text only version
Image of specimen of Scinaia forcellata a marine alga or seaweed held in the Museum's herbarium.Image of specimen of Scinaia forcellata a marine alga or seaweed held in the Museum's herbarium.


The Director's view
2002/03 Highlights
The Darwin Centre
Our scientific research
The collections
Exhibitions
Sharing knowledge
Managing our assets
Museum supporters
2003 exhibitions and events
Financial review
Publications
Feedback
Museum contacts


Text only version
Previous Years' Reports


Financial review
Audit and risk managementFunding for researchIncomeExpenditure

Our principal source of funding continues to be the UK Government, which provides grant-in-aid under a three-year agreement and special payments for essential capital projects. Grant-in-aid accounted for 91% of our available funding for the year – the balance came from admission charges for special exhibitions, sponsorship and donations, and commercial activities.

This was the second year of the current three-year funding agreement, which requires that we meet a series of performance targets in return for assured levels of financial support. We received £28.9 million in baseline grant-in-aid, with a further £6.7 million to compensate for the loss of revenue that followed the introduction of free entry for all adults in December 2001.

During the year we signed a revised Financial Memorandum, which sets out key financial principles, and a new Management Statement, which defines our relationship with the Department for Culture, Media and Sport (DCMS). We value our relationship with our sponsoring body and intend to work closely with DCMS to review and strengthen this further.

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