followed. Some 500 unfettgred works have been de- accessioned and over a period will find new homes where they will be 8xhib((ed be they by museums. char￿.8$ or private households. This will fulfil the artists, inlénlions of their work being seen and enjoyed. No artist we know, or have discussed %wth, prefers their art works being in long temi museum store and never seeing the light of day compared lo the opposite in museum long-temi storage. Digf(ised the collection in full and a118earchable on4ine. (Sector estimates ￿s$ than 30% of UK museums have fully digitised their cOlkCt￿ and have i( online in a searchable formati Launched Benuri.org - the fir51 lull scale Mrtual museum and research centre which has been transformative in terns of public benefrt reach and delwery both nationally and internationally. Benuri.org includes." 100-year archive developed into an accessible domestic social and art history resource.. Over 100 online exhibrtions either Classic or 3D presentations.. Ben Uri library - over 3000 art reference books principally on emigree artists. ExtensNe school Art and Holocaust Leaming pr(yJr8mmes as part of the National Education Network *cessible to some 20,000 schools nationwide.. Over 100 films about artists, exhibitions and Ben Uri philosophy for BUTV, YouTube & Vimeo." Over 100 arts and mental health prograrnmes for older peopl8. often Iwing in social isolation and or wrth earty- stage demgnlia have been curated with research and accessibilty at its core. Formalised the Ben Uri Research Unf( for the study and digital re¢oTding of the Jewish. Refugeg and wKle Immigranl wntribution lo British visual cutture since 1900 www.buru.org.uk principally Covering the European contribution", Acquired the rights and are the cuslodk?ns of Professor Eddie Chamberfs pioneering datsbase v￿M.dIaSpOra-artiS1$.n8l which principally covers the Black and Asian contribution. Befvleen both sites we present over 3000 profiles. Financial Perfomiance: Transfomied the overall financial health of the institution in net asset value lelns and taken decisive action lo ure the charit¥$ financial and public benefrt future. Pre-and post-re-opening and repositioning in 2001 9 years 1992 - 2C Page 6 BEN URI GALLERY AND MUSEUM LIMITED CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Total income genèrated (excludin9 the sum received in compensation lor vacating Dean Street) was £404,900- averaged £44,900 per annum. Total expenses incurred were £570,000 averaged £63,300 per annum. The average annual deficit over the 9 years was £18,400- (29%) 25 years between 2001 and 2025 Totsl income ggn•raled £8.991 m - an average of £360k p8r annum Total expens$s incurred £7,991m - an average of £317k per annum Collectlon acqui81tlons'. 9 yoars 1992-2000 > no sums recorded in the accounts 25 years between 2001 and 2024 > over £1 m through the generous support of the Art Fund, HLF, V8A Purchase Grant Fund and many indNidual supporters. Net Asset Value.. Year ending 1995-£116,WO Year ending 2000 - £282,000 Year ending 2025 - £10.852m Page 7 8EN URI GALLERY AND MUSEUM LIMITED (REGISTERED NUMBER.. 01È188690) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report togelhor wi(h the audrted financial statements of the Company for the 1 April 2024 to 31 Mareh 2025. The Annual report serves tho purposes of both a Trustees. report and a (lifftctors. report under company law. The Trustees confirm that the Annual report and financial statements of the charrtable company tomply with the current statutory requirements. the requirements of the charitable companys goveming documant and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard apPI￿able in the UK and Republic of Ireland IFRS1021 leffettwe 1 January 20191. Page 8 BEN URI GALLERY AND MUSEUM UMITED (REGISTERED NUMBER: 014886901 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES Oblectives and alms a. Policies and ob'e¢lives In s8tting objectives and planning for ac1ml￿s. the Trustees have given due considoration lo general guidance published by the charity C￿nmISSIon relating to public benefrt and lo its supplementary publ￿ benefit guidance further explained on the Charity Commission website. Art Identit and Ihi rati)n The charrty is a company limited by guarantee and was founded in 1915 and named after Bezalel Ben Uri, the craftsman buikler of the Tabernacle. who 15 mentioned in Exodus 31. Ben Uri was at the heart ol the artistic and cultural lffe of Anglo Jewry during its first 65 years until the 1980$ when the final and social emancipation for the Jwsh community in this country took effect and the invisible baniers dissolved. From this lime onwards Ben Uri as a Jewish cultural insti(ulion had lo compete not On￿ wilh others within the community as pr¢vtously bul ¥Mth mainstream a￿emativeS in the secular world. Ben Uri did not change its raison d'ére lo adapt and ultimately the inslrtulion effeetively elosed lo the public al the end of 1995. 11 wa$ re launched under the direction of a new board in October 2000. led by Damd Glasser, as Ben Uri, The Art Museum for Everyone, proparly contbxlualising the Jewish Artistic experience wfthin the witjer cuttural milieu rather than within any religious confines. 