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 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, in particular by the publication of The Burlington Magazine and its associated websites (www.burlington.org.uk & www.contemporary.burlington.org.uk) or other journals, books, periodicals or publications having art history and the contemporary arts as their main subject matter; and 

- the encouragement of the preservation and restoration of works of art and the promotion of the development and dissemination of preservation and restoration techniques for the public benefit. 

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: 

- that staff can continue working 

- that the magazine and its associated parts, such as the website, is produced and delivered to 

- readers as per its charitable remit 

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: 

- Select suitable accounting policies and then apply them consistently 

- Observe the methods and principles in the Charities SORP 

- Make judgements and estimates that are reasonable and prudent 

- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation 

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: 

- There is no relevant audit information of which the charitable company’s auditor is unaware 

- The directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information 

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: 

- Give a true and fair view of the state of the charitable company’s affairs as at 31 

- December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended. 

- Have been properly prepared in accordance with United Kingdom Generally 

- Accepted Accounting Practice 

- Have been prepared in accordance with the requirements of the Companies Act 

- 2006 

## 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: 

- Give a true and fair view of the state of the charitable company’s affairs as at 31 

- December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended. 

- Have been properly prepared in accordance with United Kingdom Generally 

- Accepted Accounting Practice 

- Have been prepared in accordance with the requirements of the Companies Act 

- 2006 

## 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: 

- The information given in the directors’ annual report for the financial year for which 

- the financial statements are prepared is consistent with the financial statements; and 

- The directors’ annual report has been prepared in accordance with applicable legal 

- requirements. 

## 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: 

- Adequate accounting records have not been kept, or returns adequate for our audit 

- have not been received from branches not visited by us; or 

- The financial statements are not in agreement with the accounting records and 

- returns; or 

- Certain disclosures of directors’ remuneration specified by law are not made; or 

- We have not received all the information and explanations we require for our audit; 

- The directors were not entitled to prepare the financial statements in accordance 

- with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report. 

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: 

- We enquired of management, which included obtaining and reviewing supporting 

- documentation, concerning the charity’s policies and procedures relating to: 

   - Identifying, evaluating, and complying with laws and regulations and whether they 

   - were aware of any instances of non-compliance; 

   - Detecting and responding to the risks of fraud and whether they have knowledge of 

   - any actual, suspected, or alleged fraud; 

   - The internal controls established to mitigate risks related to fraud or non- 

   - compliance with laws and regulations. 

- We inspected the minutes of meetings of those charged with governance. 

13 



Independent auditor’s report 

## To the members of 

## The Burlington Publications Limited 

- We obtained an understanding of the legal and regulatory framework that the 

- charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. 

- We communicated applicable laws and regulations throughout the audit team and 

- remained alert to any indications of non-compliance throughout the audit. 

- We reviewed any reports made to regulators. 

- We reviewed the financial statement disclosures and tested these to supporting 

- documentation to assess compliance with applicable laws and regulations. 

- We performed analytical procedures to identify any unusual or unexpected 

- relationships that may indicate risks of material misstatement due to fraud. 

- In addressing the risk of fraud through management override of controls, we tested 

