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2024-12-31-accounts

Company number: 00790136 Charity number: 295020

The Burlington Magazine Publications Limited

Report and financial statements For the year ended 31 December 2024

The Burlington Magazine Publications Limited

Contents

For the year ended 31 December 2024

Reference and administrative information ...................................................................................... 2 Directors’ annual report ................................................................................................................. 3 Independent auditor’s report ....................................................................................................... 11 Statement of financial activities (incorporating an income and expenditure account) ................... 16 Balance sheet ............................................................................................................................... 17 Statement of cash flows ................................................................................................................ 18 Notes to the financial statements ................................................................................................. 19

The Burlington Magazine Publications Limited

Reference and administrative information

For the year ended 31 December 2024

Company number 00790136 Country of incorporation United Kingdom Charity number 295020 Country of registration England & Wales Registered office and operational address 14/16 Duke’s Road London WC1H 9SZ

Directors Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Dr Caroline Campbell Prof Craig Clunas FBA Nathanael Price – Treasurer Andrea Rose CMG OBE Desmond Shawe-Taylor CVO - Chairman Anna Starling Prof Catherine Whistler Key management Andrew Dunn, Managing Director personnel Christopher Baker, Editor Bankers CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ Handelsbanken London Holborn Branch 2nd Floor, 1 Kingsway London WC2B 6AN Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

2

The Burlington Magazine Publications Limited

Directors’ annual report

For the year ended 31 December 2024

The directors present their report and the audited financial statements for the year ended 31 December 2024.

Reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The objectives of the company, as expressed in its Memorandum, are:

The Memorandum gives the company wide powers in furtherance of these objectives.

The Directors have had regard to the Charity Commission's guidance and the need to disclose how the Charity is providing benefit to the public. The principal purpose of The Burlington Magazine and its associated websites is to publish academic research carried out by art historians working in public institutions and universities, and independently. Public access to The Burlington Magazine is provided through libraries, JSTOR and via its associated websites www.burlington.org.uk & contemporary.burlington.org.uk.

Substantially reduced-rate subscriptions are provided to academics and students. In addition, travel and study scholarships are awarded to post-graduate students and/or independent scholars for the purposes of research.

The directors review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The directors report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the directors ensure the charity's aims, objectives and activities remained focused on its stated purposes.

3

The Burlington Magazine Publications Limited

Directors’ annual report

For the year ended 31 December 2024

Achievements and performance

The charity's main activities and who it tries to help are described below. All its charitable activities focus on the advancement, promotion and encouragement of education and research in the field of art history and the contemporary arts and the dissemination of the useful results of such research and are undertaken to further The Burlington Magazine Publications Limited ’s charitable purposes for the public benefit.

In 2024 BMPL published 12 issues, covering a broad range of topics across the fine and decorative arts, including new discoveries, extensive reviews of exhibitions worldwide, obituaries of notable contributors to the field of art history, including whole issues devoted to Sculpture and Decorative Arts. Burlington Contemporary published 2 peer-reviewed journals and 41 reviews of books and exhibitions on its open-access platform. Burlington Press published one book, The Art of Conservation.

In December 2024 a Supplement to celebrate acquisitions made through the AIL (Acceptance in lieu of tax) system and Cultural Gifts Scheme across U.K. galleries was published. In January 2025 offprints of the Supplement were sent by the Arts Council to all the collections whose works featured in it.

The Burlington Magazine Prize for Research on South Netherlandish Art 1400-1800 is a new annual prize launched in October 2024. This is intended to inspire the development and publication of innovative object-based scholarship on South Netherlandish Art, 1400-1800. The winner receives £1000, with publication in the Magazine’s annual issue dedicated to Northern European Art, plus a one-year subscription. Funding for five years has been secured, courtesy of the Belgian Ambassador.

Subscription, readership and reach targets for published content were set for 2024 in the annual budget approved by the board in November 2023 supported by a detailed marketing strategy. Results were reviewed by the board in March 2025 and were in line with expectations.

Social media followers are seen as being at an earlier stage than newsletter subscribers of a journey to becoming paid subscribers. The newsletter is regularly promoted on social media to encourage readers along that ‘funnel’. This hierarchy also applies to the rewards offered to social media followers, newsletter subscribers and paid subscribers. A ‘Reader Get Reader’ offer for individual subscribers was introduced in 2021, allowing subscribers to nominate a friend to receive six months of the magazine gratis. Since 2022, full digital access is included with all individual print subscriptions. Newsletter subscribers can read selected articles gratis each month and can win six-month digital subscriptions. Social media followers can enter a monthly competition to win exhibition catalogues and are informed of free-to-read editorials and reviews.