11 was very deliberately and strategically positioned at the heart of London's m¥nstream museum and cultural offer for the n&w millannium. Ils new mi$sKJn was I remains lo effectively communicate the wide immigrant experience in the visual arts within the principal conlexis of Art, Identity and Migration. This focus reflects and is directly relevant to the greatest social whe$ion Challenges of the 21st century - migration and social inlegralion. The stories of Ben Uri artists were in many cases tragically di8tinctThie. However. the migration experience itseK when arriving in a new country is in general terms relatNely universal and not singularly a Jewish experience. The strategy wa5 always, and remains, designed lo enga9e the largest possible audiences from thg widest possible communities bul lo achieve this from a tertiary location in NW London was impossibb and the capital cost and annual running costs of a properly sized prime loCat￿n in the museum I gallery locations in central London was unrealisb'c. In 2016 the Tru$le8s agreed a strategy to addre55 the considerable quantum of works generating negligible public benefrt in recognrtion of the published 8dM¢e by the Charity Commission on.Ih& matter of collection storage which is part of the museum's Sustainabilty and publ￿ Benefit Strategy publish&J in October 2018. Implémentation in 2019 of the 2018 Suslainabilty and Public Benefit Strategy reshaped and reposTboned thg eharily to adapt and address tomorrow's diyilal worfd today. The charity now operates 88 'digilal & academic first, and its primary publK benefit p18tfom is the Ben Uri ReSea￿h Unit Creating a major digital resource of the Jewish, Refugee and wde Immigrant contribution to Brrtish v5sual culture since 1900 through buru.org.uk and diaspora4rt15ts.net Thi8 department also includes the Ben Uri Cdlection which has been redefined into Pr&èminent protectod by a legai ring-fenced trust and Core which represent works expected lo be exhibited. New Collecting, Disposal and Loan policies have been introduced suceessfully. Since 2002 Ben Uri has buih its collection significanlty by, adding works by Jwsh, Relugee and Immigrant artist$ and continues to do so but with a far greater discipline focusing on pre-eminence- whether physical or digrtal. We have artists from over 40 countrÈs of birth and have added over the past 25 years museum Class works by Adler. Auerbach, Azam, Bomberg, Chagall, Ehrlich, Enwonwu, Epstein, FTaenkoI, Frankfurther, Freedman, Freud, Gertlor, Grosz, Hart, Heman, Howson, Joseph. Judah, Kilaj, Knlght, Kokoschka, Kossoff, Kramer, Levy, knebernann, Motesiczky. Pissarro, Ribeiro, Rosenberg, Schwrtters. Solcffion, Souline and Wolmark. Page 9 BEN URI GALLERY AND MUSEUM LIMITED (REGISTERED NUMBER: 014886901 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The charity has successfully Iransfr)mied it5 engagement and public benef(t evaluation to be in step with our dwilal world. This IransfomiatNe shrft Was both futurist￿ and in response to our physical space, which is greatly inhibited by lack of space, poor I￿atIon, under funding and operating in the greatest cultural city in the workl. Main activities undertaken to furthar the Companls purposes for the public benefrt The sections of this report above entitled"Policies and objectives" sel$ out the Charitls objectives and ￿pOrtS on the aclivty and successe5 in the year as well as explaining the plans for the current financial year. The Directors have considerèd this matter and concluded that the Lrndertying mission ￿MaInS a robust and important use of charitable funds and energies being.. 1. Exploring issues of art, identty and migration through research, publishing online and exhibrtions of artists from our pgmanent collection alongsKle their peers of any l every elhnicty. We endeavour lo access the largest possible audience, from the widest possible communities al home and abroad, lo engage particulaty with the work, lives and the contributson of Jewsh, Refuge8 and Immigrant communf(ies lo British visual ulture since 1900. 2. Through a transfornatwe and total commi(ment lo engaging globally through digital portals wo address lomgrrow's challenges of engagement today rather than the converse which is the more regular museum operats.ng strategy. 3. The educational beneffts are not rostri¢led in any way and ortsinly not by abilty to pay 4. That there is no detriment or horm arising from the aims or activf(ies The charty continued lo extend ils mission to WKl8r and more diverse audien￿$ through digital channels via scholarship and research on oui collection exhibitions, edu¢av)n, mental health programm8s and s￿181 dialogues. Full details are reported in the Chairman's Report. We remain indebted lo the many volunteers and operates a much sought after inlem programme. The Chairman has continued to lead the renaissan￿ of the museum, working full time on a pro bono basis, since elected in October 2000. The Members of the Board pay due regard lo guidance issued by the Charity Commission in deciding what activities the charty should undartake and takes legal advice whenever in doubt. The 8oard recognises the hierarchy of Charity and company law over all other associated museum membership or sector bodies, guidance and codes of ethic5. Whilst respecting all sector recommended best pr8¢1i¢es ulttmately the Trustees are legally obliged to m8ke their judgements based solely on what is in th8 