- the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 

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<br>Income from:<br>2<br>2<br>3<br>4<br>5a<br>5a<br>5a<br>21a<br>Reconciliation of funds:<br>Investments<br>Total income<br>Expenditure on:<br>Donations and legacies<br>Charitable activities<br>Donation from parent charity<br>Magazine publications<br>Total expenditure<br>Charitable activities<br>Other activities<br>Magazine publications<br>Advertising<br>Total funds brought forward<br>Net income / (expenditure) for the year<br>Total funds carried forward<br>Net movement in funds|Unrestricted<br>£<br>3,742<br>361,648<br>950,649<br>6,396|Restricted<br>£<br>10,000<br>-<br>-<br>-|2024<br>Total<br>£<br>13,742<br>361,648<br>950,649<br>6,396<br>1,332,435<br>789,238<br>289,742<br>253,455<br>1,332,435<br>-<br>-<br>95,247<br>95,247|Unrestricted<br>£<br>-<br>323,039<br>1,070,678<br>8,058|Restricted<br>£<br>-<br>-<br>-<br>-|2023<br>Total<br>£<br>-<br>323,039<br>1,070,678<br>8,058|
||1,322,435|10,000||1,401,775|-|1,401,775|
||789,238<br>289,742<br>253,455|-<br>-<br>-||763,578<br>335,276<br>302,922|-<br>-<br>-|763,578<br>335,276<br>302,922|
||1,332,435|-||1,401,775|-|1,401,775|
||(10,000)<br>(10,000)<br>95,247|10,000<br>10,000<br>-||()<br>()<br>95,247|-<br>-<br>-|()<br>()<br>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<br>£<br>Fixed assets:<br>11<br>12<br>13<br>Current assets:<br>15<br>27,500<br>16<br>194,112<br>374,241<br>595,853<br>Liabilities:<br>17<br>(521,042)<br>20a<br>100<br>21,560<br>85,247<br>Total unrestricted funds<br>Total charity funds<br>Investments<br>Cash at bank and in hand<br>Tangible assets<br>Intangible assets<br>The funds of the charity:<br>Creditors: amounts falling due within one year<br>Net current assets<br>Unrestricted income funds:<br>Share premium<br>Share capital<br>General funds<br>Total assets less current liabilities and total net<br>assets<br>Stock<br>Debtors<br>Restricted income funds||2024<br>£<br>25,987<br>15,032<br>1,077|£<br>1,124<br>100,941<br>587,830|2023<br>£<br>-<br>15,604<br>1,077|
|||42,096<br>74,811||16,681<br>100,226|
||595,853<br>(521,042)||689,895<br>(589,669)||
||100<br>21,560<br>85,247||100<br>21,560<br>95,247||
|||116,907||116,907|
|||10,000<br>106,907||-<br>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<br>Net income for the reporting period<br>(as per the statement of financial activities)<br>Depreciation charges<br>Amortisation charges<br>Dividends, interest and rent from investments<br>(Increase)/decrease in stocks<br>(Increase)/decrease in debtors<br>Increase/(decrease) in creditors<br>Net cash provided (used in) operating activities<br>Analysis of cash and cash equivalents and of net debt<br>Cash at bank and in hand<br>Total cash and cash equivalents<br>Cash and cash equivalents at the beginning of the<br>Net cash provided (used in) investing activities<br>Cash flows from investing activities:<br>Dividends, interest and rents from investments<br>Purchase of fixed assets<br>Cash and cash equivalents at the end of the year<br>Change in cash and cash equivalents in the year|£<br>£<br>-<br>10,563<br>7,913<br>(6,396)<br>(26,376)<br>(93,171)<br>(68,627)<br>(176,094)<br>6,396<br>(43,891)<br>(37,495)<br>(213,589)<br>587,830<br>374,241<br>At 1<br>January<br>2024<br>Cash flows<br>£<br>£<br>587,830<br>(213,589)<br>587,830<br>(213,589)<br>2024||£<br>£<br>2,213<br>5,428<br>-<br>(8,058)<br>-<br>81,493<br>(1,943,308)<br>(1,862,232)<br>8,058<br>(12,956)<br>(4,898)<br>(1,867,130)<br>2,454,960<br>587,830<br>Other non-<br>cash<br>changes<br>At 31<br>December<br>2024<br>£<br>£<br>-<br>374,241<br>-<br>374,241<br>2023||
||6,396<br>(43,891)||8,058<br>(12,956)||
||At 1<br>January<br>2024<br>£<br>587,830||Other non-<br>cash<br>changes<br>£<br>-||
|||(213,589)<br>587,830||(1,867,130)<br>2,454,960|
|||374,241||587,830|
|||Cash flows<br>£<br>(213,589)||At 31<br>December<br>2024<br>£<br>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 

- 1 Accounting policies 

## 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 

- 1 Accounting policies (continued) 

- e) Income 

   - Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. 

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

- f) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. 

- g) Fund accounting 

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 

- 1 Accounting policies (continued) 

- h) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 

   - Expenditure on charitable activities includes the costs of delivering services undertaken to further the purposes of the charity and their associated support costs 

   - Other expenditure represents those items not falling into any other heading 

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

- i) Allocation of support costs 

   - Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity. 

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. 

- Magazine publications 55% 

- Advertising 27%  Other activities 18% 

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. 

- j) Operating leases 

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 

- 1 Accounting policies (continued) 

- k) Intangible assets 

   - Intangible assets are stated at cost less amortisation. Amortisation is provided at rated calculated to write off the cost less estimated residual value of each asset over its expected useful life. The website is depreciated over three years. 

- l) Tangible fixed assets 

   - Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. 

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: 

- Fixtures, fittings and equipment 

3 years 

Investments in subsidiaries Investments in subsidiaries are at cost. 

- m) Stocks 

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. 