4

The Burlington Magazine Publications Limited

Directors’ annual report

For the year ended 31 December 2024

Beneficiaries of our services

The Burlington Magazine’s primary purpose is to support and promote new research, produced by both established and emerging scholars. For more than 120 years, the Magazine has shaped the understanding of art and its histories. Its archive provides an unrivalled resource that charts how the discipline has evolved. Today this is complemented by a range of initiatives, all of which are intended to inspire the study and enjoyment of art, including collaborations with major collections, writing prizes, lectures and scholarships.

The Magazine’s professional readership has three overlapping constituencies: academic readers including students, lecturers and researchers; curatorial, conservation and management staff at museums and galleries; the art market. Beyond this professional readership is a non-professional readership who are profoundly interested in art history. The Burlington Magazine’s reputation is based on a perception of high scholarly standards; the focus on new, empirical, object-based research; the fact that it aims to be global in scope and does not specialise in terms of media or period; and its ownership by a private charitable trust, meaning that it is not swayed by the commercial imperatives of the market place, and has an independent voice when commenting on current controversies.

The Magazine’s object-based approach guarantees a strong following in museum/curatorial circles; and it has the consequence that ‘discoveries’ of works of art new to the literature or newly attributed are regularly published, which frequently attract interest outside the academic world. Senior management regularly undertake research involving university teachers into ways that the magazine might make itself more appealing and useful to students.

Burlington Contemporary provides a more direct relationship with our audience, as the nature of its online publication provides us with greater visibility of what is being read. It offers a broader approach to art history since engagement with theoretical approaches and with such issues as social justice and gender politics are integral to the study (and practice) of contemporary art.

Financial review

The Statement of Financial Activities shows a nil surplus / (deficit) for the year (2023 £nil). Total income decreased by 5% compared to the previous year (2024: £1,332,435, 2023: £1,401,775). Grants and donations to the charity were £375,390 (2023: £323,039). Total revenues from worldwide sales of the magazine, advertising and other income decreased by 11% during the year to £950,649 (2023: £1,070,678).

Continued growth in revenue had been expected in 2024. Market conditions meant that contract publishing and advertising revenues were soft and at the end of the year both of these areas were significantly lower than budget and lower than 2023. Year on year growth in income from subscriptions, royalties and contributing institutions made up some of the lost ground.

5

The Burlington Magazine Publications Limited

Directors’ annual report

For the year ended 31 December 2024

Expenditure in 2024 was less than expected, and lower than 2023. Printing costs have reduced as more subscriptions are digital and management has been more sparing in printing of extra copies. Contract publishing costs are down in line with revenue. Book printing costs are lower than budgeted and substantially down on 2023.

BMPL is currently dependent on the Burlington Magazine Foundation CIO (BMF) to sustain its activities, as earned income alone would not allow BMPL to continue operating. The BMF Board of Trustees has agreed to keep in liquid form a sum equivalent to the average BMPL deficit over the previous three years to ensure that main operations can continue for a period of 12 months or longer if required. The main concerns of the board are to ensure:

BMPL is a wholly-owned subsidiary of BMF CIO. BMF CIO is committed to providing grant funding to BMPL to compensate for deficits arising from operational activities, resulting in a breakeven position at each year-end. As such, BMPL does not hold reserves beyond holding sufficient cash to meet its immediate working capital needs. BMPL working capital at year end was £43,151 (2023: £78,566)

This policy is reviewed yearly and whenever there are significant changes in the organisation’s staff structure or finances.

The directors have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to manage exposure.

Risk assessments of various areas of the business are made on an ongoing basis and examine potential risks, their possible impact and the mitigation of any such impact. Key areas that undergo risk assessment are Pandemics and other crises, IT infrastructure, threats to revenue, and staff-related risks. IT infrastructure risk assessment covers key databases, such as our subscriber and advertiser databases, and there are plans in place, such as on-going data back-up protocols, to recover and restore lost data, should any loss occur. Threats to revenue, such as declining advertising and subscription sales, are continually monitored and evaluated, and business policy and action, such as marketing and pricing activity, is revised to adapt to changing business conditions. Staff risks relate to the retention of key members of staff and staff policies, such as salary changes, are adapted as best as practicable and affordable to address situations that may arise.