best interests of the Gharily lo further its charitable Obl￿tIveS and public benefit. This is in keeping wrth ChaTty and Company law. The eompan¥s poI￿Y is to consult and discuss with employees at meetings, matters likdy to affect employees, inlere8ts. Infomiation on matters of concem to employees is given through regular staff meetings, and infom)ation bulletins and reports wh￿h seek to achieve a common awareness on the part of all employees of the f+nan¢ial and econom￿ factors aff8Cting the companls pèrformance. Applications for employment by disabled persons are a￿ayS fully considered. bearing in mind the aptitudes of the applicant concemed. In the event of members of staff becoming disabled, every effort would be made to ensure that their 8mploymenl within the company eonlinues and that the appropriate training 15 arranged. It the policy of the company that the training, career devolopmenl and promotion of disablgd persons should. as fai as possible. be idenli¢al lo that of other employees. Page 10 BEN URI GALLERY AND MUSEUM UMITEO (REGISTERED NUMBER: 014886901 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES Public benefit The charitys purrKJse and reason for being is to futtil its objects by generating the maximum purposeful and usgful publ￿ benefit from ts human and tangible resourees. Dislincliveness of product and delivery designed lo minimise repetr(iveness by olher similar and local insif(utions is key alongside proper measurement of retum on investment of programming in a serious effort to generate maximum, incremental value generated from human and financial resources employed. Since the Company qualrfies as Small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 IStralggiG Rgport and Directors. Reportl Regulations 2013 has been omitted. ACHIEVEMENTS AND PERFORMANCE a. Key perfomiance Indlcators During thè yéar. the charity generatéd £922k12024- £210k} in IKiuid inccwne. Valuation of th8 grft of important works by Mark Gertler lo the CollectM)n and others this year have been valued al £474k12024 grfts - £96kl Nel Asset Value of both Ben Uri Gallery and Museum Limrted and The Pre-eminent trust lotalled £ 10.852m at year end compared to £9.708m al the 2024 year end. We continue to grow our digital exposuie through publi¢*ions acr05s many inlemali)nal academ￿ journals and research databases. This in turn signrficantly expands our dvJilal fjngagement both across the UK and inlernationalty. DigTtal engagement exceeded 340,000 in the year cc*npared to some 220,fK)O in 2023-24. We continue to drtve digrtal Gontent and engagement as our priority. b. Remew of 8cliMlies Trustees consider the financial posf(ion and perfomiance lo be satisfactory. Full details are includerj in the Chairman's Report. c. Fundralslng aGtlvitSgs and InGome gmerallon 11 is the policy of the charty lo maintain unrestricted funds at a18vel which the Trustees con8ider sufficient lo support existing programmes and Commitments. In 2023 we successfully pilotd a new innovative income generation strategy based on seeking art donations lo sell for the benefrt of the charty's programming. We have successtully expan(Jed this to include artist eststes 8nd will continue lo build eained income lo part fund our Research UniL Pa9e 11. BEN URI GALLERY AND MUSEUM LIMITED (REGISTERED NUfvIBER: 014886901 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW a. Going concern The Board is satisfied that rt is appropriate to continue to adopt the going concern basis of accounting in preparing the accounts, previous years this report has stsled. The Board reviews Ils finances monthly. Given the asset value declared and the materi81 value of assets yet to be realised the Board are eornfortable in its ability to finance the development of the inslrtulion for the foreseeable future. The Board is satisfied that it ￿ appropriate to continue lo adopt the going Concern basis of accounting in preparing the accounts. b. R￿ery&S pollcy 1115 the policy of the chanty that unreslricled funds which have not been designated for a specifie use should be maintsined al a level equN8lenl to some 6 months expondrture. The Mernbers of th8 Board considers that reserves al this level wll ensure that, in the event of a significonl drop in funding, they wll be able to continue the eharrvs current activities whib consideration is given lo ways in whi¢h additional funds may be raised. Thi8 level of reseNes has been maintained throughout the year. c. Prlnclpal rlsks and uncertalnties The Membets of the B¢)ard have assessed the major risks to which the eharty 1$ exposed and are satisfied that systems are in pk¢e to mitigate exposure. The Charity. which is a company limited by guarantee. wa8 constituted by ils MemoTandum and Articles of Asso¢iatKJn adopted in April 1980. H¢)wgver, these were consider￿4 by the Board to be long out of dale in language. clarity and purpose. The Board embarked on an exlen$ive redrafting of the Articles to accuratety reflect the current and future direction of the charty with the expert assistance of Reed Smrth LLP, solicf(or3 The Charity C(Jmmission accepted the Tevk8ions, and the new Arti¢kgs was legally binding in Juty 2014. The goveming body is the company Board of Directors l Trustees of the Charty being one and the same. The Board is Ihe'executive, and meets monthly