- o) Cash at bank and in hand 

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 

- 1 Accounting policies (continued) 

- p) Creditors and provisions 

   - Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## 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 

- 2 Income from donations and legacies 

|Donation<br>Donation from subsidiary<br>BMF CIO grant|Unrestricted<br>£<br>1,000<br>2,742<br>361,648|£<br>10,000<br>-<br>-<br>Restricted|2024<br>Total<br>£<br>11,000<br>2,742<br>361,648|Unrestricted<br>£<br>-<br>-<br>323,039|£<br>-<br>-<br>-<br>Restricted|2023<br>Total<br>£<br>-<br>-<br>323,039|
|---|---|---|---|---|---|---|
||365,390|10,000|375,390|323,039|-|323,039|



- 3 Income from charitable activities 

|Advertising income<br>Other activities income<br>Magazine publications|Unrestricted<br>£<br>519,136<br>260,532<br>170,981|£<br>-<br>-<br>-<br>Restricted|2024<br>Total<br>£<br>519,136<br>260,532<br>170,981|Unrestricted<br>£<br>506,985<br>322,929<br>240,764|£<br>-<br>-<br>-<br>Restricted|2023<br>Total<br>£<br>506,985<br>322,929<br>240,764|
|---|---|---|---|---|---|---|
||950,649|-|950,649|1,070,678|-|1,070,678|



- 4 Income from investments 

|Income from investments|||||||
|---|---|---|---|---|---|---|
|Interest receivable|Unrestricted<br>£<br>6,396|£<br>-<br>Restricted|2024<br>Total<br>£<br>6,396|Unrestricted<br>£<br>8,058|£<br>-<br>Restricted|2023<br>Total<br>£<br>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)<br>Printing<br>Distribution<br>Editorial<br>Advertising and Marketing<br>Recruitment and other staff costs<br>Premises and insurance costs<br>Travelling and meeting costs<br>Office & IT costs<br>Accounting and audit fee<br>Depreciation and amortisation<br>Other<br>Support costs<br>Governance costs<br>Total expenditure 2024<br>Total expenditure 2023|Charitable activities|Charitable activities|Charitable activities|Governance<br>costs<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>10,777<br>-<br>2,764|Support<br>costs<br>£<br>273,565<br>-<br>-<br>-<br>-<br>11,135<br>29,962<br>15,622<br>68,053<br>36,454<br>18,474<br>25,035|2024<br>Total<br>£<br>781,613<br>91,099<br>64,805<br>71,160<br>87,281<br>11,135<br>29,962<br>33,823<br>68,053<br>47,231<br>18,474<br>27,799|2023<br>Total<br>£<br>784,301<br>174,541<br>76,804<br>70,437<br>122,043<br>2,271<br>37,886<br>15,303<br>46,661<br>48,623<br>5,428<br>17,476|
|---|---|---|---|---|---|---|---|
||Magazine<br>publications<br>£<br>287,522<br>62,887<br>64,805<br>71,160<br>16,076<br>-<br>-<br>18,201<br>-<br>-<br>-<br>-|Advertising<br>£<br>83,744<br>-<br>-<br>-<br>71,205<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Other<br>activities<br>£<br>136,782<br>28,212<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>164,994<br>86,026<br>2,435<br>253,455<br>302,922|||||
||520,651<br>261,193<br>7,395|154,949<br>131,081<br>3,711||13,541<br>-<br>(13,541)|478,300<br>(478,300)<br>-|1,332,435<br>-<br>-|1,401,775<br>-<br>-|
||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)<br>Printing<br>Distribution<br>Editorial<br>Advertising and Marketing<br>Recruitment and other staff costs<br>Premises and insurance costs<br>Travelling and meeting costs<br>Office & IT costs<br>Accounting and audit fee<br>Depreciation and amortisation<br>Other<br>Support costs<br>Governance costs<br>Total expenditure 2023|Magazine<br>publications<br>£<br>295,144<br>73,865<br>76,804<br>70,437<br>25,583<br>-<br>-<br>8,829<br>-<br>-<br>-<br>-<br>550,663<br>203,942<br>8,973|Advertising<br>£<br>103,198<br>-<br>-<br>-<br>96,460<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>199,658<br>129,903<br>5,716|Other<br>activities<br>£<br>101,134<br>100,676<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>201,810<br>96,851<br>4,261<br>302,922|Governance<br>costs<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>17,225<br>-<br>1,725<br>18,950<br>-<br>(18,950)|Support<br>costs<br>£<br>284,826<br>-<br>-<br>-<br>-<br>2,271<br>37,886<br>6,474<br>46,661<br>31,398<br>5,428<br>15,751<br>430,695<br>(430,695)<br>-|2023 Total<br>£<br>784,301<br>174,541<br>76,804<br>70,437<br>122,043<br>2,271<br>37,886<br>15,303<br>46,661<br>48,623<br>5,428<br>17,476<br>1,401,775<br>-<br>-|
|---|---|---|---|---|---|---|
||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 