Fundraising

BMPL does not actively fundraise with the public, while remaining open to opportunities to increase capital and receive funding for specific projects from individuals and institutions.

6

The Burlington Magazine Publications Limited

Directors’ annual report

For the year ended 31 December 2024

Plans for the future

BMPL will carry on with core activities and existing revenue streams. The 2025 budget anticipates renewed growth in advertising revenue. After a slow start to the year, the March 2025 issue is the strongest for advertising since the pandemic, so this is still realistic. The change in strategy to monetise Burlington Contemporary through donations rather than advertising did not produce any revenue in 2024, but already in 2025 funding has been secured from two Foundations over the next three years.

The switch of subscriptions service providers in 2024 has started to deliver growth in subscriptions revenue: the Christmas discount promotion for new subscribers in 2024 was the most successful to date. A campaign since September 2024 has recovered a number of institutional subscribers who had lapsed since the start of the pandemic in March 2020.

Burlington Press will publish two new titles – on Alfred Stevens and Maini - in 2025. A new distribution relationship with Yale University Press is in place since the start of 2025.

Overall the 2025 budget is for revenue to grow at a higher rate than expenditure, bringing the deficit into a more sustainable balance with the resources of BMF CIO’s endowment. Due to political and market volatility the biggest uncertainties are in advertising revenue and institutional subscriptions. Burlington’s contract publishing business may overperform against budget this year helping to make up shortfalls elsewhere.

Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 12 May 1986 and registered as a charity on 14 August 1986.

The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association.

All directors give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 9 to the accounts.

As set out in the Articles of Association, the Directors shall, unless otherwise determined by a Special Resolution of the Company, be not less than three or more than nine in number.

The Directors may delegate any of their powers to any committee consisting of one or more Directors. Any such delegation may be made subject to the following conditions: each and every committee shall report all its acts and proceedings to the Directors as soon as possible; each and every committee shall comply with the quorum requirements under the Articles of Association; and any conditions the Directors may impose and either collaterally with or to the exclusion of their own powers and may be revoked or altered.

7

The Burlington Magazine Publications Limited

Directors’ annual report

For the year ended 31 December 2024

The directors delegate day-to-day management of the charity to the managing director and the editor. These positions are held by Andrew Dunn (managing director) and Christopher Baker (editor). The position of editor was held by Michael Hall until 22 January 2024.

Appointment of directors

The Board may from time to time appoint any person or persons as a Director or Directors of the Company and may remove any or all of the Directors for the time being. Any such appointment or removal shall be approved by the Board.

Every Director must be appointed for such period as the Directors resolve being not more than three years by a resolution passed at a properly convened meeting of the Directors. Any Director may be appointed a trustee of BMF CIO provided always that the majority of Directors shall not be trustees of BMF CIO. Any person who retires as a Director by rotation or by giving notice to the Company is eligible for reappointment for up to a maximum period of three consecutive terms save that the Directors may agree that it is in the best interests of the Company to extend the period of office of a Director required to retire at the end of his or her third term of office by up to one year and where such extension is documented in the Company’s annual report.

Director induction and training

On appointment, new directors are sent Articles of Association, Director Roles and Responsibilities and the most recent Board meeting minutes. On appointment each director will meet with the Chairman and senior staff to receive more information about the organisation.

Related parties and relationships with other organisations

The Burlington Magazine Publications Limited is owned by The Burlington Magazine Foundation CIO, a charity registered in England and Wales. The Burlington Magazine Publications Limited owns a trading subsidiary, The Burlington House Fair Limited, and Fleming-Honour Limited, both of which transfer profits to the Burlington Magazine Publications Limited.

Remuneration policy for key management personnel

The directors consider the board of directors and the senior management team to comprise the key management personnel of the charity in charge of directing and controlling the organisation. The senior management team is comprised of two persons, the managing director and the editor. Together they run and operate the organisation on a day-to-day basis. The managing director has full executive authority. All non-executive directors give of their time freely and none received remuneration in the year.

Details of non-executive directors’ expenses and related party transactions are disclosed in note 9 to the accounts. Details of the executive directors’ pay and benefits can also be found in note 7.