whenever possible. The management of the companylmuseum is operated through dep8rtmenl Col￿agueS reporting, within a collegiate structure, through the Director or in person to the Boar¢J. d. Prin¢lp•l funding The charills estsblished areas of funding are via donations, Sale of donated g¢)ods, sponsorship, grants, services provided, and income generated from publications generated from our collection. exhibition5, scholarship and professlonal services. The charity has benefitted for a decade and more from Inte￿$1 free bans by one of its Trustees. The repayment of the outstsnding amount was completed in this financial year from the charity's own resources and not from any legaey or from the Sa￿ of any de-accessioned art works. e. Risk management The Trustees have assessed the major ri5k8 lo which the cornpany is exposed, those related lo the operations and finances of the cclmpany and are satisfied that syglems and procedures are in place to mitigate our expcysure to the major risks. Page 12 BEN URI GALLERY AND MUSEUM UMITEO (REGISTERED NUMBER: 014886901 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT a. Con$tltution Ben Uri Gallery and Museum Limited is registe￿ as a charitsble company limited by guarantee and was set p by a Trust deed. The company is consliluted under a Trust deed and is a registered charty numbar 280389. Ben Uri Prtreminenl Co1￿ction declaration of trust dated 31.8.2019 and is 8 registered charity number 280389-1 There have been no changes in objectives Sin￿ the last annual.report although the means of engagement and delwery have Ghanged through the adoption of the digital arena as the primary means. b. Methods ol appointment or alèctlon of Tru$toes The management of the Company is the responsibility of the Trustees who are ele￿ed and cwled under the terms of the Trust deed. . Pollcles adopted for the Inductlon and tralnlng of Trustees Appointment of trusloes is govemed by the declaration of trust of the charty. Th& board of trustees is aulhorised lo appoint by r8solulion new trustees, whether by way of replacement or addition. Training needs are assessed ?￿ordIng to each Trustee's needs. Adoption of new Trustees ale only considered after a peri(A of attending Board meetings and clarrfying the individual contribution they commit lo make and their portfolio of interest. R¢¢ruitment ts evaluated against a c￿r set of ¢rileria and commitment required. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustee5 (who are also the directors ol Ben Uri Gallery And Museum Limited for the purposes of company L4wl are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and Unrted Kingdorn Ac¢ounting Standards Iuniled Kingdom Generalty Accepted Accounting Pracli¢o1. Company law Muires the trustaes lo prepare financial statements for each financial year. Under that law, the trustees have elected lo prepare the financial slal6ments in accordance wf(h Untted Kingdom Generally Accepted Accounting Practice {United ￿'ngdoM Accounting Standards and applicable lawl. Under company law the tnjstees mu81 not approve the financial st*emenls unless they ara satisfied that they give a true and fair view of Ihg stale of affairs of the charitable company and of the incoming resources and application of reSoUr￿s. including the income and expendilure, of the charrtable company for that period. In preparing those financial st*emenls, the Iruslees are required lo solecl suitable aceounling policies and then apply them consistently., observe the methods and principles in thè Charities SORP., make judgements and estimates that are reasonablo and prudent.. prepare the financial statements on the going conc&m basis unless it is inappropriate lo presume that the charitable company will continue in business. The trustees are responsible for keeping propor accounting r￿ardS whi¢h disclose wth reasonable a￿UraCY any lime the financial position of the charitable company and to enable them lo ensure that the financial statemanls comply with the Companies Aet 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 irregularities. Page 13 BEN URI GALLERY AND MUSEUM LIMITED (REGISTERED NUMBER: 014886901 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF TRUSTEES. RESPONSIBILITIES - contlnuod In so far as the trustees are awa￿.. there is no relevant audit infonnalion of which the charitable companvs audTtors are Unawa￿,. and the Iruslees have taken all steps that they ought lo have taken to make themselves aware of any re￿vant audit infr>mation and to establish that the auditors are aware of that information. AUDITORS The auditors, Ad Valorem Audit Servw Limited, will be proposed for r&appoinlment at the forthcoming Annual General Meeting. Approved by order of the tr*)ard of trustees on 19 De¢ember 2025 and signed on its behalf by. DavKI Glas$er- TN$tee Pa9e 14 REPORT OF THE INDEPENDENT AUDITORS TO.THE TRUSTEES OF BEN URI GALLERY AND MUSEUM LIMITED Opinion We have audited the financial statements of Ben Uri Gallery And Museum Limited Ilhe 'charilable Gompanl} for the year ended 31 March 2025 which comprise the Staterner)t of Financial ACtivit￿s, the Balance Sheet, the Cash Flow Slalemenl and notes to the ffinan¢ial statements, inclLsding a summary of significant accounting policies The financial reporting framework that has been applied in their preparation is