- 6 Net income / (expenditure) for the year 

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<br>Social security costs<br>Employer’s contribution to defined contribution pension schemes|2024<br>£<br>656,310<br>69,313<br>55,990|2023<br>£<br>647,793<br>67,901<br>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<br>Amortisation<br>At the start of the year<br>Charge for the year<br>At the end of the year<br>Net book value<br>At the end of the year<br>At the start of the year<br>Additions in year<br>At the end of the year<br>Cost|Website<br>£<br>115,683<br>33,900|Total<br>£<br>115,683<br>33,900|
||149,583|149,583|
||115,683<br>7,913|115,683<br>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<br>At the start of the year<br>At the end of the year<br>At the start of the year<br>Charge for the year<br>Additions in year<br>At the start of the year<br>At the end of the year<br>Net book value<br>At the end of the year<br>Cost|Computer<br>equipment<br>£<br>71,641<br>9,991|Total<br>£<br>71,641<br>9,991|
||81,632|81,632|
||56,037<br>10,563|56,037<br>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<br>Fair value at the end of the year|Etchings<br>2024<br>£<br>975|Shares<br>2024<br>£<br>102|Total<br>2024<br>£<br>1,077|Total<br>2023<br>£<br>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<br>16<br>The aggregate of the assets, liabilities and reserves was:<br>Assets<br>Liabilities<br>Reserves<br>Profit for the financial year<br>Retained earnings<br>Total retained earnings brought forward<br>Profit for the financial year<br>Total retained earnings carried forward<br>Profit on ordinary activities before taxation<br>Taxation on profit on ordinary activities<br>Gross profit/(loss)<br>Administrative expenses<br>Turnover<br>Stock<br>Debtors<br>Finished goods<br>Amounts owed from parent company<br>Trade debtors<br>Other debtors<br>Prepayments & Accrued income<br>Donation to parent company|2024<br>£<br>21,873|2023<br>£<br>5,869|
||21,873<br>(2,338)<br>(2,742)|5,869<br>(3,127)<br>-|
||16,793<br>(2,662)|2,742<br>(529)|
||14,131|2,213|
||12,821<br>14,131|10,608<br>2,213|
||26,952|12,821|
||31,405<br>(4,453)|15,597<br>(2,776)|
||26,952|12,821|
||2024<br>£<br>27,500|2023<br>£<br>1,124|
||27,500|1,124|
||2024<br>£<br>47,767<br>-<br>106,464<br>39,881|2023<br>£<br>39,691<br>4,389<br>-<br>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<br>Other creditors<br>Amounts due to associated undertakings<br>Accruals<br>Deferred income (note 18)<br>Trade creditors|2024<br>£<br>11,807<br>19,850<br>36,556<br>17,633<br>12,525<br>422,671|2023<br>£<br>45,711<br>20,761<br>16,572<br>97,590<br>16,422<br>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<br>Amount released to income in the year<br>Amount deferred in the year<br>Balance at the end of the year|2024<br>£<br>392,613<br>(375,946)<br>406,004|2023<br>£<br>364,216<br>(364,216)<br>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<br>Net current assets<br>Tangible fixed assets<br>Net assets at 31 December 2024<br>Analysis of net assets between funds (prior year)<br>Investments<br>Net current assets<br>Tangible fixed assets<br>Net assets at 31 December 2023<br>Intangible fixed assets|General<br>unrestricted<br>£<br>15,032<br>25,987<br>1,077<br>64,811|Restricted<br>£<br>-<br>-<br>10,000|Total funds<br>£<br>15,032<br>25,987<br>1,077<br>74,811|
||106,907|10,000|116,907|
||General<br>unrestricted<br>£<br>15,604<br>1,077<br>100,226|Restricted<br>£<br>-<br>-<br>-|Total funds<br>£<br>15,604<br>1,077<br>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<br>Movements in funds (current year)||||||
|---|---|---|---|---|---|
|Total restricted funds<br>General funds<br>21b<br>General funds<br>Total unrestricted funds<br>Total unrestricted funds<br>Movements in funds (prior year)<br>Restricted funds:<br>Netherlandish Art Prize|At 1<br>January<br>2024<br>£<br>-|Income &<br>gains<br>£<br>10,000|Expenditure<br>& losses<br>£<br>-|Transfers<br>£<br>-|At 31<br>December<br>2024<br>£<br>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<br>January<br>2023<br>£<br>95,247|Income &<br>gains<br>£<br>1,401,775|Expenditure<br>& losses<br>£<br>(1,401,775)|Transfers<br>£<br>-|At 1<br>January<br>2024<br>£<br>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 

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



## 23 Legal status of the charity 

|24<br>Ultimate controlling party<br>The charity is limited by shares.<br>Issued share capital|2024<br>£<br>100|2023<br>£<br>100|
|---|---|---|
||||



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

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