8

The Burlington Magazine Publications Limited

Directors’ annual report

For the year ended 31 December 2024

The pay of the managing director is reviewed annually by the remuneration committee, which is comprised of two non-executive directors. The pay of all other staff is reviewed by the managing director. Salary rises are normally in accordance with the annual inflation index published by the Bank of England. Leeway is given for rises above inflation for outstanding contribution or performance in the business, and for purposes of staff retention.

Statement of responsibilities of the directors

The directors are responsible for preparing the directors’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the directors are aware:

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

9

The Burlington Magazine Publications Limited

Directors’ annual report

For the year ended 31 December 2024

Auditor

Sayer Vincent LLP was appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The directors’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime. The directors’ annual report has been approved by the directors on 11 June 2025 and signed on their behalf by

Desmond Shawe-Taylor Chairman

10

Independent auditor’s report

To the members of

The Burlington Publications Limited

Opinion

We have audited the financial statements of The Burlington Magazine Publications Limited (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Burlington Magazine Publications Limited 's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

11

Independent auditor’s report

To the members of

The Burlington Publications Limited

Opinion

We have audited the financial statements of The Burlington Magazine Publications Limited (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Burlington Magazine Publications Limited 's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

11

Independent auditor’s report

To the members of

The Burlington Publications Limited

Other Information

The other information comprises the information included in the directors’ annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

12

Independent auditor’s report

To the members of

The Burlington Publications Limited

Responsibilities of directors

As explained more fully in the statement of directors’ responsibilities set out in the directors’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors

determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

13

Independent auditor’s report

To the members of

The Burlington Publications Limited

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

14

Independent auditor’s report

The Burlington Publications Limited

To the members of

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Joanna Pittman (Senior statutory auditor)

30 June 2025

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

15

The Burlington Magazine Publications Limited

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 December 2024

For theyear ended 31 December 2024
Note
Income from:
2
2
3
4
5a
5a
5a
21a
Reconciliation of funds:
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities
Donation from parent charity
Magazine publications
Total expenditure
Charitable activities
Other activities
Magazine publications
Advertising
Total funds brought forward
Net income / (expenditure) for the year
Total funds carried forward
Net movement in funds		 Unrestricted
£
3,742
361,648
950,649
6,396		 Restricted
£
10,000
-
-
-		 2024
Total
£
13,742
361,648
950,649
6,396
1,332,435
789,238
289,742
253,455
1,332,435
-
-
95,247
95,247		 Unrestricted
£
-
323,039
1,070,678
8,058		 Restricted
£
-
-
-
-		 2023
Total
£
-
323,039
1,070,678
8,058
1,322,435 10,000 1,401,775 - 1,401,775
789,238
289,742
253,455		 -
-
-		 763,578
335,276
302,922		 -
-
-		 763,578
335,276
302,922
1,332,435 - 1,401,775 - 1,401,775
(10,000)
(10,000)
95,247		 10,000
10,000
-		 ()
()
95,247		 -
-
-		 ()
()
95,247
85,247 10,000 95,247 - 95,247

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 27a to the financial statements.

16

The Burlington Magazine Publications Limited

Balance sheet

Balance sheet Balance sheet
As at 31 December 2024 Company no. 00790136
Note
£
Fixed assets:
11
12
13
Current assets:
15
27,500
16
194,112
374,241
595,853
Liabilities:
17
(521,042)
20a
100
21,560
85,247
Total unrestricted funds
Total charity funds
Investments
Cash at bank and in hand
Tangible assets
Intangible assets
The funds of the charity:
Creditors: amounts falling due within one year
Net current assets
Unrestricted income funds:
Share premium
Share capital
General funds
Total assets less current liabilities and total net
assets
Stock
Debtors
Restricted income funds		 2024
£
25,987
15,032
1,077		 £
1,124
100,941
587,830		 2023
£
-
15,604
1,077
42,096
74,811		 16,681
100,226
595,853
(521,042)		 689,895
(589,669)
100
21,560
85,247		 100
21,560
95,247
116,907 116,907
10,000
106,907		 -
116,907
116,907 116,907

These financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies' regime.