applicable.law and United Kingdom Accounting Stsndards Iuniled Kingd￿ Generally Accept￿ Accountin9 Pr￿tICe). In our opinion the financial statements.. gNo a true and fair view of the stale of the charitsble ￿mpanY$ affairs a$ at 31 March 2025 and of its irbcoming resources and application of resourcos, induding ts income and eyndf(ure. for the year then ended., have been property prepared in accordance wth United Kingdom Generally Accepl8d Accounb'ro Pra¢ti¢g', and have been prepared in a¢cordance wlh the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordan￿ wf(h International Standards on Audsting IUK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilor5' responsibilities for the audit of the financial slalements section of our.report. Wg are independent of th& charitable company in ￿COrdanCe with the ethical requirements that are relevant lo our audrt of the financial Statements in the UK. including the FRC'S Ethical Standard, and we have fU￿illed our olher ethical re5ponsibililies in accordance wth these requiremgnls. We believe that the audit evidence we have obtained is suffIc￿nI and appropriate to promde a basis for oui opinion. Concluslons relating lo golng concem In auditin9 the financial statements, we have concluded that the trustees. use of the going concern basi8 of accounting in the preparation of the financial statements is appropriate. Based on thè work we have perfomied, we have not Kl6nlified any material uncertainties relating to events or conditions that, indmdually or collectively, may cast significant doubt on the charitable company's abilty to continua as a going concern for a period of al least ts¥e￿e months from when the financial statements are authorised for issue. Our responsibili(ies and the responsibilities of ihe trustees with respect to going concern are desuibed in the relevant sections of this report. Other inforniation The Iruslees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our.Report of the Independent Auditors Ihereon. Our opinion on the financtal stslemenls does not ¢over the other information and, except to the extent olheMi%e expI￿ltIY ststed in our report, we do not express any form of assurance conclusion ther80n. In connection with our audit of the financial statements, our responsibilty is lo read the other infomiation and, in doing so, consider whether the other informatK)n is materially inconsistent with the financial statements or OLJr knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identtfy such material inconsistencies or apparent material misslalements, we are required to delemiine whether this gives rise to a material misstslemenl in the financial slalements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information. w8 are required lo report that fact. We have nothing lo report in this regard. MatteTr on which we are requlrod to raport by exception We have nothing lo report in respect of the fo15owin9 matters where the Charrties (Accounts and Reports) Regulations 2008 requires us lo report to you rf, in our opinion.. the infom)ation given in the Report of the Trustees is inconsistent in any materh?I respect W7th the linancial stslements., or the charitable company has not k8Pt adequat8 accounting records,. or the financial statements are not in agreement with the aceounling records and ￿tUrn8' or we have not receiv8d all the inf¢)m)alion and explanations we require for our audiL Page15 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BEN URI GALLERY AND MUSEUM LIMITED Responslbllltles of trustees As explained MO￿ fully in the Statement of Trustees, Re5ponsibilibes, the trustees (who are a180 the directors of the chantable company ft)r the purposes of company lawl are responsible ft)r the preparation of the financial statements and for being satisfi'ed that they give a true and fair Mew. and for such inleinal control as the trustees determine is necessary lo enable the preparation of financial statemenls that are freè from materral mi$$lalement, whether due lo fraud or error. In preparing the financial st8tèments, the trustees are rasponsible lor assessing th8 charitable wmpany's ability lo continuè as a going concem, di8cIo8ing, as applicable. matters related lo going conorn and using the going concern basis of accounting unless the Iruslees erther intend lo l#]uidate the charitable company or to cease operatsons, or have no realistic alternative bLtt lo do so. Page 16 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BEN URI GALLERY AND MUSEUM LIMITED Our rè$ponslbilitiès for the audlt of the flnancial statèments We have been appointed as aud¢tors under Section 144 of the Charities Act 2011 and report in accordance th the Act and rdevant regulations made OT hamng gffe¢l Ihereunder. Our objectives are lo obtain reasonablo assurance about whelherthe financial slalements as a whole are free from material misstatement. Nvhelher due lo fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high levd of as$uran¢e. bul is not a guarant￿ that an audit conducted in accordance with ISA5 IUKI wll a￿ayS detect a material misstatement when rt exists. Misstatements can arise from fraud or error and are considered material if, individually or in the agg￿gate, they could reasonab￿ be expected lo influence the economic decisions of users taken on the basis of these financk81 statements. The extent to which our procedures are capable of detecting irregularf(ies, including fraud is detailed beh￿. Irregularities, including fraud, are instances of non-wmpliance wrth laws and iegulations.. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed b810w'. We have ass$ssed the susceptibility of the enlills financial statements lo material misstatemen( ineludin9 how fraud might oG¢ur, as low by way of enquiry, prior kno￿edge and current year anal￿1¢81 review and testing We have enquired with management and those charged with governance lo obtain an understanding of the legal and regulatory framework applicable to the enlily and, through our audit testing, our findings have ¢onfimi¢d that the onlty is complying wf(h the relevant frameworks We have enquired wf(h management and those charged with governance to obtain an understanding of tha enlrttys pOI￿leS and procedures relating lo compliance with laws and regulations. Through our testing. wg have reviewed all relevant documentation and confim that there t)ave been no instances of non- complEan Through enguiry, analytical remew, walklhrough t&sting and substantive testing we have obtsined an understanding of the enlily's policies and procedures on fraud risks, including knowledge of any actual, suspacted or alleged fraud We hav8 confirmed that the eng8gernenl team wlledively had the appropriate compglence and c8pabililies lo Klentify or recognise non-compliance with laws and regulations and fraud Listed above is the extent of procedures we have taken lo detect material misstatements in.respect of irrggularrties, including fraud, lo which we have found no instances. Because of the inherent limitations of an al￿1t, there is a risk that we will not delfjct all irregularities, includirrfJ those leading lo a material misstslement in the financial slalements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stslements, 2$ we will be less likely to become aware of instances of nonns Tax paid 408,958 {81.658} 1389} Net cash provided byllused inl operating &tivities 408.958 {82,04n Cash flows from Invesling act5vltles Pur¢ha8e of heritage assels 11,7571 16,981) Net cash used in investing actsmties 11,757) 16,981) Change In eash and cash equivalgnts In the reportlng perlod Cash and Cash equlvalents atthe beglnnlng of the rèportlng perlod 407,201 189,0281 334,510 423,538 C￿h and cash equlvalents at the end of the reportlng perlod 741,711 334.510 Th8 notes form part of these financial statements Page 22 BEN URI GALLERY AND MUSEUM LIM￿ED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NEf INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net income for the rgporting poriod las per the Statement of Financial Activities) Adjustments for: Depreciation charges Gain on investments Donation for assets Decrease in sl¢xks Decreasel{increasel in debtor8 (Decreasellincrease in credi(ors 1,144,681 2.409 1,921 1394,0921 111 S,lJOOI 2,890 62,352 1293,794} 3,636 195.798) 10 (20,549) 28.634 Net ¢ash providgd byllusod inl opgratlons 408,958 181,658) ANALYSIS OF CHANGES IN NET FUNDS At 114124 Cash flow At 3113125 Not cash Cash al bank and irs hand 334,510 407,201 741,711 334,510 407,201 741,711 Totsl 334,510 407,201 741,711 The notes form part of Ihese financial statemgnls Pa9e 23 BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financi81 statements of the charitable company, which is a public benefrt enlty under FRS 102, have been prepared in accordance wf(h the Charities SORP IFRS 1021 'Accounting and Reporting by Charit￿$.. Ststement of Recommended Practice applicable to charf(ies preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 20191., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical ¢081 eonvenlion. as modffied by the revaluation of certain assets. INCOME All income is recognised in the Ststement of Financi81 Activities once the charty has entitlement to the funds, il is probable that the income will be received and the amount can be measured reliably. Gffts in kind donalad for distribution are included at valuation and recognised as income when they are distributed lo the projects. Gifts donat￿￿ for resale are included as income when they are sold. Donated facilities are included al the value to the company where this can be quantrfied and a third party is bearing the Go$l. No amounts are includod in the financial slalemenls for services donated by vdunteers. Donated services or facilities are recognised when the company has control over the item. any conditions a$socpted wlh the donated item have been mel, the receipt of economic benefrt from the use of the company of the item is probable and that economic benefit can be measured rgliably. In accordan￿ wth the Charitie5 SORP {FRS 1021, volunteer time is not recognised. On receipt, donated profesS￿nal 5ervice5 and facilities are recognised on the basis of the v81ue of the gift to the Ccmpany which is the amount i( would have b&n willing lo pay lo obtain seryices or facilrties of equivalent economie benefft on the open markel-, a corresponding amount is then reGognised in expendi(ure in the period of receipt. Cash donations are recognised on receipt. Other donations are recognisod On￿ the charity has been nottfied of th8 donation, unlgss performance condi(ions ￿qUIre deferral of the amount income tax recoverable in