Approved by the trustees on 11 June 2025 and signed on their behalf by

Desmond Shawe Taylor Chairman

17

The Burlington Magazine Publications Limited

Statement of cash flows

For the year ended 31 December 2024

For the year ended 31 December 2024
Cash flows from operating activities
Net income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Amortisation charges
Dividends, interest and rent from investments
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided (used in) operating activities
Analysis of cash and cash equivalents and of net debt
Cash at bank and in hand
Total cash and cash equivalents
Cash and cash equivalents at the beginning of the
Net cash provided (used in) investing activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of fixed assets
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year		 £
£
-
10,563
7,913
(6,396)
(26,376)
(93,171)
(68,627)
(176,094)
6,396
(43,891)
(37,495)
(213,589)
587,830
374,241
At 1
January
2024
Cash flows
£
£
587,830
(213,589)
587,830
(213,589)
2024		 £
£
2,213
5,428
-
(8,058)
-
81,493
(1,943,308)
(1,862,232)
8,058
(12,956)
(4,898)
(1,867,130)
2,454,960
587,830
Other non-
cash
changes
At 31
December
2024
£
£
-
374,241
-
374,241
2023
6,396
(43,891)		 8,058
(12,956)
At 1
January
2024
£
587,830		 Other non-
cash
changes
£
-
(213,589)
587,830		 (1,867,130)
2,454,960
374,241 587,830
Cash flows
£
(213,589)		 At 31
December
2024
£
374,241
587,830 (213,589) - 374,241

18

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

a) Statutory information

The Burlington Magazine Publications Limited is a charitable company limited by shares and is incorporated in England and Wales.

The registered office address is 14-16 Duke's Road, London, WC1H 9SZ.

b) Basis of preparation

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

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

The charity's subsidiaries Burlington House Fair Limited and Fleming-Honour Limited are not consolidated on the basis of materiality. The comparatives have been amended for consistency as the 2023 accounts were consolidated to include the subsidiaries

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The Trustees of Burlington Magazine Foundation CIO have confirmed their intention to continue to support Burlington Magazine Publications Ltd for at least a 12 month period from the date of signing of these accounts.

19

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

20

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Rental charges are charged on a straight line basis over the term of the lease.

21

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

3 years

Investments in subsidiaries Investments in subsidiaries are at cost.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. In general, cost is determined on a first in first out basis and includes transport and handling costs. Provision is made where necessary for obsolete, slow moving and defective stocks. Donated items of stock, held for distribution or resale, are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

n) Debtors

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

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

22

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

q) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

r) Pensions

The charity operates a defined contribution scheme for its employees.

23

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

Donation
Donation from subsidiary
BMF CIO grant		 Unrestricted
£
1,000
2,742
361,648		 £
10,000
-
-
Restricted		 2024
Total
£
11,000
2,742
361,648		 Unrestricted
£
-
-
323,039		 £
-
-
-
Restricted		 2023
Total
£
-
-
323,039
365,390 10,000 375,390 323,039 - 323,039
Advertising income
Other activities income
Magazine publications		 Unrestricted
£
519,136
260,532
170,981		 £
-
-
-
Restricted		 2024
Total
£
519,136
260,532
170,981		 Unrestricted
£
506,985
322,929
240,764		 £
-
-
-
Restricted		 2023
Total
£
506,985
322,929
240,764
950,649 - 950,649 1,070,678 - 1,070,678
Income from investments
Interest receivable Unrestricted
£
6,396		 £
-
Restricted		 2024
Total
£
6,396		 Unrestricted
£
8,058		 £
-
Restricted		 2023
Total
£
8,058
6,396 - 6,396 8,058 - 8,058

24

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

5a Analysis of expenditure (current year)

Staff costs (Note 7)
Printing
Distribution
Editorial
Advertising and Marketing
Recruitment and other staff costs
Premises and insurance costs
Travelling and meeting costs
Office & IT costs
Accounting and audit fee
Depreciation and amortisation
Other
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Charitable activities Charitable activities Charitable activities Governance
costs
£
-
-
-
-
-
-
-
-
-
10,777
-
2,764		 Support
costs
£
273,565
-
-
-
-
11,135
29,962
15,622
68,053
36,454
18,474
25,035		 2024
Total
£
781,613
91,099
64,805
71,160
87,281
11,135
29,962
33,823
68,053
47,231
18,474
27,799		 2023
Total
£
784,301
174,541
76,804
70,437
122,043
2,271
37,886
15,303
46,661
48,623
5,428
17,476
Magazine
publications
£
287,522
62,887
64,805
71,160
16,076
-
-
18,201
-
-
-
-		 Advertising
£
83,744
-
-
-
71,205
-
-
-
-
-
-
-		 Other
activities
£
136,782
28,212
-
-
-
-
-
-
-
-
-
-
164,994
86,026
2,435
253,455
302,922
520,651
261,193
7,395		 154,949
131,081
3,711		 13,541
-
(13,541)		 478,300
(478,300)
-		 1,332,435
-
-		 1,401,775
-
-
789,238 289,742 - () 1,332,435 1,401,775
763,578 335,276 - -

25

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

5b Analysis of expenditure (prior year)

Charitable activities

Staff costs (Note 7)
Printing
Distribution
Editorial
Advertising and Marketing
Recruitment and other staff costs
Premises and insurance costs
Travelling and meeting costs
Office & IT costs
Accounting and audit fee
Depreciation and amortisation
Other
Support costs
Governance costs
Total expenditure 2023		 Magazine
publications
£
295,144
73,865
76,804
70,437
25,583
-
-
8,829
-
-
-
-
550,663
203,942
8,973		 Advertising
£
103,198
-
-
-
96,460
-
-
-
-
-
-
-
199,658
129,903
5,716		 Other
activities
£
101,134
100,676
-
-
-
-
-
-
-
-
-
-
201,810
96,851
4,261
302,922		 Governance
costs
£
-
-
-
-
-
-
-
-
-
17,225
-
1,725
18,950
-
(18,950)		 Support
costs
£
284,826
-
-
-
-
2,271
37,886
6,474
46,661
31,398
5,428
15,751
430,695
(430,695)
-		 2023 Total
£
784,301
174,541
76,804
70,437
122,043
2,271
37,886
15,303
46,661
48,623
5,428
17,476
1,401,775
-
-
763,578 335,276 - - 1,401,775

26

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2024 2023
£ £
Depreciation 10,563 5,428
Operating lease rentals payable:
Property 4,145 2,705
Auditor's remuneration (excluding VAT):
Audit 8,000 14,000
Audit - overprovision prior year (600) -
Foreign exchange gains or losses 8,549 12,158

7 Analysis of staff costs, Director remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2024
£
656,310
69,313
55,990		 2023
£
647,793
67,901
68,607
781,613 784,301

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2024 2023
No. No.
£60,000 - £69,999 2 2
£80,000 - £89,999 - 2
£90,000 - £99,999 2 -

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £230,488 (2023: £229,730).

The Editor received emoluments of £112,948 (2023: £113,997), this includes pension contributions of £1,119 (2023: £13,422), employers national insurance of £12,366 (2023: £11,093) and benefits in kind of £nil (2023: £nil) in the year for his work.

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £nil (2023: £25) incurred by none (2023: 1) members relating to attendance at meetings of the Directors.

During the year no (2023: 2) directors were paid for contributions made towards the content of the magazine totalling £nil (2023: £400).

During the year £985 (2023: £831) of insurance broker costs were incurred with Hallett Independent Ltd, of which Trustee Nathanael Price is a director.

27

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

8 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 14 (2023: 14).

9 Related party transactions

There are no other related party transactions to disclose for this financial year (2023: none) other than those as stated in note 7

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

10 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11 Intangible assets

Intangible assets
At the start of the year
Amortisation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year
Additions in year
At the end of the year
Cost		 Website
£
115,683
33,900		 Total
£
115,683
33,900
149,583 149,583
115,683
7,913		 115,683
7,913
123,596 123,596
25,987 25,987
- -

28

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

12 Tangible fixed assets

Tangible fixed assets
Depreciation
At the start of the year
At the end of the year
At the start of the year
Charge for the year
Additions in year
At the start of the year
At the end of the year
Net book value
At the end of the year
Cost		 Computer
equipment
£
71,641
9,991		 Total
£
71,641
9,991
81,632 81,632
56,037
10,563		 56,037
10,563
66,600 66,600
15,032 15,032
15,604 15,604

All of the above assets are used for charitable purposes.

13 Fixed asset investments

Fixed asset investments
Fair value at the start of the year
Fair value at the end of the year		 Etchings
2024
£
975		 Shares
2024
£
102		 Total
2024
£
1,077		 Total
2023
£
1,077
975 102 1,077 1,077

Etchings were purchased in 1989 and 1998 at costs of £750 and £225 respectively. These have been recognised as fixed asset investments in the financial statements and are valued at fair value which, in the opinion of the directors, is the same as their original cost.