relation lo donations received under Grft Aid or deeds of eovenanl is recognised at the time of the donation. Other income 1$ re¢ogni$ed in the period in which it is receivable and lo the extent the goods have been provided or on complelDn of the gerwce. EXPENDITURE Liabilities are recognised as expenditure as Soon as there is a legal or constructive c*>lig81ion committing the charty to that expenditure, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendrture is classffied by actwity. The costs of each activty are made up of the lolal of direct cost5 and shared costs, including sUPPOrt costs inVo￿ed in undertaking each aclivty. Direet costs attributable to a single aclNty are allocated directly to that aclivty. Shared costs which contribute to more than one acliwly and support costs which are not attributable lo a single activity are apportioned be￿￿en th( aclivi(ies on a basis consistent wrth the use of resource$. Central staff costs are allocated on the basis of lime spent, and depreciation charges allwated on the portion of the asset's use. Termination b8nefits are recognised immediately as an expense when the company is demonstrably committed lo teminale the empbyment of an employee or to provide terminati￿ benefrts. Expenditure on raising funds includes all expendrture incurred by the Company to rai$e funds for 118 chaTrtable purposes and includes ¢osts of all fundraising activf(ies events and non-charitable trading. Expenditure on ¢haritsble activf(ies 15 incurred on directly undertaking the a¢tivi(ies which further the company's objectives, as well as any associate(I support costs. Page 24 continued... BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- continued EXPENDITURE Govemance costs are those incurred in connection with ?dministretion of the wmpany and complian¢8 with constitutional and stautory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitablè actmties and Governance costs are costs incurred on the eompanys educational operations. including support costs and costs ￿lats'ng to the governance of the company apportioned to charitable activities. Governance eosls include costs of the preparation and examination of the 5L*uiory accounts, the costs ,if any, of,trustee meetings and the cost of any legal advice to the CoL*ncil members on govemance or conslitulional matters. TANGIBLE FIXED ASSETS Depreciation 1$ provid9d al the following annual rale8 in order to write off each asset over its estimated U58ful life. Short leasehold Fixtures and fittings Computer equipmertt Over tha lease term of 5 years 15¢A on cost 25°h on cost and 150A on c081 STOCKS St¢xks 8re valued al the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. TAXATION The charty is exempt from corporation tax on 11$ Charitab￿ activrtie$. FUND ACCOUNTING Unrestricted funds Gan be usod in accordan￿ wV£h the charitable objectives at the discretk?n of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the ¢harily. Restriction$ arise when specified by the donor or when funds are raised for particular Testricted purposes. Further expLgn81ion of the nature and purpose of each fund is includeij in the notgs to the finan¢ial slalements. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Estimates and judgements are continually evaluated and ar& based on historical experience and other factors, including expectations of future evenl8 that are b81iéved to be rgasonable undér the circumstancas. CritlGal accounting estimates and as8umplion$.' The company make5 estimates and assumptions conceming the future. The ￿SUlting accounting eslimales and assumptions will, by definition. seldom equal the related actual results. The estimates and assumpt¢ons that have a signfficant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financk41 year are discussed below. Page 25 continued... BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 DONATIONS AND LEGACIES 2025 2024 Donations Legacies Grants 161,360 775,374 46,834 26.291 56.755 55,646 983,568 138,692 OTHER TRADING ACTIVITIES 2025 2024 Fundraising events Profi( on sale of Fixed Asset Invgslmenls 12,510 22,398 34,908 64,968 OTHER INCOME Unrestricted Pro-Emlnant funds funds 2025 2025 Total funds 2025 Bank interest received 17,077 1,008 18,085 Unrestricted Pre-Eminent funds funds 2024 2024 Total funds 2024 Bank interest received S,256 314 6,570 EXPENDITURE ON RAISING FUNDS COST OF RAISING VOLUNTARY INCOME 2025 2024 Costs of raising voluntary income 10,588 13.599 P￿e 26 continued... BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - continu FOR THE YEAR ENDED 31 MARCH 2025 CHARITABLE ACTIVITIES COSTS Direct costs Support costs Total costs Charftab18 programm8 268,041 7,343 275,384 NET INCOMEI{EXPENDITURE) Net incomellexpenditure} is slated after ChargIn￿(credItIng>'. 2025 2024 Depreciation - owned assets 1,921 3,635 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March'2025 nor for the year endgd 31 March 2024. TRUSTEES, EXPENSES There were no trustees. expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. 