Shares related to the share capital of Burlington House Fair Limited £2 (2023: £2) and Fleming Honour Limited £100 (2023: £100)

14 Subsidiary undertaking

The charity owns the whole of the issued ordinary share capital of Burlington House Fair Limited, a company incorporated in England and Wales. The company number was dormant in 2024 and in 2023.

The charity owns the whole of the issued ordinary share capital of Fleming Honour Limited, a company incorporated in England and Wales. The company assists in the organisation, publication or promotion of fine arts and events and activities.

29

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

A summary of the results of the subsidiary is shown below:

A summary of the results of the subsidiary is shown below:
15
16
The aggregate of the assets, liabilities and reserves was:
Assets
Liabilities
Reserves
Profit for the financial year
Retained earnings
Total retained earnings brought forward
Profit for the financial year
Total retained earnings carried forward
Profit on ordinary activities before taxation
Taxation on profit on ordinary activities
Gross profit/(loss)
Administrative expenses
Turnover
Stock
Debtors
Finished goods
Amounts owed from parent company
Trade debtors
Other debtors
Prepayments & Accrued income
Donation to parent company		 2024
£
21,873		 2023
£
5,869
21,873
(2,338)
(2,742)		 5,869
(3,127)
-
16,793
(2,662)		 2,742
(529)
14,131 2,213
12,821
14,131		 10,608
2,213
26,952 12,821
31,405
(4,453)		 15,597
(2,776)
26,952 12,821
2024
£
27,500		 2023
£
1,124
27,500 1,124
2024
£
47,767
-
106,464
39,881		 2023
£
39,691
4,389
-
56,861
194,112 100,941

30

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

17 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Taxation and social security
Other creditors
Amounts due to associated undertakings
Accruals
Deferred income (note 18)
Trade creditors		 2024
£
11,807
19,850
36,556
17,633
12,525
422,671		 2023
£
45,711
20,761
16,572
97,590
16,422
392,613
521,042 589,669

18 Deferred income

Deferred income comprises subscriptions and amounts from contributing institutions received in advance

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2024
£
392,613
(375,946)
406,004		 2023
£
364,216
(364,216)
392,613
422,671 392,613

19 Pension scheme

During the year the charity made employer's pension contributions totalling £55,990 (2023: £68,607). Contributions outstanding at the year end totalled £nil (2023: £nil).

20a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Investments
Net current assets
Tangible fixed assets
Net assets at 31 December 2024
Analysis of net assets between funds (prior year)
Investments
Net current assets
Tangible fixed assets
Net assets at 31 December 2023
Intangible fixed assets		 General
unrestricted
£
15,032
25,987
1,077
64,811		 Restricted
£
-
-
10,000		 Total funds
£
15,032
25,987
1,077
74,811
106,907 10,000 116,907
General
unrestricted
£
15,604
1,077
100,226		 Restricted
£
-
-
-		 Total funds
£
15,604
1,077
100,226
116,907 - 116,907

20b Analysis of net assets between funds (prior year)

31

The Burlington Magazine Publications Limited

Notes to the financial statements

For the year ended 31 December 2024

21a Movements in funds (current year)

21a
Movements in funds (current year)
Total restricted funds
General funds
21b
General funds
Total unrestricted funds
Total unrestricted funds
Movements in funds (prior year)
Restricted funds:
Netherlandish Art Prize		 At 1
January
2024
£
-		 Income &
gains
£
10,000		 Expenditure
& losses
£
-		 Transfers
£
-		 At 31
December
2024
£
10,000
- 10,000 - - 10,000
95,247 1,322,435 (1,332,435) - 85,247
95,247 1,322,435 (1,332,435) - 85,247
At 1
January
2023
£
95,247		 Income &
gains
£
1,401,775		 Expenditure
& losses
£
(1,401,775)		 Transfers
£
-		 At 1
January
2024
£
95,247
95,247 1,401,775 (1,401,775) - 95,247

22 Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods


each of the following periods
Less than one year
One to five years		 2024
£
1,032
1,806		 2023
£
1,032
2,838
2,838 3,870

23 Legal status of the charity

24
Ultimate controlling party
The charity is limited by shares.
Issued share capital		 2024
£
100		 2023
£
100

The beneficial owner of the company is the Burlington Magazine Foundation CIO, charity number 1187286, which controls 100% of voting rights.

32