10. TANGIBLE FIXED ASSETS Flxtures and fittings Short leasehold Computer equiprnent Totals COST At 1 April 2024 Disposals 21.589 121,589) 33,007 50.608 105,204 121,5891 At 31 March 2025 33,007 50,608 83,615 DEPRECIATION At 1 April 2024 Charge for year Eliminated on disposal 21,589 27,866 1,921 50,608 100,063 1,921 121,589) 121.5891 At 31 March 2025 29,787 50,608 80,395 NET BOOK VALUE Al 31 March 2025 3,220 3,220 At 31 March 2024 5,141 5,141 Page 27 continued... BEN URI GALLERY AND MUSEUM LIMrrED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 HERITAGE ASSETS Assats rn¢ognised at cost Purchased Donatgd Pre4mlnènt trust Totsl carr￿ng value al 1 April 2024 Additions Revaluation8 715,446 1,757 27,853 261,979 8,240,748 115,000 358,013 9,218.173 116.757 393,662 7,796 Carrylng value at 31 March 2025 745,056 269,775 8,713,761 9,728,592 As * 31 March 2025, heritage assets comprislng of purchased and donated athork accessioned to the ¢o11gdion since April 2001 has been valued al current commercial market value by the museum's internal resources, using their considerable expertise, at £9,728,59212024- £9,218,173). Ben Uri adheres to a strict acquisf(ions process, which considers a range of factors including the ¢ultural and historical relevdnce and importance of an ar￿rk and its condf(ion. The Collection and Acquisition Committee approv8 additions to the collection The committee is guided by the museum's aequisition policy and regularty consults wrth other experts in the specialist fEld under scrutiny Every WOTk is researched for provenance be￿￿ the Nazi era of 1933-1945 prior to acquisition. The charty maintsins a register of hwriage assets and also maintains an online catalogue on ts web511e. Her(£age assets ac¢essh)ned a￿ periodically re-valued intemally and the following key factors are taken into consideralb?n. {1) Artisl, {iil Image, {iiil Medium, livl Date. Iv) Dimension$. Ivil Provenance, Iviil Auction rKords of similar, Iviii) Date of sale analysis against current market, lixl Category Iqualilyl appe811scarcity/ rarity), (xl Commercial art gallerke$' current offerlpricing Ixil Valuation by government indemnty expert panel 12. STOCKS Stock comprises of dea¢Gession8J works, bLx)ks, catalogu9$ and donatod arfv￿rks. The donated ar￿rkS were givon in lieu of money, to be sold for the benerrt of the charty. Page 28 eonlinued... BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2025 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors Other debtors VAT Prepayments and accrued incomo 2,500 11,090 5,519 2,C62 50,744 29,439 3,340 21,171 83,523 14. CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-term highly I￿4￿Id investments with a short malurily of three months or less from the dale of acquisf(ion or opening of the deposit or similar account. 16. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2025 2024 Trade creditors VAT Other creditors Pension payable Accruals and deferred income 18,783 11,677 1.861 345,780 222 3.555 46,304 2S9 3,955 69,301 383,095 Included in other creditors is an amount of £Nil (2024.. £311,623) reflecting a tong standing loan lo the charity from on@ of ts Truslees..The loan was repaid durin9 the year. P4e 29 continued... BEN URI GALLERY AND MUSEUM UMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 16. MOVEMENT IN FUNDS Statements of funds - current year Balance at 1 Aprfl 2024 Balance at 31 March 2025 Galnsl (Losses} Income Expendrture Unrestricted funds General funds - all funds 1,439.489 920,553 1285,9721 36,079 1,439,489 Pre4minent trust Pre-eminent trust 8,266,C62 116,008 358,013 8,740,083 Restrlcted funds ReslriGlgd fund$- all funds 2,000 2,000 Total of fund$ 9,707,551 1,036.562 {285,972} 394,092 10,852,232 Statom•nt of funds - prior y•ar Balance at 1 ApTII 2023 Balanee at 31 March 2024 Galnsl (Losses) Incom• Expendlturo Uhtè8trlctad funds General funds- all funds 1,437,394 2ClJ,917 1294,6201 95,798 1,439,489 Pre*mln¢nt trust Pre-eminent trust 8,265,748 314 8,266,062 Restri¢tod funds Rgstricled fiJnds- all funds 2,000 9,000 (9,0001 2,000 Total of funds 9,705,142 210,231 1303.8201 95,798 9.707,551 17. EMPLOYEE BENEFIT OBLIGATIONS The company oper*es a defined contribution pension scheme for ?11 qualrfwng employee8. The assets of the scheme are held separatety from those of the company in on independenlty administered fund. The charge lo the In￿Me and exFenditure account in respect of defined contribution schemes was £2,38512024.' £2,363}. Included wrthin other creditors is an amount of £234 (2024.. £222) due to th8 pansion fund. Page 30 continued... BEN URI GALLERY AND MUSEUM LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 18. RELATED PARTY DISCLOSURES During the year lo 31 March, 2024 the charty received a donatK)n of three athvorks valued al £7,5C¥) from one ol ils Trustees. There was no such donation during the ygar lo 31 March 2025 During the year lo 31 March, 2024 one of the Trustees donated a collection of art books and catslogues lo the charity. This was conservatively valued by the Trustees at £40,000 as at the date of the donation and was included as an addition to Donated Herrtage Assets. There was no such donation in the year to 31 March. 2025. The charity benefts from the provision, wilhoul charge, of a variety of skills and other services by the members of the board including the Executive Chair who, since elected in October 2000, continues lo promde his services full lime al no remuneration. It is estimated that the value of his services is in the region of £100,000 per year bul this benefit is not reflected in these accounts, a quantum unchanged for over 20 years. Page 31